Shale producers Pioneer Natural, Devon post sharp drop in second-quarter profits
on Tuesday tightened budgets and warned of lower drilling and completions activity in coming months after a drop in oil and gas prices slashed their second-quarter profits.
Pioneer, a top producer in the Permian shale basin, cut its 2023 budget, including for drilling and completions, by $125 million to a range of $4.375 billion to $4.575 billion. Devon, which operates in Permian's Delaware basin, forecast capital spending of about $900 million in the third quarter, less than in the second quarter, after one temporary fracking crew was dropped from the basin.
Devon maintained its full-year production forecast of 643,000 to 663,000 barrels of oil equivalent per day , while Pioneer raised its output estimate by 3% at its midpoint to a range of 697,000 to 717,000 boepd.
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