US Shale to Slow Drilling as Trump’s Tariffs Rattle Executives

US shale executives expect to drill significantly fewer wells this year than planned at the start of 2025, as lower oil prices and uncertainty around President Donald Trump’s tariffs hurt profits, according to a Federal Reserve Bank of Dallas survey.

Almost half of oil executives said they expect to drill fewer wells in 2025 than planned at the start of the year, according to second-quarter survey results released Wednesday. For “large” exploration and production firms — producing 10,000 barrels per day or more — 42% said they expected a significant decrease in the number of wells drilled. Most firms ...