The U.S. Energy Information Agency (EIA), has forecasted in their most recent edition of the Short Term Energy Outlook-STEO, a rise in U.S. production of about 800K BOEPD by the end of next year.
The U.S. Energy Information Agency , has forecasted in their most recent edition of the Short Term Energy Outlook-STEO, a rise in U.S. production of about 800K BOEPD by the end of next year.In this article, I discuss the results of my recent research along these lines using EIA-generated data.The shale drilling boom that ended in March of 2020, as the full effects of the pandemic hit the economy, contributed to a surplus of oil in storage that kept prices down. Richly supplied both in the U.S.
Not only did storage decline, but U.S. production declined sharply in this period as the low prices made much of it uneconomic to drill. Rigs were stacked like cordwood in the outskirts of Midland, with the active rig count falling to 252 by June 2020. As we moved into the third quarter, WTI prices surpassed $40 and rigs began to go back to work.
Instead, the shale drillers, now wiser, have adopted a practice of capital restraint that has the objective of maintaining production at current levels with a slight bias to growth. Attending the JP Morgan Energy Conference in Houston last June, Pioneer Natural Resources, CEO was quoted addressing this issue in an“We’re [Pioneer] only going to grow 5% per year; I’ve been asked that in every meeting today,” Sheffield told attendees at the June 22 event.
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