But higher prices have not led to higher production guidance across the board. Having spent ~$10b on BHP's shale assets in 2018, BP appears to be pivoting away from the shale basins. During the company's Q4 earnings call, CEO Looney said BP "will run lower-48 for dividends."
Whiting, a mid-cap Bakken operator, recently announced plans to increase capex 55% in 2022, but will only see 3% production growth during the year. And that after two material asset acquisitions.
Oasis recently released plans for 2022, showing the company increasing capex 74% only to see production fall year on year.
During Q4 results, Conoco's CEO Lance indicated the macro environment was "fragile" and referenced US shale supply growth in saying "if you're not worried about it, you should be."
So what should investors expect from US E&P earnings this week, with Continental, Devon, Marathon and others set to provide production guidance?
For those with quality assets and plenty of drilling inventory, the 5% comments from Pioneer appear more like a production growth floor than a ceiling. As the IEA's "highest on the street" 1.2mb/d supply growth forecast looks more and more realistic.
Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.
The blog's target audience is mom-and-pop mineral owners in the Bakken.
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Valentines: Pairing Chocolate With Wine
These are the chocolates, link here.
Our temporary -- very temporary -- collection:
And tulips:
And memories, ten years ago:
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