Locator: 44811B.
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Back to the Bakken
Active rigs: 35.
WTI: $67.88.
Natural gas: $2.188.
Peter Zeihan newsletter. E-mail campaign archive.
Friday, June 2, 2023: 4 for the month; 114 for the quarter, 369 for the year
39294, conf, Petro-Hunt, Hot Rod 149-102-27B-26-3H,
39242, conf, CLR, Meadowlark FIU 5-6H1,
39166, conf, WPX, Pennington 16-15HA,
36294, conf, WPX, Skunk Creek 3-24-25-14HB,
RBN Energy: plunging natural gas prices spur continued declin in E&P earnings in 1Q23.
U.S. E&P companies engineered a spectacular recovery from the near financial disaster brought on by the pandemic. They rode a rising tide of commodity prices to generate record profits and cash flows that peaked in mid-2022 when West Texas Intermediate (WTI) crested at $114/bbl in May and natural gas prices breached the $9/MMBtu mark in August. But sustaining that level of return has been an uphill battle against commodity prices that have fallen off significantly from their peak as well as persistent inflation that has burdened the entire economy. In today’s RBN blog, we analyze the impact of this battle on the Q1 2023 results of oil and gas producers and provide an outlook for Q2.
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