1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

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Events

Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Record number of executives paid over 100 mil. yen www3.nhk.or.jp

A record total of 414 executives at publicly-traded Japanese firms were paid more than 100 million yen, or about one million dollars, in the business year that ended in March.
 
Researchers examined data from 2,443 Japanese companies.
 
The figure rose by one from last year's total. It was also the 4th consecutive annual increase, reflecting the strong financial performances of many firms.
 
The highest earner was SoftBank's former vice president Nikesh Arora with about 65 million dollars, followed by SoftBank executive Ronald Fisher with about 21 million dollars.
 
Michiyoshi Onishi, a former chairman of electronic component manufacturer Aoi Electronics, was 3rd with total compensation of around 11 million dollars.
 
The president of Nissan Motor Corporation, Carlos Ghosn, was in 4th place with about 10 million dollars.
 
Analysts say an increasing number of foreign executives are earning more than 100 million yen, as more Japanese companies are hiring foreigners to expand their business operations outside the shrinking domestic market.
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Oil extends gains, Saudi minister sees market balance www.reuters.com

Crude prices extended gains on Monday in Asia, supported by comments from the Saudi energy minister saying the oil market is heading toward balance.

London Brent crude for September delivery LCOc1 was up 17 cents at $50.52 a barrel by 2247 GMT on Sunday, after settling up 64 cents at $50.35 on Friday.

NYMEX crude for August delivery CLc1 was up 5 cents at $49.04 a barrel, after closing up 66 cents, or 1.4 percent, on Friday. There will be no West Texas Intermediate crude settlement on Monday as U.S. financial and commodity markets are closed for the Independence Day holiday.

The energy minister of Saudi Arabia, the world's largest oil exporter, and the secretary general of OPEC agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Saudi state news agency SPA.

U.S. drillers last week added oil rigs for a fourth week in five, according to a closely followed report Friday, in the best month of producers returning to the well pad since August that signaled a near-two year rout in drilling may have ended.

The Niger Delta Avengers, a militant group that has been carrying out attacks on Nigerian oil facilities in the past few months, claimed responsibility on Sunday for five new attacks in the southern energy hub since Friday.

Attacks in the Niger Delta have pushed Nigerian crude production to 30-year lows, although the Nigerian National Petroleum Corporation (NNPC) said last week that output was rising because of repairs and a fall-off in attacks.

Russian oil output stood at 10.84 million barrels per day (bpd) in June, up from 10.83 bpd in May, Energy Ministry data showed on Saturday.

Norwegian offshore oil workers and employers signed a new wage deal on Saturday, avoiding a strike that would have cut the output from western Europe's top oil and gas producer by about 6 percent, employers and unions said.

Money managers cut their net long U.S. crude futures and options positions in the week to June 28, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

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London stock exchange shareholders to vote on German deal www.bbc.com

Shareholders in the London Stock Exchange are due to vote on a planned merger with its German counterpart Deutsche Boerse.
The two agreed a $27bn (£20bn) deal earlier this year but the Brexit vote has raised questions about how it should be implemented.
Both companies have said the outcome does not affect the logic of the deal.
However Germany's regulator, Bafin, said the headquarters could not be in London, as had been planned.
"Without doubt... it is hard to imagine that the most important exchange venue in the eurozone would be steered from a headquarters outside the EU," said Felix Hufeld, Bafin's president.
"There certainly has to be an adjustment here."
It does not have a veto on the deal but it is thought that Deutsche Boerse is likely to take its concerns seriously.
In a joint statement released shortly after the UK's referendum the companies said the outcome did not affect "the compelling rationale of the merger".
In fact, the head of the Deutsche Boerse Joachim Faber said the decision made it "ever more important to maintain and foster ties between the UK and Europe".
The deal still needs to be approved by regulators and, according to Reuters news agency, any major changes to it could need further shareholder approval.
As it stands, the deal is expected to be approved later on Monday with German shareholders due to vote on it on 12 July.
The companies hope to complete the deal in early 2017.
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EU extends sanctions against Russia for another six months www.rt.com

The European Union has formally extended economic sanctions against Russia until January 31, 2017, the EU Council announced in a statement on Friday.
The sanctions limit access to EU capital markets for a number of Russian financial institutions, as well as energy and defense firms. Restrictions on arms trading and certain types of oil production technology will also be extended.
"On 1 July 2016, the Council prolonged the economic sanctions targeting specific sectors of the Russian economy until 31 January 2017," said the Council statement.
Relations between Moscow and the West deteriorated during the 2014 Ukraine crisis.
The United States, the European Union and their allies accused Russia of involvement in the conflict in Eastern Ukraine and the annexation of Crimea, claims the Kremlin has repeatedly denied.
Washington and Brussels introduced several rounds of sanctions against Russian individuals, as well as the energy, banking and defense sectors. In response, Moscow banned food imports from countries that joined anti-Russian sanctions.
On Tuesday, Russian President Vladimir Putin signed a decree prolonging the embargo on Western products until the end of 2017.
The Council plans to discuss EU-Russia relations and sanctions during a meeting in the fall.
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World's largest copper mine output, profit plummeted in Q1 www.mining.com

Output at Chile’s Escondida, the world's largest copper mine, fell in the first three months of 2016 causing profits to sink 47% to $265 million compared to the same period last year, among weak prices for the industrial metal.
 
The mine, co-owned by BHP Billiton (57.5%) and rival Rio Tinto (30%), produced 265,597 tonnes in the period, or 23% less than the 347.125 tonnes it generated in Q1 2015, Chilean newspaper La Tercera reported (in Spanish).
 
Mine revenues also plummeted to about $1.4 billion from $2 billion in the same period last year.
 
If Chile’s production continues to suffer due to weak prices, the country — the world’s No. 1 copper producer — will lose ground to competitors including Peru, China, United States, Australia and emerging markets, such as Zambia and the Democratic Republic of Congo, in Africa’s Copperbelt, state copper commission Cochilco warned in January.
 
While copper prices have picked up in recent weeks, long-term demand fundamentals are likely to limit price rises in 2016, experts believe.
 
Growth in China — the world’s largest copper consumer, accounting for 45% of global demand — continues to be slow.
 
"Chinese manufacturing is not picking up momentum, so demand is not picking up and there is no reason for copper prices to rise," Julius Baer analyst Carsten Menke told Reuters last month.
 
“Despite sizable policy stimulus in China…demand for copper is unlikely to receive a boost on the scale that had seemed likely,” Caroline Bain, senior commodities economist at Capital Economics wrote on Wednesday.
 
The chairman of Codelco, the world’s largest copper miner, agrees. Oscar Landerretche, who holds a Ph.D. in economics from The Massachusetts Institute of Technology (MIT), has said that oversupply is likely to last through this year and next, keeping prices around $2 to $2.10 a pound.
 
More than 750,000 tonnes of annualized supply were idled in 2015 by companies including Freeport McMoRan and Glencore in response to low prices, according to a report by consultants Wood Mackenzie.
 
In addition some major projects are ramping up this year including China Minmetals' Las Bambas mine and Freeport's Cerro Verde expansion project in Peru. There is also a robust pipeline of projects that could fill any supply gaps including First Quantum's Cobre Panama and the Goldcorp-Teck joint venture in Chile named NuevaUnion.
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BMW and Intel plan robot car production www.bbc.com

BMW, Intel and computer vision firm Mobileye have signed a deal to develop autonomous vehicles.
The three firms will collaborate on the systems needed to make cars that can navigate without any help from a human driver.
The vehicles will be capable of driving safely along major roads as well as in suburban and inner city areas.
BMW said it hoped the collaboration would mean it could put robot cars into production by 2021.
The research partnership was announced on the day when US officials begin an investigation into a fatal car crash involving a Tesla Model S, to which self-driving technology could have contributed.
Plugged in
BMW said the trio would develop computer and sensor systems that gradually reduce the part humans play in driving a car. Ultimately, it said, it hoped to produce vehicles that could operate entirely autonomously without any people onboard.
Achieving this, said BMW, would make it possible for fleets of unmanned vehicles to operate safely. This, it added, could spur the creation of novel ride-sharing services in urban areas or lead to the creation of long-distance delivery services that employ robot-driven trucks.
In a statement, the three firms said they were "convinced that automated driving technologies will make travel safer and easier".
They pledged to make the results of the research available to other car makers and electronics firms to help standardise technologies used in autonomous vehicles.
Early work would focus on a "highly automated driving" prototype which BMW said it planned to demonstrate this year. More extensive tests of this technology across lots of vehicles were planned for 2017, it added.
The autonomous car that emerges from the partnership would be likely to be electric and called the iNext, it said. Other vehicles in the i-range include the i8 hybrid and the i3 all-electric vehicle.
Before now, BMW has shown off concept cars that use autonomous technology and it is already working with Baidu in China to produce a self-driving car suited to that market.
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Chinese company Hisense reaps benefits from Euro 2016 sponsorship www.chinadaily.com

BEIJING - Chinese electronics giant Hisense appears to have gotten its money's worth out of its sponsorship of the Euro 2016 soccer championship.
Hisense signed as the 10th global partner for the UEFA EURO 2016 finals on Jan 14, joining top brands Adidas, Carlsberg, Coca-Cola, Continental, Hyundai-Kia, McDonald's, Orange, SOCAR and Turkish Airlines to complete the tournament's sponsorship program.
 
Hisense kept its sponsorship fee a secret, while reports said it spent 370 million yuan ($55.61 million) for its debut in the top European soccer event, a sum amounting to about 25 percent of last year's net profit.
 
As the first-ever Chinese company to endorse the 56-year-old tournament, Hisense announced that its Euro 2016 exposure in China alone meant that returns exceed its investment after only the group stage.
 
"It has been the most successful brand marketing in the company's 47 years of history," said the company's brand director Zhu Shuqin.
 
Hisense said its logo appeared not only on the LED screen on site in the 36 group matches, but also on the tickets and the interview backdrops.
 
"Hisense's logo was caught by the cameras during the matches and seen by millions of TV viewers all over the world," Zhu said.
 
In China, Hisense's logo exposure through the live broadcast of China's Central Television amounts to some 300 million yuan worth of advertisement on TV, Zhu said, adding that 35 million Chinese fans followed the tournament and watched the matches on TV.
 
Pleased with the results of their sponsorship at Euro 2016, Zhu revealed that the company may go on to sponsor the 2018 Russia World Cup while its endorsement for other UEFA national team competitions will run until the end of 2017.
 
The competitions include the European Qualifiers for the 2018 FIFA World Cup, UEFA Futsal Euro 2016, the 2017 UEFA European U-21 Championship and UEFA Women's Euro 2017.
 
European soccer's ruling body UEFA also seems happy to have Hisense on board. Guy-Laurent Epstein, the marketing director of UEFA Events SA, told Xinhua that the sponsorship "is something between football and the Chinese brand. As we provide a great commercial platform, I am sure that this sponsorship will give Hisense a great opportunity to grow their brand in Europe and internationally."
 
"We look forward to working closely together with them in a mutually beneficial partnership that will also further promote the best of European football to millions of fans in China," he added.
 
While Hisense added the first-ever Chinese flavor to the European Championship, other Chinese enterprises are also seeing potentially enormous returns from sponsoring high profile sports events.
 
In December last year, Alibaba E-Auto, an "internet car" brand owned by Chinese e-commerce giant Alibaba Group, reached an eight-year presenting partnership of the Club World Cup with soccer's world governing body FIFA.
 
Alibaba thus became the first Chinese company to have presenting partnership with the FIFA tournament.
 
Months later, Chinese real estate and entertainment giant Wanda Group inked a partnership deal with FIFA which runs through the 2030 World Cup. The contract grants Wanda the highest level of sponsorship rights in the next four FIFA World Cup editions.
 
But Wanda's ambition did not stop at soccer. It also ventured into basketball, becoming the exclusive partner of the Federation of International Basketball (FIBA) for their worldwide sponsorship, including the sale of licensing rights and global marketing.
 
"It was not a mindless splurge. We are buying our way out because the key international sports industry resources, including the marketing rights and broadcast rights can only be redistributed in this way," said Wanda chairman Wang Jianlin.
 
Last year, Wanda nailed a 20 percent stake in Madrid Atletico at 45 million euros, merged with World Triathlon Corp. (WTC) for 585 million euros, and acquired Swiss sports marketing group Infront Sports & Media for 1.05 billion euros.
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Mongolia and Turkey have willingness to cooperate in tourism www.mongolia.gogo.mn

Delegates of the Association of Turkish Travel Agencies (ATTA) visited Mongolia on June 22-30 at the invitation of tourism organizations of Mongolia.
On Wednesday, the ATTA delegates attended a business meeting held at the Turkish Embassy where the parties exchanged views on the present situation of the Mongolia-Turkey cooperation in tourism industry. Murat Karagoz, the Ambassador Extraordinary and Plenipotentiary of Turkey to Mongolia underlined that Mongolia has a potential for attracting tourists by its natural landscapes, traditional history, custom and culture. The visa-free agreement between the countries and the direct flight by the Turkish Airlines are essential factors favoring bilateral cooperation in tourism, he emphasized.
B.Margad, Department head of the Ministry of Environment, Green Development and Tourism expressed his satisfaction with receiving the visiting Turkish delegation, and said Mongolia wants to learn Turkish experiences in tourism.
In turn, member of the ATTA’s Executive Board Sinan Halic also expressed a satisfaction with visiting Mongolia, and pointed out that his country has the willingness to augment Turkish tourists to Mongolia.
In scope of the visit, the Turkish delegates travelled to Arkhangai and Ovorkhangai aimags, Terelj National park, the “Tsonjin Boldog” camp and Tonyukuk's statue in Tov aimag.
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Rio Tinto exits PNG, gives away copper-gold mine with $51bn in reserves www.mining.com

Mining giant Rio Tinto (LON, ASX:RIO) has given away a 54% stake in a Papua New Guinean copper and gold mine, which has reserves estimated to be worth $51 billion.
 
The decision to hand back the shares in its subsidiary Bougainville Copper Limited (ASX:BOC) to an independent trustee, follows a company review of the asset that was triggered by the Bouganville government’s pressure to restart mining at Panguna or give it up.
 
“Our review looked at a broad range of options and by distributing our shares in this way we aim to provide landowners, those closest to the mine, and the people of Bouganville a greater say in the future of Panguna,” Chris Salisbury, Rio’s copper and coal chief executive said in a statement.
 
The trustee, noted Rio, will manage the distribution of its shares between the autonomous Bouganville government and the PNG government, providing them with a platform to work together on options for the resource.
 
In a separate statement, Bougainville Copper said its board of directors is considering the implications of Rio’s move. The company’s Chairman and Managing Director Peter Taylor will resign, and Robert Burns has been appointed acting chairman.
 
The Panguna mine was once a major producer and one of the largest open pit mines in the world. It’s believed to still hold about 5.3 million tonnes of copper and 19.3 million ounces of gold. However, it could cost up to A$10 billion to restart production, The Australian reports (subs. required).
 
Bougainville was the mine operator until local opposition sparked a civil war and forced it to shutdown in 1989.
 
Rio’s decision on Panguna echoes a similar move two years ago, when the company decided to give away its 19.1% stake in Northern Dynasty Minerals (TSX:NDM) (NYSE:MKT), a company leading the controversial Pebble Mine copper and gold project in the Bristol Bay region of Alaska.
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U.S. shale oil's Achilles heel shows signs of mending www.reuters.com

Since the beginning of the U.S. fracking revolution, oil producers have struggled with a vexing problem: after an initial burst, crude output from new shale wells falls much faster than from conventional wells.

However, those well decline rates have been slowing across the United States over the past few years, according to data analysis provided exclusively to Reuters.

The trend, if sustained, would help ameliorate the industry’s most glaring weakness and cement its importance for worldwide production in years to come. It also helps explain shale drillers' resilience throughout the oil market's two-year slump.

While shale oil production revolutionized the oil industry over the past decade, bringing abundance of global oil supplies, high costs and rapid production declines have been its Achilles heel. That is beginning to change thanks to technological innovation and producers' focusing less on maximizing output and more on improving efficiency and productivity.

According to data compiled and analyzed by oilfield analytics firm NavPort for Reuters, output from the average new well in the Permian Basin of West Texas, the top U.S. oilfield, declined 18 percent from peak production through the fourth month of its life in 2015. That is much slower than the 31 percent drop seen for the same time frame in 2012 and the 28 percent decline in 2013, when the oil price crash started.

The change was even more dramatic in North Dakota's Bakken shale, where four-month decline rates for new wells fell to 16 percent in 2015 from almost 31 percent in 2012. (Graphic:tmsnrt.rs/292ScGY)

A slower decline means producers need to drill fewer new wells to sustain output, said Mukul Sharma, professor of petroleum engineering at the University of Texas at Austin.

"You can have cash flow without having to expend a lot of capital."

The recent decline rates mark a dramatic improvement from first-year 90 percent declines in the early years of the shale boom that made some investors question the sector's long-run viability.

NEW PHILOSOPHY

There are no 2016 figures yet, but oil executives expect the trend to continue this year and beyond.

Scott Sheffield, chief executive of Pioneer Natural Resources Co (PXD.N), a top Permian producer, credited improved fracking techniques for helping stabilize production, which shareholders rewarded by lifting Pioneer's shares up about 9 percent over the past year.

"We're exposing more of the reservoir and breaking it up so we don't get as sharp a decline," Sheffield told a recent energy conference.

Slower declines also reflect producers' more conservative approach to operating wells. In the early years of the hydraulic fracturing boom, high crude prices encouraged operators to boost initial production as much as possible.

To do this, they would let wells flow fast by keeping pressure low on the ground's surface. About seven years ago, however, some shale operators in Louisiana found this ultimately hurt production later on by causing rock fractures to shut.

Now, many operators maintain surface pressures higher, which limits initial flow rates and slows a well's decline rate.

"Conventional wisdom has shifted," said John Lee, a professor of petroleum engineering at Texas A&M University.

Sharma of the University of Texas said that while shale well decline rates remained far above a 10 percent first-year decline a conventional well might experience, they marked a radical improvement compared with early years of hydraulic fracturing.

Harold Hamm's Continental Resources Inc (CLR.N), for example, has told investors its new wells in Oklahoma's SCOOP region are now producing 40 percent more oil six months into their lives than as recently as last year.

Today's production techniques use larger volumes of sand and pressurized fluids to frack more spots along longer well bores, to extract more oil from the wells. (Graphic: tmsnrt.rs/296vBtQ)

Pioneer fracks its wells every 15 feet today compared to every 60 feet in 2013. It costs extra $500,000 per well to do so, but its wells produce two-thirds more oil than just three years ago, boosting profitability, Pioneer said.

To be sure, not all producers are seeing slower decline rates and the newer, more stable shale wells make up only a fraction of all producing U.S. oil wells, so their impact on overall domestic output is for now limited.

The Eagle Ford shale in southern Texas has seen decline rates slightly increase, for example, according to NavPort data.

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