• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 1 min U.S. Presidential Elections Status - Electoral Votes
  • 17 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 6 hours Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 18 hours .
  • 49 mins Сryptocurrency predictions
  • 2 days CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 2 days 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows

Breaking News:

Rosneft Swings BackTo Profit In Q1 2021

Editorial Dept

Editorial Dept

More Info

Premium Content

U.S. Shale Struggles For Survival

  • U.S. shale drilling activity has fallen to record lows and it looks like the industry won't fully recover until at least 2022.

1. U.S. shale won’t rebound until 2022?

- U.S. shale drilling activity will not recover until at least 2022, according to shale and oilfield service executives themselves.

- The Dallas Fed surveyed nearly 170 industry executives and found widespread pessimism regarding the health of the oil patch for the next few years.

- The same was true for their perception of oil demand. Only about 5 percent believe that global demand has already peaked, but more than 35 percent think demand won’t hit pre-pandemic levels until 2022.

- “I am a professional geologist and independent producer who has been involved in the oil and gas business for almost 50 years, and I have never experienced an environment such as what we are living through today,” one unnamed executive said.

2. Shale activity hits record low

- The business activity index, a broad measure of conditions in Texas and parts of New Mexico, fell from -50.9 in the first quarter to -66.1 in the second, which is the lowest reading on record since the Dallas Fed began recordkeeping four years ago.

- The capex index fell from -49.0 in the first quarter to -66.1 in the second, an indication that spending continued to contract.

- On average, respondents expect WTI to average $42.11 per barrel by the end of 2020, with responses ranging from $22 to $65.

- “This has been the fastest decline in my oil and gas career, and I expect the turnaround…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News