More companies to increase crude oil production this year

Coterra Energy Inc. is among a handful of oil and gas companies planning to produce more oil this year—more than originally planned.

The company joined EOG Resources and Civitas Resources Inc. in admitting such plans, a move seen by some that could see the U.S. supply of oil being larger than expected. The three oil producers believe their performances in the Permian Basin are stronger-than-expected.

Others making similar recent announcements of expanded production include Ovintiv Inc., a firm active in Oklahoma, along with Matador Resources Co. reported Bloomberg.

Click here for Bloomberg