A pump jack stands at dusk in the Permian Basin area in Texas, U.S. Photographer: Angus Mordant/BloombergConventional wisdom used to be that as the major integrated oil companies acquired smaller independents, production growth in the Permian Basin would slow. The same wisdom held that regardless which companies were operating in the Permian and other shale plays, domestic U.S. production would peak in the mid-2020s and then begin to decline.
That’s a convenient outlook if you’re a member of OPEC. In recent years, U.S. shale has single-handedly been meeting increases in global oil demand, forcing theto avoid a price collapse. No doubt the members of OPEC, along with co-conspirator Russia, would prefer to see U.S. production reversed sooner rather than later.
After 2025, the “baton gradually passes to OPEC to meet continued – albeit slowing – growth in global oil demand,” according to the most recent IEA long-term outlook. Perhaps more importantly, the Permian has proven to be among the most profitable assets in the companies’ global portfolios. Comments like that should serve as a wake-up call to global oil markets. The Permian is not only driving growth for the two companies – Exxon produces a whopping 4 million barrels of oil equivalent every day – it’s also proving to be among their most profitable and robust sources of free-cash flow.
Without energy you are nothing. Donald Trump. Move on
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Booming Permian Rewriting Rules For Global Oil IndustryLow-breakeven costs and rising output in the Permian Basin threatens OPEC's dominance over oil markets and has put the rest of the industry with conventional projects requiring higher oil prices to be profitable, including oil sands and the offshore, on notice: compete on cost or else.
Source: Forbes - 🏆 394. / 53 Read more »
Shale Companies, Adding Ever More Wells, Threaten Future of U.S. Oil BoomNewer wells drilled close to older wells are generally pumping less oil and gas and could permanently hurt output, leading frackers to cut back on the number of sites planned and forecasts on overall production to be trimmed. Also is polluting our water supply. We will all have cancer down the road. America is a oil superpower. The future of oil is in the America continent! Good because fracking benefits no one but the oil companies. Cancerous toxins in the water and earth poisoning people! SOLAR & green energy are the future.
Source: WSJ - 🏆 98. / 63 Read more »
Global travel industry seen 'resilient' despite slowing growthThe global travel industry is likely to expand by 4 percent in 2019 despite slow... Despite socialists political efforts, capitalism keeps thriving. They're desperately looking for a place to ride out the fascism spasm. Have visited serval times. The ships must be in.
Source: Reuters - 🏆 2. / 97 Read more »
Health-Care Industry Debates Hospital Accreditation RulesCMS has received more than 120 comments offering differing views on accreditors as the Trump administration considers changes designed to rein in conflicts of interest. Something needs to be done, most healthcare providers are non-profit, charge exhorbent amounts of money, & use the same tired excuse of 'well the insurance company isn't paying us in full' So now when people who don't have insurance get's 10k bills for what insurers only pay $300 Medical errors in health care facilities constitute the 3d leading cause of death in the US. And der leader wants to lessen regulation?!?
Source: WSJ - 🏆 98. / 63 Read more »
How to Make the Booming Job Market Work for YouA booming labor market creates opportunities for workers, whether they’re staying put or eyeing a move, but having a strategy is key. I manufacture good in Florida and we’re down big. The tariffs hurt my industry as a whole but something isn’t right. Look for a new job Yes.
Source: WSJ - 🏆 98. / 63 Read more »