November 5, 2019 / 4:02 PM / 14 days ago

Top Permian CEO says OPEC shouldn't worry about U.S. shale growth

HOUSTON, Nov 5 (Reuters) - Pioneer Natural Resources Chief Executive Scott Sheffield said Tuesday that he expects the Permian Basin to “slow down significantly over the next several years.”

“I don’t think OPEC has to worry that much more about U.S. shale growth long term,” Sheffield said on Tuesday on a call with analysts.

U.S. shale fields have driven domestic production to all time highs, prompting OPEC to cut production to try to keep global prices stable. But U.S. firms are under pressure to trim spending and return profits to shareholders through dividends and share buybacks. (Reporting by Jennifer Hiller Editing by Chizu Nomiyama)

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