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Category: Production

Why This Shale CEO Isn’t Afraid of OPEC or Low Oil Prices

June 15, 2015 Posted by Chris Wysong

Bloomberg profiles Apache CEO John Christmann and how he plans to use efficient production to contend with OPEC and low prices. Why This Shale CEO Isnt Afraid of OPEC or Low Oil Prices By: Bradley Olson (Bloomberg Business) Apache Corp. CEO John Christmann didnt just get a new job when he took charge of one of the worlds biggest shale producers in the dark days of the oil market crash in January, he signed on to a corporate makeover. In the past six months Christmann has focused on transforming Apache from a high-flying global explorer into a ruthlessly efficient production machine rooted deeply in West Texas shale fields. Under his watch, Apache has set the pace for an industry intent on moving beyond basic cost-cutting to reset priorities on regions and projects that can thrive with $50-a-barrel oil. Christmann has now accomplished what none of his other major peers have yet managed: hes making more cash from operations than hes spending. That compares to the two years preceding

Posted in Oil, OPEC, Crude, Production

U.S. Ousts Russia as Top World Oil, Gas Producer in BP Data

June 11, 2015 Posted by Chris Wysong

The shale boom has caused major shifts in the global energy market as evidenced by the U.S. overtaking Russia as the largest oil and gas producer in the world. Rakteem Katakey of Bloomberg reports on the implications of this. U.S. Ousts Russia as Top World Oil, Gas Producer in BP Data By: Rakteem Kataskey (Bloomberg Business) The U.S. has taken Russias crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from Americas shale fields. U.S. oil production rose to a record last year, gaining 1.6 million barrels a day, according to BP Plcs Statistical Review of World Energy released on Wednesday. Gas output also climbed, putting America ahead of Russia as a producer of the hydrocarbons combined. The data showing the U.S.s emergence as the top driller confirms a trend thats helped the worlds largest economy reduce imports, caused a slump in global energy prices and shifted the countrys foreign policy priorities. We

Posted in Oil, Gas, Shale, Production

'Ducks' and Oil: No Need to Fear US Crude Supply Deluge

April 21, 2015 Posted by Chris Wysong

A pending tax break in North Dakota and rising oil prices are stirring fears of another over-supply of shale, but producers are denying that this has any impact on their plans. Ducks and Oil: No Need to Fear US Crude Supply Deluge By: Anna Driver Ernest Scheyder (Reuters) HOUSTON, April 20 (Reuters) Conventional wisdom holds that come June a pending $5.3 billion tax break in the No. 2 U.S. oil producing state, combined with a modest uptick in oil prices, will unleash a tsunami of new shale crude supply so big that prices may slump again. Just one problem with that scenario: oil producers say this is not going to happen. The fear of a worsening supply glut, a recurring theme of many industry research reports and conferences over the past two months, is based on a view that U.S. shale producers have built up a heavy backlog of drilled but uncompleted wells (DUCs) that can be turned on quickly. The assumption is that oil firms will finish work on those wells, known as ducks in the

Posted in Shale, Oil, Production

Shale Output Is Falling Faster Than Expected

April 17, 2015 Posted by Chris Wysong

Joe Carroll of Bloomberg reports on the economic effects of decreasing U.S. shale production. Shale Output Is Falling Faster Than Expected By: Joe Carroll (Bloomberg Business) Shale drillers will see production drop sooner than expected under a U.S. government forecast, a momentum change that hints at an eventual price rally. Just five months after Saudi Arabia put the market into a tailspin by refusing to cut supply despite a global glut, the shale oil industry will record its first monthly dip since U.S. officials began weighing output in 2013. The projected production drop is small, just 1 percent. Yet investors took note, pushing oilfield stocks to the top five spots in the Standard Poors 500 Index on Tuesday, led by rig operators Ensco Plc and Diamond Offshore Drilling Inc. The decline lags the idling of rigs because of a backlog of already-drilled wells that have gradually been coming online. OPECs plan is playing out and price is correcting the oversupply, said Michael Scialla,

Posted in Shale, Production, Output

The looming threat to American oil output

February 16, 2015 Posted by Chris Wysong

Tom DiChristopher of CNBC reports on the factors that could contribute to declining U.S. oil production. The looming threat to American oil output By: Tom DiChristopher In recent weeks, the market has shifted its attention from cratering crude prices to the falling number of rigs operating in American oilfields. But in the coming months, the very life cycle of many of those wells may have many market watchers concerned about output and price stability, experts told CNBC. Oil wellswhether conventional or unconventionalreach peak production soon after they yield the first drop of crude. The difference is how quickly they enter decline. Conventional wells go through a long period of steady, flat production between peak and decline. In contrast, production falls rapidly in the first three years of unconventional wellsthose in shale, sandstone and carbonates. They then enter a long phase of very low production. In order to even keep production steady across an unconventional oilfield,

Posted in Oil, Production, Wells

Speculators Turn More Bullish on Oil Before Labor Day

September 02, 2014 Posted by Chris Wysong

U.S. oil refineries operated at the highest rate for this time of year since 2005 before the Labor Day weekend while oil demand in the U.S. is at the strongest seasonal level in six years. Moming Zhou outlines what this demand and production means for refinery rates, pump prices, and WTI Positions. Speculators Turn More Bullish on Oil Before Labor Day By: Moming Zhou Hedge funds increased bullish positions on crude oil for the first time in more than a month, benefiting from a rally before the Labor Day holiday weekend. Money managers increased net-long positions in U.S. benchmark West Texas Intermediate oil by 0.6 percent in the seven days ended Aug. 26, boosting bullish wagers from a 16-month low, Commodity Futures Trading Commission data showed. WTI climbed 2.5 percent last week, the first gain since July. U.S. refineries operated at the highest rate for this time of year since 2005 before the Labor Day weekend, which AAA estimated would see the most drivers in six years. Oil

Posted in Oil, Production, Demand
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