Shale production in the largest U.S. oilfield should rise by as much as 300,000 barrels per day by December, according to updated forecasts following the industry's latest quarterly results.
The higher outlooks, amid worries the recent breakneck pace of gains may not be sustained, come on the heels of one high-profile Permian Basin producer's oil output miss last quarter and decisions by several other energy companies to trim annual budgets.
Oil production from the Permian Basin of West Texas and New Mexico is closely watched because its low costs and rapid growth have pressured efforts by the Organization of the Petroleum Exporting Countries to drain a global crude supply glut.
Consultancy Wood Mackenzie sees another 300,000 barrels per day (bpd) coming from Permian projects by the end of the year, raising its year-end forecast by 200,000 bpd.
Rystad Energy, meanwhile, projects output from the Permian will rise by 300,000 bpd in the six months from June to December.
Both expect oil production in the Permian next year will approach or surpass the 2.7 million bpd mark.
From whotv in Iowa: FBI raids home of admitted DAPL vandals.
Developers expected protests -- but they did not expect the work of arsonists--but multiple pieces of equipment were set on fire during construction of the Bakken Oil Pipeline, and the FBI now appears closer to making an arrest.
Agents already have a confession, and on Friday went looking for evidence that could lead to an arrest.
"We then returned to arsonry as a tactic. Using tires and gasoline-soaked rags we burned multiple valve sites, their electrical units, as well as heavy equipment located on DAPL easements throughout Iowa," said pipeline protestor Ruby Montoya.
Last month, Montoya and Jessica Reznicek admitted to burning millions of dollars in construction equipment along the Bakken Oil Pipeline. The two were then arrested for damaging a sign outside the Iowa Utilities Board building.
On Friday morning, FBI agents raided the home where the two are living and spent several hours at the home searching for evidence, including welding equipment needed to burn holes in the pipeline.
So Much For That 1% Correction Last Week
The Dow 30 is currently up 155 points (10:49 a.m. Central Time), and the Dow 30 is now "Green" for the month of August (again).
Only 35 new highs on the NYSE today, including: Allstate and Fiat Chrysler. Chrysler? Say what? Here's the story: Chinese automaker reportedly bids for Fiat Chrysler.
And then this surprise: Japan's GDP crushes expectations. Japan's economic growth soared in 2Q17 (ended June), logging the fastest increase in more than two years. Data points:
- real GDP surged by 1% in the June quarter, easily surpassing expectations for a smaller increase of 0.6%
- the expansion was larger than any individual economic forecast offered, putting the scale of the beat into perspective
- seasonally adjusted annual rate (SAAR) of growth soared to 4%, again topping forecasts for an expansion of 2.5%
- fastest increase since the 1Q15
- extends Japan's streak without recording a negative growth quarter to six, the longest stretch since mid-2006
- growth in the March quarter (1Q17) was also revised up to 1.5%, higher than initial estimates of 1%