据彭博社休斯顿消息，尽管整个行业都在削减开支，但随着石油企业学会用更少的钱做更多的事，美国不断飙升的页岩油产量几乎没有减少的迹象。

第四季度业绩报告显示，几乎所有的独立生产商都削减了2019年的预算，但许多企业仍预计今年产量将实现两位数的增长。根据美国能源信息署（EIA）的数据，石油产量增长正在放缓, 但仍很强劲，美国今年平均将增加约145万桶石油当量/天, 低于2018年的160万桶石油当量/天的增长量。

2018年底的油价暴跌，加上投资者对财政纪律的要求，促使大多数页岩公司高管只将他们的收入投资于现金流，从而结束了多年的债务驱动型增长。但以往投资规模大，服务成本低，意味着削减只会影响增长预测。

位于卡尔加里的RS能源公司研究人员称，美国石油企业平均削减了4%的资本预算，但预计产量将增加7%。

周二，Concho资源公司和Devon能源是最新宣布削减开支并向投资者承诺获得更多回报的企业。尽管预算有所削减，但Concho预计2019年石油产量将增长28%。与2018年的最后三个月相比，Devon能源1月份的石油产量提高了14%，但随着资产剥离的增加，预计全年产量将落后于2018年的数据。

根据EIA报告，美国今年的石油日产量可能达到创纪录的1240万桶，比2018年高出13%，大部分的增长将来自德克萨斯州西部和新墨西哥州的二叠纪盆地。

RS能源公司研究助理Justin Lepore说：“运营商正更多地关注资本效益高的业务，更多地关注核心控股，目前重点是适度增长。”

詹晓晶摘自彭博社

原文如下：

U.S. shale boom keeps rolling even as wildcatters save cash

America’s surging shale oil production shows little sign of abating, despite industrywide spending cuts, as explorers learn to do more with less.

Almost all the independent producers have reduced their budgets for 2019, but many still expect to deliver double-digit growth in production this year, fourth-quarter earnings reports show. Growth is slowing but still strong: the U.S. will add about 1.45 MMbopd on average this year, down from 1.6 million in 2018, according to the Energy Information Administration.

The tumble in oil prices at the end of 2018, combined with investor demands for fiscal discipline, has prompted most shale executives to only invest what they earn in cash flow, ending years of debt-fueled growth. But the scale of past investments and low service costs mean that the cutbacks will only put a dent in growth projections.

On average, U.S. explorers have cut their capital budgets 4% but are predicting a 7% increase in production, according to RS Energy Group, a Calgary-based researcher.

The latest explorers to announce spending cuts and pledge more returns to investors were Concho Resources Inc. and Devon Energy on Tuesday. Despite the budget trimming, Concho expects oil output to grow about 28% in 2019. Devon lifted oil production 14% in January, compared with the final three months of 2018, but foresees full-year output trailing the 2018 figure as divestitures take a bite.

The U.S. will likely pump a record 12.4 MMbpd this year, 13% higher than in 2018, according to the EIA. Most of the growth will come from the Permian Basin of West Texas and New Mexico.

“Operators are putting more attention on capital efficient operations and focusing more on core holdings,” said Justin Lepore, a research associate at RS Energy Group. “There’s a focus on modest growth."