Well production declines in Permian Basin

 Reuters:

Some of the largest U.S. oil producers on Friday signaled productivity and volume gains in the top U.S. shale oil field are slowing, citing disappointing well results and output that is no longer topping their forecasts.

U.S. shale oil producer Pioneer Natural Resources on Friday told investors it will reshuffle its drilling portfolio next year to target wells with potentially higher returns, a move to boost lagging productivity levels.

Chevron and Exxon Mobil also offered cautious notes on their Permian oil and gas volumes. Chevron's full-year output will be near the lower end of the 700,000 to 750,000 barrels of oil and gas per day (boed) it has targeted while Exxon lowered its forecast to a gain of 20% from last year from its earlier estimate of 25%.
...

This is happening as Biden blocks new production in some federal control sites.  The Feds do not control the production in Texas, but they do in the part of the Permian field that is in New Mexico. 

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