Permian Drillers Cut Output Themselves With Texas Oil Caps Dead

On the same day OPEC-style oil quotas in Texas were pronounced dead on arrival, shale drillers disclosed more supply cuts in response to the crude market collapse.

Diamondback Energy Inc., Parsley Energy Inc. and Centennial Resource Development Inc. on Monday became the latest Permian Basin shale explorers to say they were curbing output. A pandemic-fueled crash in oil prices has been so severe that producers have moved beyond laying down drilling rigs to shutting in existing output.

Midland, Texas-based Diamondback is dialing back 10%-15% of its May production, the company said in an earnings statement after the market closed. ...