Diversified E&Ps Maintain Spending -- September 12, 2017

Active rigs:

$48.03→	9/12/2017	09/12/2016	09/12/2015	09/12/2014	09/12/2013
Active Rigs	56	37	69	197	182

RBN Energy: diversified E&Ps maintain capital spending despite oil price volatility.  RBN Energy highlights other companies at their post today, but the one that caught my eye was one company that is very active in the Bakken: WPX.

Capex:

Production:

As one example, compare WPX with Bill Barret Corp. Look at CAPEX change, and then look at production change, year-over-year.

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Saudi Open To Production Cut Extension

Some time ago a writer suggested it was the norm that once OPEC (Saudi Arabia) started to cut production, it would continue the cuts. That sounds to be playing out again this time.

Saudi Arabia says it is open to another OPEC cuts extension.  The current agreement is in effect to the end of the first quarter, March 31, 2018.

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And This Is Why

Russia's Rosneft prepares for oil at $40 to $43 in 2018. If that's Brent, then WTI a few bucks lower, and Bakken even lower.