nike air max pas cher 55 oil to keep production steady
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nike air max pas cher 55 oil to keep production steady
55 oil to keep production steady
North Dakota needs an oil price of $55/bbl and a fleet of at least 140 rigs to sustain production at the current level of 1.2M bbl/day, according to a presentation from the state's chief mineral resources regulator. Breakeven rates for new wells range from $29 in Dunn county and $30 in McKenzie to $36 in Williams and $41 in Mountrail; these four counties account for 90% of drilling in the state. The number of rigs operating in the state already has fallen to 165, down from 191 in October. You are assuming this time has to be different.
The thing with Saudi oil vs "the big 5" is "the big 5" can move shop when a well runs dry. When Saudi wells run dry, that's it. They will have more olive oil than crude oil.
It said production won't slow until end of the year. Can OPEC last that long? SA, Kuwait and the UAE probably can, but at what cost? Their losses would be absolutely staggering as well.
That being said, it really annoys me that we let OPEC destroy much or our own drillers. We provide the defense for the middle east, at a staggering annual cost. and in return, they try to kill US businesses? I'd say pull out, let them sort out their own wars and uprisings, and before you know it oil will be at $150/barrel which will allow US based producers to drill every barrel the US needs and even export it (assuming legislation changes). We no longer need them, nor their oil.
mkivtt, in return SA prices its contracts into dollars and ties its currency to the dollar at a fixed rate of exchange. Kuwait can last 4 ever at the current prices since it narrowly defines who is Kuwaiti or not. SA can probably last 10 years before it dents it sovereign wealth. As painful as this is for leveraged US producers, it is far more painful for Iran, Argentina, and Russia. Also the PE of the oil majors has gone from 10 to 15.
Seeing as how i own an oil company, yeah i would say i am serious, some would say pretty knowledgeable too. Big 5 as in the major shale players. Not too mention stealing market share from russia and iran. If they have major unrest due to budget shortfalls, would china continue to buy their oil with those inherent risks, or look elsewhere such as the saudi's? As mentioned below, the saudis can support themselves as well as allies in the event or dumping prices, all the others they couldnt care less about
the Bakken is HBP. some have said that the operators will move their rigs into their prime acreage where it is economic to drill in this low price environment.
don't look for EOG, Continental or Hess or ConocoPhillips or anyone to sell their oil at the bottom UNLESS they have to service debt.
The marginal fringe is not HBP. a decision will have to be made if its worth drilling an uneconomic well to hold the leases.
my guess is that those leases can be extended or top leased for less that the cost of drilling an uneconomic well and wasting its flush production for $40/BO.
continental has cut its capex for the bakken by 2/3rds.
the ND rig count will go under 100.
quality production may be shut in.
Yea chinkchink, I've seen numbers that were much higher than 55 bbl, like around 73 bbl, but I like the source quoted in Carl Surran's post here. I expect bloodbath in the domestic oil sector, it won't happen overnight, but if these low oil prices persist, we will see plenty of broken oil.
"Breakeven rates for new wells range from $29 in Dunn county and $30 in McKenzie to $36 in Williams and $41 in Mountrail; these four counties account for 90% of drilling in the state."
Continental Resources expects to realize a $9 $11 barrel differential to WTI this year. $50 WTI $10 differential equals a $40 realized price. Combined with a major capex cut that will still yield 16% 20% production growth this year, CLR should be able to ride out the storm.
Many analysts see WTI and Brent going back to $60 by the end of the year. Lower oil prices spur global GDP growth and more oil consumption, while smaller capex budgets will reduce supply growth, all of which will combine together to push prices up mildly (at least) from current levels.
Ok guys, bear with me. This is not my forte, but spent a good part of today wandering the internet, I also came across that North Dakota report. Prepared for their appropriations committee.
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