GLOBAL INVESTMENT UP, DEBT DOWN

EIA - Financial Review of the Global Oil and Natural Gas Industry: 2017

• Brent crude oil daily average prices were $54.75 per barrel in 2017—21% higher than 2016 levels
• Excluding proved reserve acquisitions, upstream costs incurred increased from 2016 levels but remained lower than 2008–15 levels
• Proved reserves additions in 2017 approached the highest levels in the 2008–17 period
• Finding plus lifting costs fell to $29 dollars per barrel of oil equivalent in 2017, the lowest level in the 2008–17 period
• The energy companies reduced debt in 2017, the first year in the 2008–17 period
• Refiners with global refining assets reduced distillation capacity for the eighth consecutive year

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Earlier:

2018, May, 23, 10:45:00 HARD OIL MARKET FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.

2018, May, 23, 10:15:00 NO OIL FUTURE 2040 BLOOMBERG - Natural gas will probably emerge as the main fossil fuel “winner” as it balances renewables in power generation and is used as a substitute for oil in petrochemicals. Long-term gas demand is set to increase by 15 percent, or by 750 billion cubic meters, compared to business as usual,

2018, May, 14, 11:20:00 SOUTHEAST ASIA: THE MAIN ENGINE IMF - the region remains the main engine of global growth, accounting for more than 60 per cent of the global growth. Regional output is projected to grow by 5.6 per cent in 2018 and 2019; 5.6 per cent is about 0.1 percentage point higher than we expected in last October, supported by trade as well as accommodative global financial conditions.

2018, March, 21, 12:30:00 OIL INVESTMENT THREAT PLATTS - ExxonMobil remains more bullish on the future for oil, predicting that demand for oil will likely continue to grow by 19% to 117 million b/d to 2040.

2018, January, 15, 10:15:00 WBG: GLOBAL ECONOMIC GROWTH 3.1% WBG - The World Bank forecasts global economic growth to edge up to 3.1 percent in 2018 after a much stronger-than-expected 2017, as the recovery in investment, manufacturing, and trade continues, and as commodity-exporting developing economies benefit from firming commodity prices.

2017, July, 14, 09:35:00 U.S. OIL DEBT From 2012 through the end of 2015, debt was a significant source of capital for the producers included in the analysis, with the addition of a cumulative $55.3 billion in net debt. Since the beginning of 2016, however, these producers have reduced debt by $1.4 billion. The combination of higher equity and lower debt has resulted in the long-term debt-to-equity ratio, a measure of financial leverage, declining from 88% to 80% for the group of companies as a whole between the first quarter of 2016 and the first quarter of 2017.

2017, July, 12, 14:10:00 IEA: ENERGY INVESTMENT UPDOWN Total energy investment worldwide in 2016 was just over $1.7 trillion, accounting for 2.2% of global GDP. Investment was down by 12% compared to IEA’s revised 2015 energy investment estimate of $1.9 trillion.