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According to an analysis by Resta Energy, the US shale gas industry will achieve an important milestone in 2021: If WTI futures continue to be strong, the average price this year will be At US$60 per barrel, natural gas and LNG prices remain stable.
Estimates include oil and gas sales from all tight oil horizontal wells in the Permian, Eagle Ford, Bakken, Niobara and Anadarko areas.
However, the cash flow from corporate operating activities may not reach record levels before 2022, because revenues worth more than $10 billion will be absorbed by significant hedging losses in 2021.
Although under the WTI environment of US$60 per barrel, tight oil producers’ hydrocarbon sales, cash generated from operating activities, and EBITDA all hit record highs, but because producers are still committed to maintaining operating discipline, Capital expenditure has not increased exponentially.
Artem Abramov, head of shale research at Resta Energy, said: “From an upstream cash flow perspective, we see that the reinvestment rate in the Permian has dropped to 57%, and other oil regions have dropped to 46% this year.
Wang Lei excerpted from today's oil prices
The original text is as follows:
US Shale Pre-Hedge Revenues Set To Hit All-Time High In 2021
The US shale industry is set to achieve a significant milestone in 2021: If WTI futures continue their strong run and average at $60 per barrel this year and natural gas and NGL prices remain steady, producers can expect a record-high hydrocarbon revenue of $195 billion before factoring in hedges, a Rystad Energy analysis shows.
The estimate includes hydrocarbon sales from all tight oil horizontal wells in the Permian, Eagle Ford, Bakken, Niobrara and Anadarko regions.
However, corporate cash flows from operations may not reach a record before 2022.
While hydrocarbon sales, cash from operations and EBITDA for tight oil producers are all testing new record highs in the $60 per barrel WTI environment, capital expenditure is not growing exponentially as producers remain committed to maintaining operational discipline.
"From the upstream cash flow perspective, we see reinvestment rates falling to 57% in the Permian and to 46% in other oil regions this year.
