Spurred on by investors, US oil firms keep drilling despite the supply glut
Shareholders favour growth over returns; execs say they are more efficient now and costs have fallen
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Houston
INVESTORS sent a surprising message to US shale producers as crude fell almost 20 per cent in August: keep calm and drill on.
While most oil stocks have fallen sharply this month, the least affected by the slump share one thing in common: they don't plan to slow down, even though a glut of supply is forcing prices down. Cimarex Energy Co jumped more than 8 per cent in two days after executives said on Aug 5 that their rig count would more than double next year. Pioneer Natural Resources Co rallied for three days when it disclosed a similar increase.
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