Last week the Department of Energy (DOE) announced it will post monthly solicitations through May 2024 to purchase crude oil and replenish the SPR. Strategic Petroleum Reserves (SPR) stocks are flat at 351.27 MMbbl. When looking at the July monthly production of 12.25 MMb/d and the ending weekly production of 13.2 MMb/d, a 209 Mb/d increase from July through October would be impressive and much more realistic.Ĭrude oil commercial stocks saw a draw of 4.761 MMbbl over the week ending October 13 to 419.478 MMbbl. It appears that the weekly crude oil production numbers are catching up to the monthly numbers and forecasting the production increase through October. The monthly data is typically viewed as more reliable since the numbers are used for tax purposes. The weekly EIA crude production numbers are based on a sample of producers, whereas the monthly data is based on mandatory state-reported numbers. But is the increase for real? EIA publishes two reports detailing US crude oil production trends: the Weekly Petroleum Status report, and the Petroleum & Other Liquids report published monthly. That would be a significant achievement, especially as rig counts have declined through much of 2023, and would imply production growth of 950 Mb/d since early July 2023 in the weekly report. Oil production reached 13.2 MMb/d for two consecutive weeks, according to EIA’s latest Weekly Petroleum Status report. Infrastructure: US oil production could be at an all-time high of 13.2 MMb/d, if you believe one set of numbers published by the Energy Information Administration (EIA). Including PDC Energy and Hess, a rolled-up CVX would have 22 rigs active currently, including 12 rigs in the Permian, 5 in the DJ (3 PDC Energy), 2 in the Bakken (Hess), 1 in the Eagle Ford, 1 in the Uinta and 1 in Alberta. Hess will also provide complimentary Gulf of Mexico assets to Chevron’s own offshore portfolio. Now CVX will acquire Hess and its portfolio of Bakken and overseas Guyana assets. Chevron has been a big contributor with its recent acquisitions of Noble Energy and PDC Energy, two producers with primarily DJ Basin operations and some Permian wells. for $53B in stock, continuing a consolidation trend in the upstream. The Anadarko, DJ, Powder River and Uinta basins saw no change.Ĭhevron (CVX) will buy Hess Corp. Within the Permian Basin, the Delaware lost 1 rig and the Midland gained 3. Liquids basins overall gained 4 rigs, including 2 rigs in the Permian, 1 rig in the Bakken and 1 rig in the Eagle Ford. Rigs: The US rig count increased 1 W-o-W to bring the total count to 599.
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