Rising costs and shortages of labor and materials have plagued U.S. shale oil production all year, and in the waning days of 2022, more energy executives are saying those may even worsen in 2023. From Texas to North Dakota, executives have warned on fourth quarter output, trimmed full-year production forecasts, or pinned expected gains at the low-end of earlier estimates even as higher oil and gas prices support profits. The U.S. government on Tuesday slashed its oil production projection for 2023 by a whopping 21% following a string of disappointing forecasts from the shale patch. read more Oil producer Diamondback Energy (FANG.O) on

Refracturing is an operation designed to restimulate a well after an initial period of production. While refracturing has never really gone mainstream, the technique is seeing higher adoption as drilling technology improves, aging oilfields erode output, and companies try to do more with less. Re-fracs do not require additional state permits or new negotiations with landowners A global oil shortage and high fuel prices has triggered calls from President Joe Biden’s administration for U.S. shale producers to spend more of their profits to boost output. However, shale producers have been under pressure to focus more on returning excess cash to