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2019-02-18 11:50:00

U.S. SHALE NEED INVESTMENT

U.S. SHALE NEED INVESTMENT

REUTERS -  Drilling curbs by oil producers in the largest U.S. shale field will continue until transport bottlenecks ease and investors stop punishing companies for increasing capital spending, executives at an energy conference said on Thursday.

The price of crude in the Permian Basin of West Texas and New Mexico fell sharply last year, selling as much as $18 below U.S. benchmark prices, as a lack of pipeline capacity landlocked some oil output and as investors pushed producers to reduce spending and boost shareholder returns.

On Thursday, the regional price of crude was at a $1.10 a barrel premium to U.S. crude futures, the strongest in more than a year as companies including Parsley Energy, Pioneer Natural Resources, Goodrich Petroleum Corp have pared their exploration budgets, easing the constraints.

Pioneer Natural Resources Co, one of the Permian's largest producers, said this week it plans to reduce 2019 capital expenditures by 11 percent, or about $350 million, slowing its production growth from prior years.

"There aren't nearly as many drilling dollars available," said Bobby Whiteside, president of Midland, Texas-based oil producer Regions Permian LLC. "If Wall Street wants you to drill within cash flow, you're going to have slower growth."

The Permian is the nation's largest and fastest growing oil field. Its output has driven U.S. crude production to near 12 million barrels per day (bpd), forcing OPEC and allies to cut their output.

 

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Earlier: 

 N.America
2019, February, 15, 12:00:00

OPEC REMAINS HARD

PLATTS - "Our primary objective is to ensure that the oil market remains in balance throughout 2019 and beyond in order to build on the success of the past couple of years," added Barkindo.

 
 N.America
2019, February, 1, 11:25:00

U.S. OIL PRODUCTION 11.9 MBD

U.S. EIA - U.S. crude oil production rose to a new high of 11.9 million barrels per day in November, up 345,000 bpd from the previous month,

 
 N.America
2019, January, 28, 10:15:00

U.S. OIL PRODUCTION 11.7 MBD

API - U.S. production of crude oil (11.7 mb/d) and natural gas liquids (NGLs) (4.8 mb/d); Crude oil exports (2.4 mb/d, tie with Nov. 2018);

 
 N.America
2019, January, 23, 11:20:00

U.S. PRODUCTION: OIL + 62 TBD, GAS + 849 MCFD

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 62,000 b/d month-over-month in February from 8,117 to 8,179 thousand barrels/day , gas production to increase 849 million cubic feet/day from 76,708 to 77,557 million cubic feet/day .

 
 N.America
2018, December, 24, 11:55:00

U.S. OIL CAPEX DOWN

PLATTS - Three aggressive independent Permian Basin upstream operators released capital budgets for 2019 in the last few days that are lower than either prior expectations or actual 2018 spending by at least 12% to 15%, as corporate executives attributed reduced activity to the recent plunge in oil prices.

 
 N.America
2018, December, 21, 14:25:00

U.S. OIL PRODUCTION 11.6 MBD

API - The U.S. produced a record 11.6 million barrels of oil per day (mb/d) and a record 4.8 mb/d of NGLs in November. Crude exports also hit a record high at 2.4 million barrels per day last month, and U.S. petroleum net imports fell at their lowest monthly level in more than 50 years at 2.2 million barrels per day.

 
 N.America
2018, December, 21, 14:20:00

U.S. PRODUCTION: OIL + 134 TBD, GAS + 1,127 MCFD

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 134,000 b/d month-over-month in January from 8,032 to 8,166 thousand barrels/day , gas production to increase 1,127 million cubic feet/day from 75,789 to 76,916 million cubic feet/day .

Tags: USA, SHALE, OIL, PRODUCTION, INVESTMENT