Output at every formation is expected to fall in October, except the Permian Basin of Texas and New Mexico.
Colombian oil company Ecopetrol, which entered a joint venture in the Permian Basin with Occidental Petroleum in November 2019, said it plans to drill another 22 wells this year.
Simultaneous fracs are among the methods being discussed by some U.S. shale players to drill and complete wells faster and more efficiently.
Though the oil and gas industry has not recovered since the end of the second quarter, the Permian Basin remains the most active region.
Shale operators have plans to restart production. But with OPEC seemingly satisfied with $40 oil prices, U.S. producers are facing the prospect of becoming ‘zombie companies’—all dressed up but with nowhere to drill.