U.S. energy firms this week reduced the number of oil rigs operating for a fifth...
- U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling.
That is the most weekly declines in a row since March when drillers cut rigs for six consecutive weeks.The rig count, an early indicator of future output, has declined over the past eight months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output.
Unlike the independents, oil majors have been increasing their spending to boost production, especially in the top U.S. shale field, the Permian Basin. U.S. crude output slipped to 12.11 million barrels per day in May from a monthly record high of 12.13 million bpd in April, the U.S. Energy Information Administration said in a production report on Wednesday.
Cowen said independent producers expect to spend about 11% less in 2019, while major oil companies plan to spend about 16% more. Looking ahead, U.S. crude futures were trading around $56 a barrel for the balance of 2019 CLBALst and $54 in calendar 2020 CLYstc1.
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