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Drilling for shale oil is getting more expensive at the worst possible time
Paul Takahashi, David Wethe and Kevin Crowley 5/5/2022
(Bloomberg) — Inflation in the oil sector is worsening and industry executives see no reason to expect cost pressures on everything from steel pipe to frac sand to ease any time soon.
The price spiral has been so swift and dramatic that oil CEOs are being forced to revise annual spending plans higher just to preserve crude and natural gas output targets.
Those same executives are warning that rampant oilfield inflation make any significant increase in domestic oil production much more difficult to attain despite the incentive of $100-a-barrel crude. Benchmark U.S. and international oil prices have surged more than 40% this year as strong post-pandemic demand crashed headlong into anemic growth in crude supplies and the worldwide market dislocations triggered by Russia’s invasion of Ukraine.
“Given the substantial supply-chain bottlenecks and scarcity of oil-service equipment and field personnel, any attempt to increase activity in the U.S. will be logistically challenging and capital inefficient,” APA Corp. Chief Executive Officer John Christmann said during a conference call on Thursday.
APA Corp., the oil explorer formerly known as Apache, this week raised its full-year drilling budget by 8%, startling investors unaccustomed to such revisions just months after the plan was minted. The stock plunged as much as 10%, wiping out more than $1.5 billion in market value in less than three hours on Thursday.
ConocoPhillips also increased its spending plan by 8%, while Murphy Oil Corp. and Laredo Petroleum Inc. raised theirs by 7% and 6%, respectively.
Sakset fra dagens World Oil ;
Drilling for shale oil is getting more expensive at the worst possible time
Paul Takahashi, David Wethe and Kevin Crowley 5/5/2022
(Bloomberg) — Inflation in the oil sector is worsening and industry executives see no reason to expect cost pressures on everything from steel pipe to frac sand to ease any time soon.
The price spiral has been so swift and dramatic that oil CEOs are being forced to revise annual spending plans higher just to preserve crude and natural gas output targets.
Those same executives are warning that rampant oilfield inflation make any significant increase in domestic oil production much more difficult to attain despite the incentive of $100-a-barrel crude. Benchmark U.S. and international oil prices have surged more than 40% this year as strong post-pandemic demand crashed headlong into anemic growth in crude supplies and the worldwide market dislocations triggered by Russia’s invasion of Ukraine.
“Given the substantial supply-chain bottlenecks and scarcity of oil-service equipment and field personnel, any attempt to increase activity in the U.S. will be logistically challenging and capital inefficient,” APA Corp. Chief Executive Officer John Christmann said during a conference call on Thursday.
APA Corp., the oil explorer formerly known as Apache, this week raised its full-year drilling budget by 8%, startling investors unaccustomed to such revisions just months after the plan was minted. The stock plunged as much as 10%, wiping out more than $1.5 billion in market value in less than three hours on Thursday.
ConocoPhillips also increased its spending plan by 8%, while Murphy Oil Corp. and Laredo Petroleum Inc. raised theirs by 7% and 6%, respectively.