Declining DUCs backlog portends new drilling


US shale producers may start spending more on new drilling to offset production declines amid a shrinking inventory of drilled-but-uncompleted wells, on which companies leaned heavily during the coronavirus pandemic to sustain production levels without boosting spending. "Spending in 2022 will have to be higher just to sustain volumes enjoyed in 2021 and I think in general Wall Street is aware of that," said Northern Oil and Gas CEO Nick O'Grady.

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