After updating our company-by-company E&P capex model this week, we’ve concluded that… There’s a lot more to this story… Login to see the full update… To read this update and receive our research newsletters, you must be a member. If you are new to Infill Thinking, or your membership has …
Read More »Will The 2019 E&P Capex Story End Like 2018? First Quarter Actuals Might Be The Canary In The Coal Mine [Chart Of The Day]
Whelp… this chart doesn’t bode well for oilfield service markets in 4Q19… Are we on track for a repeat of last year’s budget exhaustion woes? There’s a lot more to this story… Login to see the full update… To read this update and receive our research newsletters, you must be …
Read More »US E&P Budgets Sink Sharply Into The Red, But Devon’s Delaware Plan Is A Bright Spot
Over the past several days, E&P capex budget news has been categorically negative. Some of the biggest cuts we’ve seen yet have been announced while other E&Ps have cut back their preliminary 2019 spending guidance. Check out the latest budgets and totals we are are tracking here… There’s a lot …
Read More »It’s Official: Known 2019 US E&P Spending Programs Enter Contraction Territory
2019 E&P capex budget expectations have devolved fairly rapidly, worn down by macro erosion and crude oil price volatility. Over the past several months, multiple Infill Thinking updates have warned that 2019 E&P budgets (which initially pointed to spending increases) were at risk of contracting into negative territory in the …
Read More »E&P Budget Revision Risk Bites
This week, a negative revision risk we’ve been highlighting surfaced in the form of a swing from growth to contraction. After digesting, we zoom out to look at US spending trends as a whole. There’s a lot more to this story… Login to see the full update… To read this …
Read More »2019 US Onshore E&P Budgets Starting To Fade In Aggregate [Updated Table]
Some of the most important numbers of early-2019 are trickling out and we’re tracking them here so you don’t have to. There’s a lot more to this story… Login to see the full update… To read this update and receive our research newsletters, you must be a member. If you …
Read More »Of Spending And Sand [Chart Of The Day]
Today, we extend our coverage of the 2019 oilfield outlook by responding to a question readers have recently asked us about the addressable market for frac sand. There’s a lot more to this story… Login to see the full update… To read this update and receive our research newsletters, you …
Read More »Is Anyone Else Exhausted With All The Talk Of “Budget Exhaustion”? [Chart Of The Day]
The term “Budget Exhaustion” has caught on like wildfire on OFS and E&P calls alike over the past few weeks. We provide context around the concept (and conversation) in this update. There’s a lot more to this story… Login to see the full update… To read this update and receive …
Read More »Some US Independents Are Chomping At The Bit To Raise 2018 Capex, Permian Pipe Aside [New Datapoints & Research Rewind]
After oil’s 2014 crash, the US shale “popularity pendulum” swung hard against animal spirits, moving in favor of capital discipline. Outspending in shale is now taboo on both Wall Street and Main Street. But is the recent societal shift emblematic of lasting structural change or is it simply cyclical banter? …
Read More »The Independents May Intend To Temper Tight Oil Growth Next Year, But The Majors Sure Don’t…
On Tuesday, we warned that by taking their foot of the capex gas pedal at this point in the cycle, the Independents risk ceding share in shale development to the Majors. On Wednesday, Chevron’s 2018 budget release confirmed that this indeed will happen if actions follow words. There’s a lot …
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