U.S. Oil Purchases, Booming Permian Output, Pioneer Natural Resources: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

PRODUCTION
U.S. Shale Oil Output Forecast to Rise to Record in April - U.S. oil output growth from the Permian Basin is expected to offset declines in every other shale formation in April, helping push overall production up by about 18,000 barrels per day (BBL/d) to a record 9.08 million. Output from the Permian Basin of Texas and New Mexico is expected to rise 38,000 BBL/d to a record 4.79 million BBL/d, data from the U.S. Energy Information Administration showed. (Reuters)

CRUDE OIL
U.S. Could Start Buying Crude for Strategic Petroleum in Two Weeks - The United States could begin purchasing U.S.-produced crude oil for the Strategic Petroleum Reserve as soon as two weeks from now, and fill it in several months, an Energy Department source said on Monday. President Donald Trump said late on Friday that he has ordered the Energy Department to fill the reserve "to the top." The Energy Department has said the reserve, which has a capacity of 713 million barrels, can take an additional 77 million barrels of crude. (Reuters)

FINANCIAL
Pioneer Natural Resources to Reduce Capital Spending - Pioneer Natural Resources Company (NYSE:PXD) is reducing its 2020 drilling, completion and facilities capital budget by approximately 45% and expects it to range between $1.6 billion to $1.8 billion. (Business Wire)

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About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.