• 3 minutes Tesla is the Most American Made Car!
  • 7 minutes Should the US government be on the hook for $15 billion?
  • 11 minutes Forecasts for oil stocks.
  • 10 hours U.S. Presidential Elections Status - Electoral Votes
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 hours China Producing Half of the Worlds Electrical Vehicle Batteries is Experiencing Explosive Pollution
  • 15 mins California breaks 1 GW energy storage milestone
  • 20 hours Colonial pipeline hack
  • 1 day Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
  • 2 days Survival of Oil and Gas industry.
Oil Prices Recover After Manic Monday

Oil Prices Recover After Manic Monday

Oil prices look set to…

The Perfect Nation For A Renewable Energy Revolution

The Perfect Nation For A Renewable Energy Revolution

Australia has been blessed with…

Everything You Need To Know About OPEC’s New Agreement

Everything You Need To Know About OPEC’s New Agreement

Sunday’s OPEC+ meeting has removed…

Editorial Dept

Editorial Dept

More Info

Premium Content

The End Of Growth For U.S. Shale

1. Exxon’s sharp CAPEX cuts

- ExxonMobil (NYSE: XOM) announced plans to cut its CAPEX down to $20-$25 billion annually, lopping off $10 billion from what the company said in March at the onset of the pandemic.

- In terms of spending growth, the new outlook amounts to a contraction next year and a very modest increase in spending thereafter.

- The spending plan amounts to a new strategy for the oil major, which had been stubbornly sticking to aggressive growth plans despite strategy overhauls taking place at some of its top competitors.

- Spending across seven large independent oil companies and six national oil companies will drop by $23.8 billion this year and by another $6.77 billion next year, according to Bloomberg.

- Translating those cuts to production levels, output could be 9 mb/d lower in 2025 than otherwise would have been the case.

2. Peak in ICE vehicles already reached?

- The possibility that the world has passed peak oil demand has become a mainstream argument, even if it isn’t the consensus. Among others, BP (NYSE: BP) argues that we are past the peak.

- One of the main reasons is that we are already likely passed the peak for the internal-combustion engine.

- Car sales fell sharply this year, but sales of EVs held up better. Volkswagen and Daimler each saw record declines in auto sales, but their EV sales doubled.

- Next year, automakers will release 35 new all-electric models.

-…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News