rainman + 263 February 20, 2019 America’s surging shale oil production shows little sign of abating, despite industrywide spending cuts, as explorers learn to do more with less. Accordint to Bloomberg, 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 million barrels of oil a day on average this year, down from 1.6 million in 2018, according to the Energy Information Administration. “The machine still has enough cash available that it can continue to grow at a rate that’s material,” said Raoul LeBlanc, a Houston-based analyst at IHS Markit, said by phone. The rest of the world “is now not going to be flooded with oil, but still mildly glutted.”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. Quote Share this post Link to post Share on other sites
50 shades of black + 254 February 20, 2019 Will this affect the price? Quote Share this post Link to post Share on other sites
Pavel + 384 PP February 20, 2019 3 minutes ago, rainman said: America’s surging shale oil production shows little sign of abating, despite industrywide spending cuts, as explorers learn to do more with less. Accordint to Bloomberg, 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 million barrels of oil a day on average this year, down from 1.6 million in 2018, according to the Energy Information Administration. “The machine still has enough cash available that it can continue to grow at a rate that’s material,” said Raoul LeBlanc, a Houston-based analyst at IHS Markit, said by phone. The rest of the world “is now not going to be flooded with oil, but still mildly glutted.”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. “In 2019, the International Energy Agency predicts, America’s oil boom will represent the biggest surge in production anywhere in the world since the agency started keeping track.” 1 1 Quote Share this post Link to post Share on other sites
damirUSBiH + 327 DD February 20, 2019 Oil prices are 6% higher relative to a month ago and the daily under-recovery rate from the DME points to an increase in fuel prices for March. Have a lovely day.... 1 Quote Share this post Link to post Share on other sites
ThunderBlade + 231 TB February 20, 2019 US expects largest oil output increase in the Permian Basin: https://www.aa.com.tr/en/energy/general/us-expects-largest-oil-output-increase-in-permian-basin/23551 1 Quote Share this post Link to post Share on other sites
ronwagn + 6,290 February 21, 2019 11 hours ago, ThunderBlade said: US expects largest oil output increase in the Permian Basin: https://www.aa.com.tr/en/energy/general/us-expects-largest-oil-output-increase-in-permian-basin/23551 Added to my Oil Topic https://docs.google.com/document/d/1pkFS183X56-rWJvoE3K10hPRT1BMZocQ0WCDXc-TOjE/edit Quote Share this post Link to post Share on other sites
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