OilPrice.com (March 7)
There is scant “spare oil production capacity globally.” This mostly lies with Saudi Arabia and the United Arab Emirates. U.S. shale firms “are expected to raise oil production this year compared to 2022,” but might surprise on “the downside due to supply chain and labor bottlenecks, cost inflation, and the industry’s strategy to reward shareholders and pay down debts instead of taking on more debts to boost output.”
Tags: 2022, Cost inflation, Debts, Downside, Labor, Oil, Production capacity, Saudi Arabia, Shale, Shareholders, Supply chain, U.S., UAE
Houston Chronicle (June 8)
“The coronavirus pandemic and the unprecedented plunge in energy demand has forced oil companies to shut down wells by the thousands, providing another test of a shale industry that restored the U.S. as a leading global producer and spurred Houston’s economy for more than a decade.”
Tags: Coronavirus, Energy demand, Oil companies, Pandemic, Plunge, Shale, Shut down, U.S., Unprecedented, Wells
The Economist (July 4)
“Shale matters. The industry has become huge—listed firms have invested over half a trillion dollars of capital…. Shale firms owe almost as much debt as Greece. After drilling beneath much of Texas and North Dakota, they account for 5% of global oil output. The health of shale firms affects people around the world, from Western drivers and Saudi Arabia’s sheikhs to Asia’s consumers.”
Tags: Asia, Capital, Consumers, Debt, Drilling, Greece, North Dakota, Oil, Output, Saudi Arabia, Shale, Texas
