Inflation in the oil sector is worsening and industry executives see no reason to expect cost pressures on everything from steel pipe to frac sand to ease any time soon.
Shale drillers Diamondback Energy, Devon Energy and Coterra Energy are boosting dividends while keeping oil output flat despite pleas from President Joe Biden to increase supplies and help take some the edge off of inflation.
A new wave of oil platforms is sweeping into the U.S. Gulf of Mexico as crude prices are riding historic levels and demand for barrels is higher than ever.