Over the weekend, Art Berman noted that US shale operators were "swimming in cash." RBN Energy discusses that below.
Now, Art Berman has tweeted again: world total liquids production has recovered to the December, 2014, level but remains about 6 million bopd (about 6%) less than the November, 2018, peak.
Art must have been on a roll, also tweeting at the time: "shale companies spent $6 billion in capital expenditure in the last quarter ... cash from operations, meanwhile, sits at around $13 billion, approaching record levels."
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Back to the Bakken
Active rigs: estimate only; NDIC provides update at close of business each day.
12/20/2021 | 12/20/2020 | 12/20/2019 | 12/20/2018 | 12/20/2017 | |
---|---|---|---|---|---|
Active Rigs | 31 | 15 | 54 | 69 | 51 |
Monday, December 20, 2021: 75 for the month, 104 for the quarter, 330 for the year:
- None.
Sunday, December 19, 2021: 75 for the month, 104 for the quarter, 330 for the year:
- 38185, conf, CLR, Tallahassee FIU 7-21H, Baker, 33-035-0659, no production data,
- 37189, conf, Whiting, Feehan 11-9HU, Sanish, 33-061-04634, first production, 9/21; t--; cum 64K 10/21;
- 36302, conf, Bruin, FB Belford 148-95-22D-15-14B-LL, Eagle Nest, 33-025-03775, first production, 6/21; t--; cum 123K 10/21;
RBN Energy: E&Ps bas in the warmth of strong third-quarter profits, cash flow. Archived.
It may seem like a strange turn of phrase, but the best way to describe the E&P sector’s recent round of quarterly earnings calls is a celebration of remarkable climate change. Buffeted and nearly swamped over the past few years by price volatility, investor revolt, regulatory restrictions, and a global pandemic, oil and gas producers finally have the opportunity to bask amid robust returns in an increasingly sunny economic environment.
E&Ps are enjoying higher profits and massive free cash flow, raising their dividends, and looking forward to 2022 with renewed optimism. In today’s RBN blog, we outline the dramatic recovery of E&Ps since mid-2020, examine the surge in third-quarter results, and look ahead to the next round of earnings calls this winter.
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