Diamondback Energy, which operates in the Permian Basin, said it had suspended almost all completion activity and cut about 5% of production in the second quarter.
The biggest decline is forecast for the Eagle Ford Shale, where oil production is expected to slide by about 23,000 bbl/d to 1.1 million bbl/d, the lowest level since August 2017.
Some new rigs added last month with gas plays along the Gulf Coast, primarily the Haynesville Shale, faring the best.
Kansas, Oklahoma, Texas Dist. 7B, 7C, 8, 8A, 9, 10
Panelists discuss how oil and gas players are navigating current conditions as they await better days ahead.