Shale producers39; Q2 results show unexpected oil volume gains
Chevron, Devon, Diamondback, Apache boost FY output forecast
Drilling, completion efficiencies behind latest output gains

HOUSTON, Aug 13 Reuters Greater operating efficiencies in the top U.S. shale patch are squeezing out more oil without higher spending, according to the latest output numbers, which will boost global oil market supplies as OPEC also plans to unwind its output cuts later in the year.

Producers are extending their wells to as much as three miles, squeezing more wells onto a single drilling pad and fracking several wells at once, boosting production, according to industry experts and company executives on recent earnings calls.

Taken together, these efficiency gains have led several big producers to raise their fullyear shale oil production targets. Chevron lifted its fullyear Permian output target to an about 15 gain, up from an earlier forecast of a 10 gain.

Diamondback, APA Corp, Devon Energy and Permian Resources, also forecast higher than expected Permian shale production in coming months. Occidental Petroleum raised its outlook for the basin for 2024 by 1,000 barrels per day bpd excluding its acquisition of Permianfocused CrownRock.

Devon pointed to a 12 drilling efficiency gain this year from drilling and said it had improved feet per day of well completion by 6 year to date, pushing its fullyear oil output up about 3. Permian Resources has raised its oil production target by 1.5…