Record Profit Season Is Over For U.S. Shale

Record profits – that would be the best summary of the state of the global oil industry last year. From Big Oil majors to U.S. shale independents, everyone made money from the oil and gas price rally sparked by the war in Ukraine. But the party seems to be over, at least for shale drillers. The Energy Information Administration said earlier this month it expected U.S. oil and gas production to hit a record next month. Oil output in the shale patch, the EIA said, would rise by 75,000 barrels daily, and the Permian would contribute 30,000 bpd…