The U.S. Shale Boom Is Officially Over

The days of explosive growth in US shale oil production are over. US oil production is increasing, but at a much slower pace than before the crash of 2020, and at lower rates than expected a few months ago. New shale patch priorities – capital discipline and a focus on shareholder returns and debt repayment … Read more

Shale patch unemployment plummets as US explorers vie for crews

(Bloomberg) – Unemployment in the U.S. oil industry has fallen to one of the lowest levels on record as shale explorers scramble to find workers to keep production going. The unemployment rate fell to 0.8% in October from 2.5% the previous month on an unadjusted basis, according to government figures released on Friday. This compares … Read more

Analysts May Have Overhyped America’s Largest Oil Basin

Current forecasts for U.S. crude oil production growth may need to be revised significantly, as the recent decline in active rigs in the upper shale basin, the Permian, suggests that production could disappoint due to supply chain constraints and double-digit cost inflation. The number of rigs in the Permian Basin fell by 2 to 340 … Read more

America’s Most Important Shale Patch Isn’t Going Anywhere

The Permian Basin dominated U.S. oil and gas deals in 2022, attracting nearly half of all oil investment in the second quarter. Its abundant shale resources continue to attract investment from some of America’s largest oil companies, with no signs of a slowdown in production. However, restrictions on new oil leases and threats of tougher … Read more

America’s Most Important Oil Basin Is Excelling

1. OPEC+ is accelerating the increase in oil production – The latest OPEC+ meeting on Thursday saw members of the oil group agree to production hikes of 648,000 bpd in July and August, seeking to offset pressure from Russian sanctions. – Interestingly, Russia approved the deal – if we want to exclude it from the … Read more