Independents raise output targets

摘要

US independent oil firms are raising their 2018 output guidance while keeping their budgets unchanged, a reflection of efficiency gains and technological progress. Companies operating in all the major US basins expect output to be higher than planned and most are sticking to their 2018 capital expenditure (capex) figures even after benchmark WTI rose above $70/bl from the $50/bl range when they planned their budgets. They will use any spare cash to reduce debt and boost returns to shareholders through buybacks and higher dividends.