Even amid climbing oil prices and strong market backwardation, most US shale independents show little scope or intent to raise output in the short term “We are not going to change our growth rate, whether oil is at $100/bl or $150/bl”, says Scott Sheffield, CEO of Texan independent Pioneer Natural Resources. Similarly, Houston-based independent Marathon Oil forecasts flat production in 2022 and admitted it is “not allocating any production growth capital in 2022”.