U.S. oil production from shale will reach nearly 7 million barrels a day in May – roughly the same amount as the entire U.S. production of oil five years ago. Nearly half of this shale output will come from the Permian Basin, the stretch of shale in west Texas and southeast New Mexico.
To understand how the shale revolution is impacting the U.S. energy industry and what's in store for the future, host Bill Loveless sits down with Scott Sheffield on a new episode of Columbia Energy Exchange. Scott is the chairman and former CEO of Pioneer Natural Resources, a Texas-based independent and a leader in shale development in the Permian Basin. He is also an advisory board member at the Center on Global Energy Policy.
Scott and Bill discuss the phenomenal growth in the Permian and other shale regions, capital discipline among independent producers, and the challenges they face in terms of insufficient pipeline capacity and rising costs. They also touch on U.S. energy policy, including the Trump administration’s efforts to deregulate aspects of the oil industry and efforts to expand production offshore and on federal lands.