Name: Impact of oil price on upstream investment, costs and production in the US Lower 48
Brand: Wood Mackenzie
SKU: 46642
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Author: Wood Mackenzie

Insight 02 June 2016

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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In the two years since oil prices collapsed, upstream development spend worldwide has been cut at an unprecedented rate, with more than US$370 billion of capital expenditure cut across 2016 and 2017. While massive in aggregate, no country's response rivals the swiftness and scale of the US Lower 48, which slashed nearly US$150 billion from 2016-17 spend and over US$250 billion across the next five years. </div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Investment falls most rapidly in the US Lower 48
    </li>

<li class="list__item-toggle">
        <a href="#baf37e91-5d95-48c6-a3c1-2b3eb0d1bf09" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="baf37e91-5d95-48c6-a3c1-2b3eb0d1bf09" aria-expanded="false">
            Two tight oil plays hit hardest
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        <ul id="baf37e91-5d95-48c6-a3c1-2b3eb0d1bf09" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Spotlight on the Bakken
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    <li class="push-quarter--bottom">
        Eagle Ford: a case study in high-grading
    </li>

</ul>
    </li>

<li class="list__item-toggle font-semibold">
        Falling costs drive further capex reductions
    </li>

<li class="list__item-toggle font-semibold">
        Plummeting rig count and drilling declines underpin the fall in capex
    </li>

<li class="list__item-toggle font-semibold">
        Well productivity improvements bolster falling production
    </li>

<li class="list__item-toggle font-semibold">
        Production losses to average 4.2 million boe/d through 2020
    </li>

</ul>

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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Lower 48 capex cuts by region</li><li class="list__item push-quarter--bottom">2016-2017 Lower 48 capex allocations</li><li class="list__item push-quarter--bottom">Decline in investment across Lower 48 key plays</li>
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        <ul class="list list--bullets panel-toggle" id="39a8e20cedc44e71b98abafc4adeaa9b">
            <li class="list__item push-quarter--bottom">Cost deflation and efficiency gains</li><li class="list__item push-quarter--bottom">US Lower 48 DUC backlog and horizontal rig count</li><li class="list__item push-quarter--bottom">EUR improvements across key liquids plays</li><li class="list__item push-quarter--bottom">EUR improvements across key gas plays</li><li class="list__item push-quarter--bottom">Oil production forecast by region</li><li class="list__item push-quarter--bottom">Gas production forecast by region</li><li class="list__item push-quarter--bottom">Lower 48 production from key tight oil plays</li><li class="list__item push-quarter--bottom">Change in tight oil supply from the key plays</li><li class="list__item push-quarter--bottom">Narrowing crude oil price differentials</li>
                <li>5 more item(s)...</li>
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Impact of oil price on upstream investment, costs and production in the US Lower 48</p>
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