41 days ago • Posted by William Ramstein
Surge in oil prices should push up shale operations this year.
This year’s surge in oil prices should mean the number of rigs will continue to climb from its historic lows, particularly as closely held operators take advantage of higher revenues. But even if drilling expands at a much more aggressive pace than companies are promising, it will be a long time before U.S. shale production reaches its peak again, according to a projection by ShaleProfile Analytics. If the rig count doubled by the end of the year and then holds flat, it would take until the end of 2022 before the industry regains the production it lost during the pandemic, the projection shows. Source: Bloomberg