OEF Rapid Review Articles
A handful of shale patches in the state, which would be the world’s sixth-largest oil producer if it were a country, are profitable with crude below $30 a barrel, according to an analysis by Bloomberg Intelligence. In the Eagle Ford’s DeWitt County, which produced more than 100,000 barrels of oil per day in November, the average well can be profitable with U.S. benchmark crude at $22.52 a barrel, $4 below the lowest level this year. Drive 200 miles southwest to Dimmit County, and drillers need $58 oil. The wide range of break-evens illustrates one reason why shale production from exploration and production companies has been more resilient than expected, filling storage tanks in the U.S. to levels not seen in 85 years.
World Oil
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Texas toughness in oil patch shows why U.S. still strong at $30 a barrel
LINK TO THE SOURCE ARTICLE:
Texas toughness in oil patch shows why U.S. still strong at $30 a barrel