Summary As a result of crude oil price crash followed by the economic crisis sparked by Covid-19, crude oil demand has plummeted due to restricted mobility as lockdown measures were implemented.
New York, Nov. 06, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Unconventional (Oil and Gas) Production in the US Lower 48, 2020 Update" - https://www.reportlinker.com/p05982885/?utm_source=GNW
Operators were swift to readjust their capital and production guidance for the year of 2020.
From a list of 17 operators, the total capital expenditure cut sums up to approximately US$ 38 billion, with Exxon leading the cut with US$ 10 billion followed by Chevron with US$ 6 billion.However, Occidental Petroleum has the biggest percentage cut of 55%.
The withdrawal of investments in development plan in US Lower 48 states has led to a decline in production in 2020.The oil production cuts intensified during Q2 2020 with Permian Basin experienced the biggest decline in crude oil, summing up to approximate 1 million barrels a day (mmbd).
As for the natural gas decline, Permian and Eagle Ford contribute to approximately 3.5 billion cubic feet per day (bcfd) and 1 bcfd as a result of oil well production curtailment.
The report analyzes the crude oil and natural gas appraisal and production activities in the US Lower 48 shale plays.
The scope of the report includes -
- Comprehensive analysis of crude oil and natural gas historical production and short term outlook across major shale plays during 2019-2021
- Detailed information of impact on well development, permits and deals due to COVID-19 pandemic
- In-depth information of economic viability, well productivity and well completion parameters across major shale plays in the US
- Analysis of top companies’ net acreage, planned capital expenditure, and crude oil and natural gas break-even prices in 2020
- Up-to-date information on major mergers and acquisitions across major shale plays between 2019 and 2020
Reasons to Buy
- Develop business strategies with the help of specific insights into the major shale plays in the US
- Plan your strategies based on economic viability and expected developments in the major US shale plays
- Keep yourself informed of the latest M&A activity in across major shale plays
- Identify opportunities and challenges in across major US shale plays
Read the full report: https://www.reportlinker.com/p05982885/?utm_source=GNW
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