“Public equity investors have tired of the oil price volatility. They want cash now, whether from buybacks or regular or special dividends.”
-Todd Dittmann, head of energy at hedge fund Angelo Gordon & Co. U.S. shale drillers, which have played the role of the oil world’s swing producer, are largely standing pat for now as U.S. production is roughly 2 million barrels a day less than it was before the pandemic and the number of active rigs drilling for oil stands at 376, down from 683 pre-Covid-19. [Wall Street Journal]
