Is $60/Bbl WTI still considered a break even for Shale Oil

[D Coyne + 305]

18 hours ago, Wastral said:

You actually believe the worlds NG/oil comes from plant/animals.......🤣   

Wastral,

No but there is methane released from landfills due to the anaerobic decay processes of once living plant and animal tissue, which I thought Ronwagn was referring to.  He often speaks of biogas which uses plant waste to produce methane, not really related to petroleum production, just an alternative source for methane.

Most of the petroleum resource was formed from catagenesis of kerogen, the kerogen was formed by the process of diagenesis,

3 main types of kerogen exist: type I (algal), II (liptinic) and III (humic), which were formed mainly from algae, plankton and woody plants (this term includes trees, shrubs and lianas) respectively

https://en.wikipedia.org/wiki/Petroleum#Formation

See also

Schobert, Harold H. (2013). Chemistry of fossil fuels and biofuels. Cambridge: Cambridge University Press. pp. 103–130. ISBN 978-0-521-11400-4. OCLC 795763460.

 

Edited June 13, 2019 by D Coyne

[ronwagn + 6,290]

Our predictions are based on differing information. There will be many ways to obtain energy. The most sensible will hopefully win out eventually. I believe that natural gas will be the largest clean source of energy. What do you think that will be? 

I have spent eight years studying energy since the last "Energy Crisis", which was widely portrayed by "journalists". Now we know there will never be a large scale energy crisis unless it is caused by mankind itself. We have multiple choices for energy. Hubbert's Peak was and is nonsense. Peak oil is far away and there are a myriad of other fuel options. 

[James Regan + 1,776]

🤔🤔

Sounds like Steve may have lost a small wager....

The shale gas revolution has frankly been an unmitigated disaster for any buy-and-hold investor in the shale gas industry with very few limited exceptions,” Steve Schlotterbeck, former chief executive of EQT, a shale gas giant, said at a petrochemicals conference in Pittsburgh. “In fact, I'm not aware of another case of a disruptive technological change that has done so much harm to the industry that created the change.”

He did not pull any punches. “While hundreds of billions of dollars of benefits have accrued to hundreds of millions of people, the amount of shareholder value destruction registers in the hundreds of billions of dollars,” he said. “The industry is self-destructive.”

[Old-Ruffneck + 1,239]

22 minutes ago, James Regan said:

🤔🤔

Sounds like Steve may have lost a small wager....

The shale gas revolution has frankly been an unmitigated disaster for any buy-and-hold investor in the shale gas industry with very few limited exceptions,” Steve Schlotterbeck, former chief executive of EQT, a shale gas giant, said at a petrochemicals conference in Pittsburgh. “In fact, I'm not aware of another case of a disruptive technological change that has done so much harm to the industry that created the change.”

He did not pull any punches. “While hundreds of billions of dollars of benefits have accrued to hundreds of millions of people, the amount of shareholder value destruction registers in the hundreds of billions of dollars,” he said. “The industry is self-destructive.”

These genius' that sit behind a desk creating all this debt on a commodity like oil, thinking the sky's the limit, well shame on them for burning thru their investors cash like water. Buyer beware, and many will lose yet again. When things look too good to be true well maybe...……….

[James Regan + 1,776]

18 hours ago, Old-Ruffneck said:

These genius' that sit behind a desk creating all this debt on a commodity like oil, thinking the sky's the limit, well shame on them for burning thru their investors cash like water. Buyer beware, and many will lose yet again. When things look too good to be true well maybe...……….

Pioneer reins in ambitions. Pioneer Natural Resources (NYSE: PXD) is discarding its aggressive growth model, forgoing plans to pursue 1 mb/d of production, and instead is focusing on profitability, according to the Wall Street Journal. The strategy shift is hard to overstate, as it signals the growth-at-all-costs business model for shale drilling is reaching its limits. Questionable economics are catching up to the industry. Pioneer has slashed its workforce and is slowing down on drilling. The big question is if others in the industry will follow Pioneer’s lead.

[James Regan + 1,776]

OILPRICE QUOTES;

U.S. shale production faces spacing problem. According to the Wall Street Journal, a drilling test conducted by Encana (NYSE: ECA), has proved to be a dramatic disappointment. Encana’s “cube” development envisioned packing dozens of wells together – originally supposed to be as much as 60 – from a single location. However, instead of cutting costs and boosting output, the wells performed poorly, and they are expected to produce as little as half of the oil as other wells drilled farther apart. The result suggests U.S. shale could peak sooner than expected, the WSJ said.

Are we to see more of this? Granted not every project in the oil industry yields dividends or projected results, however Tight oil has had so much hype and far too much money lent that it should be under tighter scrutiny.

The USA is acting globally as though the US tight oil industry is a proven reliable industry , anyone in the business at the pointy end of the stick knows it’s not the case. I think they may want to hold on to their hard hats a bit longer until this segment of the industry gets its fiscal act together and its technology proven plus its forecasting on a tight leash. IMO

Edited July 5, 2019 by James Regan

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