Jump to content

Hess CEO Says OPEC 'Back in the Driver's Seat' as U.S. Shale Growth Slows


Recommended Posts

Posted

b596204416a0da59046697f3bd8f8f08.jpg

 

The Organization of the Petroleum Exporting Countries (OPEC) is "back in the driver's seat" as the top swing producer amid slowing U.S. shale growth, Hess Corp Chief Executive Officer John Hess said on Thursday at an investor conference in Miami, Florida.

 

Hess anticipates U.S. oil production will hit around 13 million barrels per day in the next few years and then plateau. U.S. production growth has been slower than anticipated at the beginning of this year due to investor pressure to focus on returns over growth, along with inflation and inventory depletion.

 

U.S. shale executives in recent weeks have lamented lower-than-expected productivity on certain wells, and warned that output growth in the prolific shale patch is poised to slow.

 

https://money.usnews.com/investing/news/articles/2022-11-17/hess-ceo-says-opec-back-in-drivers-seat-as-u-s-shale-growth-slows

Wright State Newsroom – U.S. News and World Report logo ...

Posted (edited)

Not only is there a natural limiit on what can be pumped, but banks and shareholders have made it very clear that they don't want oil and gas companies making investments based on the supposition of high prices for oil and gas in the future. That kind of optimistic thinking financially wiped out a lot of frackers. A huge amount of capital was incinerated by the fracking industry.

Not that this will stop those who don't know from blaming environmentalists and Joe Biden.

Edited by placeholder
  • Like 1
  • Thanks 1

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.



×
×
  • Create New...