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Article: US oil boom shows no signs of stopping, Shale Execs say they'll ramp up spending
Posted on 1/6/25 at 6:56 am
Posted on 1/6/25 at 6:56 am
quote:
The US oil industry boom looks set to continue, as a majority of shale executives say they plan to increase their spending in the next year, according to a new survey from the Dallas Federal Reserve.
The Dallas Fed Energy Survey — a quarterly survey of oil and gas firms across Texas, southern New Mexico, and northern Louisiana — found that around 58% of executives in the industry said they expected capital spending to increase over the coming year, while 14% said they expected a "significant increase."
More than a third of surveyed executives also said they planned on increasing the amount they invest in 2025, compared to their plans three months ago.
Drilling and completion were the top reasons companies wanted to ramp up investing, with 68% of execs saying they would increase investment in that area.
quote:
The US oil boom has been a highlight of the energy markets over the last few years, with American shale producers pumping vast amounts of crude. According to the Energy Information Agency, the US produced more oil than any other country in history for the sixth year in a row in 2023.
Executives in the survey also reported feeling more optimistic ahead of Donald Trump's second term in office. The Dallas Fed survey's company outlook index spiked from -12.1 to 7.1 over the fourth quarter, which suggests that industry sentiment turned positive.
"We're assuming that the new administration will encourage more development of oil and gas projects," one executive said in the survey.
The new administration should also "have a positive effect on the economy," which would benefit oil firms, another executive said.
The plans to spend more on their businesses come despite weakness in oil prices over the last several years. Brent crude, the international benchmark is down 34% from its peak in the summer of 2022. West Texas Intermediate crude, meanwhile, traded around $73 a barrel on Thursday, 40% lower than its peak in 2022.
quote:
The International Energy Agency expects OPEC's grip on oil markets to continue to weaken in 2025.
LINK
Baws...we gonna be able to buy trucknuts and crawfish like they're going out of style.
17
Posted on 1/6/25 at 7:03 am to ragincajun03
This is very good news.
Posted on 1/6/25 at 7:05 am to ragincajun03
No wonder we’re having all these extreme weather events
Posted on 1/6/25 at 7:09 am to ragincajun03
Unleash the flood gates
Posted on 1/6/25 at 7:09 am to ragincajun03
Thanks to this guy.
Posted on 1/6/25 at 7:14 am to ragincajun03
quote:
According to the Energy Information Agency, the US produced more oil than any other country in history for the sixth year in a row in 2023.
4 of which were under a Democrat administration. It's almost like they say one thing and do another.
Posted on 1/6/25 at 7:27 am to Longhorn Actual
quote:
4 of which were under a Democrat administration. It's almost like they say one thing and do another.
Ehhhhh
Biden just announced he was banning O&G development in federally owned waters off the Atlantic, Pacific, and Eastern Gulf of Mexico coasts with no expiration date in the development ban. How much of the increase in production is from state and privately owned lands?
Democrats want cheap gas, but they want someone else to produce it, preferably a foreign oil company so that all these evil, capitalist, polluting American companies don’t get paid.
This post was edited on 1/6/25 at 7:29 am
Posted on 1/6/25 at 7:32 am to Longhorn Actual
quote:
4 of which were under a Democrat administration. It's almost like they say one thing and do another.
Actually, it’s mostly right wing speakers saying that the Democrats say one thing that they don’t say.
There was a PoliBd thread the other day that asserted (without evidence of course) that Biden was going to ban all drilling before leaving office.
Democratic administrations have promoted “clean” energy and renewables but have also overseen eras of solid oil and gas production.
Posted on 1/6/25 at 7:35 am to TBoy
quote:
There was a PoliBd thread the other day that asserted (without evidence of course) that Biden was going to ban all drilling before leaving office.
NPR
CNN
BBC
Axios
Is this not evidence?
quote:
Actually, it’s mostly right wing speakers saying that the Democrats say one thing that they don’t say.
Are all of these publications right wing?
This post was edited on 1/6/25 at 7:38 am
Posted on 1/6/25 at 7:39 am to Oilfieldbiology
I think the difference between TBoy and what you're linking is he's saying some right wing publications are saying Biden's going to ban ALL offshore drilling. I haven't read any of those articles.
The links you provided talk about him issuing some sort of order or invoking some past rule to make certain off-limit blocks "more" off-limits.
That Eastern GOM stuff the Biden Administration is trying to keep frozen needs to be unlocked ASAP.
There is a thread on the PoliBoard titled "Biden to ban drilling", where the OP says "Biden is going to permanently ban drilling", but take that for what it's worth...
The links you provided talk about him issuing some sort of order or invoking some past rule to make certain off-limit blocks "more" off-limits.
That Eastern GOM stuff the Biden Administration is trying to keep frozen needs to be unlocked ASAP.
There is a thread on the PoliBoard titled "Biden to ban drilling", where the OP says "Biden is going to permanently ban drilling", but take that for what it's worth...
This post was edited on 1/6/25 at 7:42 am
Posted on 1/6/25 at 7:40 am to ragincajun03
Multi-year low oil prices with plans to ramp up production even more. What could possibly go wrong for the O&G industry in that type of economic environment?
Posted on 1/6/25 at 7:40 am to ragincajun03
You baws can move up to F450's
Posted on 1/6/25 at 7:41 am to ragincajun03
Nuts [on] off
Posted on 1/6/25 at 7:44 am to ragincajun03
This is some good news to start the year!
Posted on 1/6/25 at 7:46 am to SoonerK
quote:
Multi-year low oil prices with plans to ramp up production even more. What could possibly go wrong for the O&G industry in that type of economic environment?
Yeah, I have that fear too.
However, I also wonder if some of this increase in capital spend onshore is for infrastructure to support drilling of secondary benches and production from secondary recovery type projects, from which you don't have as high of IP barrels. The "easy", Tier 1 high IP stuff onshore is eventually going to be drilled out, and it will take more money and investment per barrel produced to get the other stuff out the ground and to market.
Posted on 1/6/25 at 8:05 am to ragincajun03
Trump is looking for increase of production at 3 million BOE, which means natural gas not that much for oil. Today's prices don't support any real increase in oil production.
All the majors have announced budgets for this year and it ain't drilling for new oil. Many of the indies are gone and bought up by majors due financial issues caused by 2020 extreme loses.
There are a lot of issues with tight shale crude, most is exported for blending stock, not primary feedstock.
All the majors have announced budgets for this year and it ain't drilling for new oil. Many of the indies are gone and bought up by majors due financial issues caused by 2020 extreme loses.
There are a lot of issues with tight shale crude, most is exported for blending stock, not primary feedstock.
Posted on 1/6/25 at 8:08 am to ragincajun03
Posted on 1/6/25 at 8:10 am to CitizenK
Natural gas demand will be ramping up. There will be new power plants built to supply electricity for all these new AI data centers. All will be powered by natural gas. Electrical demand will increase by 25% or more.
Posted on 1/6/25 at 8:42 am to ragincajun03
quote:
The US oil boom has been a highlight of the energy markets over the last few years, with American shale producers pumping vast amounts of crude. According to the Energy Information Agency, the US produced more oil than any other country in history for the sixth year in a row in 2023.
Thanks Joe Biden.
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