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Shale drillers warn of higher costs as they post record profits

Shale companies are making huge profits but are warning that inflation in the oil sector is causing them to increase spending.

Oil prices hovering around $110 a barrel in the second quarter pushed up profits for some of the biggest shale companies. Pioneer of natural resources Co., Continental Resources Inc., Diamondback Energy Inc., Coterra Energy Inc and Matador Resources Co. have all reported historically strong profits in recent days, according to FactSet.

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