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Wednesday, February 20, 2019

America's Shale Boom Keeps Rolling; Average CAPEX Cut 4%; Production Up 7%; Concho Sees Production Increase Of 28% -- Bloomberg -- February 20, 2019

Link here. Data points:
  • the industry shows no signs of abating
  • will do more with less 
  • the US will add about 1.45 million bopd this year (2019)
  • they added 1.6 million bopd in 2018
  • on average, US explorers have cut their capital budgets by 4 percent but are predicting a 7 percent increase in production
  • example: Concho
    • despite trimming its budget, Concho expects output to grow about 28% in 2019
  • overall:
    • US will likely pump 12.4 million bopd, 13 percent higher this year than in 2018
    • most of the growth will come from the Permian in West Texas and New Mexico

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