NEW ORLEANS (Reuters) – Parsley Energy Inc. has no plans to add more drilling rigs if oil prices CLc1 rise further, part of a plan to focus on boosting returns, the U.S. shale oil producer’s chief executive said on Tuesday.
The company plans to run 16 drilling rigs and five fracking crews this year in the Permian Basin, the largest U.S. oilfield, CEO Bryan Sheffield said at the Scotia Howard Weil energy conference in New Orleans.
“We need to execute. We need to get back to firing on all cylinders,” Sheffield said.
The company had been considered one of the more-aggressive shale producers in recent years, and its conservative turn on rig count comes at a time when Wall Street had been pressuring the shale industry to focus more on shareholder returns.