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Permian Basin oil production seen doubling in five years, report says

Stock MarketsJun 13, 2018 08:54PM ET
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© Reuters. Permian Basin oil production seen doubling in five years, report says
  • Permian Basin oil production is forecast to reach 5.4M bbl/day in five years, more than current output from any single OPEC member other than Saudi Arabia, according to a new report from IHS Markit.
  • The report anticipates a “stunning” level of growth that will comprise more than 60% of net world production growth, come from nearly 41K new wells and $308B in upstream spending during 2018-23.
  • Production of natural gas and natural gas liquids in the Permian also is expected to double during the period, reaching a respective 15B cf/day and 1.7M bbl/day.
  • IHS Markit says its forecast is not a best case scenario and anticipates likely bottlenecks: “That the outlook still expects the Permian to exceed existing (and already lofty) expectations speaks to the region’s unique and growing prominence to the world oil market."
  • Among many potentially relevant tickers: EOG, PXD, LPI, FANG, SN, COG, CRZO, CXO, RSPP, DVN, NFX, OXY, CVX, XOM, NBL, PAA, MMP, TRGP, KMI, APC, APA, WPX, CDEV, REN, EGN, JAG, AXAS, HK, MCF, XEC, PE, SM, MTDR, QEP, AR
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Permian Basin oil production seen doubling in five years, report says
 

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