Those so called colorful eye-catching and attractive EIA projections sure convinced me....were they validated by the Trump Administration?
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).
PeakOil is You
US oil output set for sharp decline
Re: US oil output set for sharp decline
by Midnight Oil » Sun 14 May 2017, 01:36:39
- Midnight Oil
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Re: US oil output set for sharp decline
by kublikhan » Sun 14 May 2017, 02:00:50
$this->bbcode_second_pass_quote('Midnight Oil', 'T')hose so called colorful eye-catching and attractive EIA projections sure convinced me....were they validated by the Trump Administration?
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).
$this->bbcode_second_pass_quote('', '3').1.11 Moderator evasion: Attempts to evade moderators, including deceptive alternative login IDs, change of moderator edited content, or other behavior that seeks to circumvent moderation. Moderator evasion is regarded as a serious and intentional violation of the COC. The poster will be banned for a minimum of two weeks.
The oil barrel is half-full.
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kublikhan - Master Prognosticator
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Re: US oil output set for sharp decline
by Midnight Oil » Sun 14 May 2017, 09:29:00
Boy, that applies to many of your friends, kubbie!
- Midnight Oil
- Peat
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Re: US oil output set for sharp decline
by ROCKMAN » Sun 14 May 2017, 10:07:24
Just amazing that so many US companies are willing to lose many tens of $BILLIONS to develop noncommercial reserves just to of prove the time line of the Hill Group model is bullsh*t. Those foolish bastards! Obviously they understand nothing about thermodynamics. They are dead but don't have the decency to stop breathing. LOL.
Shale Drillers Are Outspending the World With $84 Billion Spree
"U.S. shale explorers are boosting drilling budgets 10 times faster than the rest of the world to harvest fields that register fat profits even with the recent drop in oil prices. Flush with cash from a short-lived OPEC-led crude rally, North American drillers plan to lift their 2017 outlays by 32 percent to $84 billion, compared with just 3 percent for international projects, according to analysts at Barclays Plc. Much of the increase in spending is flowing into the Permian Basin where producers have been reaping double-digit returns even with oil commanding less than half what it did in 2014. Wood Mackenzie Ltd. estimates that new spending will add 800,000 barrels of North American crude this year, equivalent to 44 percent of the reductions announced by the Saudi- and Russia-led group. “The specter of American supply is real,” Roy Martin, a Wood Mackenzie research analyst in Houston, said in a telephone interview. “The level of capital budget increases really surprised us.”
So far, independent American explorers such as EOG Resources Inc. and Pioneer Natural Resources Co. are holding fast to their ambitious growth plans. Some recently finished wells in the Permian region yielded 70 percent returns at first-quarter prices, EOG Chief Executive Officer Bill Thomas told investors and analysts during a conference call on Tuesday. EOG, the second-largest U.S. explorer that doesn’t own refineries, plans to boost spending by 44 percent this year to between $3.7 billion and $4.1 billion. Pioneer is eyeing a 33 percent increase to $2.8 billion. The sub-group that includes North American shale drillers like EOG and Pioneer is collectively targeting $53 billion in spending this year, up from $35 billion in 2016, according to the Barclays analysts led by J. David Anderson. U.S. oil production is already swelling, even though output from the new wells being drilled won’t materialize above ground for months. The Energy Department’s statistics arm raised its full-year 2017 supply estimate to 9.31 million barrels a day on Tuesday, a 1 percent increase from the April forecast.
To be sure, most of the biggest U.S. and European explorers -- an elite caucus of five companies known as the supermajors -- are pursuing a contrary path and cutting expenditures this year. As deepwater, oil-sands and other high cost, high risk investments soured during the slump, the supermajors were battered and had to regroup.
But shale drillers, unburdened by such large-scale projects, have been better able to quickly respond to price changes. WTI lost 14 percent since April 11. The price hasn’t poked above the $50 mark since April 26. Shale drillers can afford to be sanguine despite oil’s recent tumble because they’ve cushioned themselves with hedges, Martin said. Hedges are financial instruments that lock in prices for future output and shield producers from volatile market movements. “There is some price malaise creeping in,” Martin said. “But the aristocracy of the U.S. independents have insulated themselves” through hedging.
Shale Drillers Are Outspending the World With $84 Billion Spree
"U.S. shale explorers are boosting drilling budgets 10 times faster than the rest of the world to harvest fields that register fat profits even with the recent drop in oil prices. Flush with cash from a short-lived OPEC-led crude rally, North American drillers plan to lift their 2017 outlays by 32 percent to $84 billion, compared with just 3 percent for international projects, according to analysts at Barclays Plc. Much of the increase in spending is flowing into the Permian Basin where producers have been reaping double-digit returns even with oil commanding less than half what it did in 2014. Wood Mackenzie Ltd. estimates that new spending will add 800,000 barrels of North American crude this year, equivalent to 44 percent of the reductions announced by the Saudi- and Russia-led group. “The specter of American supply is real,” Roy Martin, a Wood Mackenzie research analyst in Houston, said in a telephone interview. “The level of capital budget increases really surprised us.”
So far, independent American explorers such as EOG Resources Inc. and Pioneer Natural Resources Co. are holding fast to their ambitious growth plans. Some recently finished wells in the Permian region yielded 70 percent returns at first-quarter prices, EOG Chief Executive Officer Bill Thomas told investors and analysts during a conference call on Tuesday. EOG, the second-largest U.S. explorer that doesn’t own refineries, plans to boost spending by 44 percent this year to between $3.7 billion and $4.1 billion. Pioneer is eyeing a 33 percent increase to $2.8 billion. The sub-group that includes North American shale drillers like EOG and Pioneer is collectively targeting $53 billion in spending this year, up from $35 billion in 2016, according to the Barclays analysts led by J. David Anderson. U.S. oil production is already swelling, even though output from the new wells being drilled won’t materialize above ground for months. The Energy Department’s statistics arm raised its full-year 2017 supply estimate to 9.31 million barrels a day on Tuesday, a 1 percent increase from the April forecast.
To be sure, most of the biggest U.S. and European explorers -- an elite caucus of five companies known as the supermajors -- are pursuing a contrary path and cutting expenditures this year. As deepwater, oil-sands and other high cost, high risk investments soured during the slump, the supermajors were battered and had to regroup.
But shale drillers, unburdened by such large-scale projects, have been better able to quickly respond to price changes. WTI lost 14 percent since April 11. The price hasn’t poked above the $50 mark since April 26. Shale drillers can afford to be sanguine despite oil’s recent tumble because they’ve cushioned themselves with hedges, Martin said. Hedges are financial instruments that lock in prices for future output and shield producers from volatile market movements. “There is some price malaise creeping in,” Martin said. “But the aristocracy of the U.S. independents have insulated themselves” through hedging.
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ROCKMAN - Expert
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- Location: TEXAS
Re: US oil output set for sharp decline
by AdamB » Sun 14 May 2017, 11:36:43
$this->bbcode_second_pass_quote('Midnight Oil', 'T')hose so called colorful eye-catching and attractive EIA projections sure convinced me....were they validated by the Trump Administration?
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).
The Trump folks haven't yet appointed anyone to run the EIA. The projections came from the same gang that wasn't suckered by peak oil, and underestimated the shale revolution all along the way. So when it comes to this kind of credibility, they've got most folks beat prettily handily.
Plant Thu 27 Jul 2023 "Personally I think the IEA is exactly right when they predict peak oil in the 2020s, especially because it matches my own predictions."
Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
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AdamB - Volunteer
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Re: US oil output set for sharp decline
by AdamB » Sun 14 May 2017, 11:38:43
$this->bbcode_second_pass_quote('kublikhan', '')$this->bbcode_second_pass_quote('Midnight Oil', 'T')hose so called colorful eye-catching and attractive EIA projections sure convinced me....were they validated by the Trump Administration?
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).
They banned all the ETP salesmen! Good for the mods, people get enough sales calls on the phone, we don't need salesmen pitching faux science here.
Plant Thu 27 Jul 2023 "Personally I think the IEA is exactly right when they predict peak oil in the 2020s, especially because it matches my own predictions."
Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
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AdamB - Volunteer
- Posts: 11018
- Joined: Mon 28 Dec 2015, 17:10:26
