transformed America into an energy superpower, which pumps more crude than Saudi Arabia. Investors are nonplussed. They clamour to buy bonds from Saudi Aramco . At the same time shale producers surveyed by the Dallas Federal Reserve gripe about access to debt. Oil prices climbed in recent months, but shares of many frackers failed to keep pace because of doubts over their ability to realise both growth and a steady income.
Frackers suffered after 2014, when Saudi Arabia declined to cut production and oil prices plunged. Today, even with higher oil prices, they look constrained. Their median return on equity last year was less than half that of the500 stockmarket index, according to Morgan Stanley, a bank. More investors are demanding that they spend only as much as they earn—a novel concept. To many asset managers, shale looks passé.
For big oil companies, which are facing their own pressures, shale nevertheless looks alluring. They lost the title of the world’s most valuable corporations to tech firms. In an era of oil abundance, they are working not just to find new crude, as was their habit, but to produce it as cheaply as possible. The majors appreciate shale’s quick drilling times, predictable cashflows and favourable regulation. “It becomes your throttle,” says Bob Brackett of Bernstein, a research firm.
The Delaware basin certainly looks ripe for consolidation . Last year the largest seven producers accounted for about half of output. Others each produced 4% or less. Wall Street may have cooled on the Permian. Big Oil certainly has not."Permian explosion"
Source: News Formal (newsformal.com)
EVIL - Good Luck on Judgement Day!
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