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Lower 48 upstream: 2019 in review

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06 January 2020

Lower 48 upstream: 2019 in review

Report summary

With 2019 officially in the books, it is a good opportunity to look back at one of the most tumultuous years ever for Lower 48 operators and investors. To do that, we'll count down the five most popular stories from last year's US Week in Brief. Investors finally clamped down on the independents. The focus shifted from production growth to capital discipline and returning cash to shareholders. The result was a virtually continuous decline in rig count and a muted M&A market. Because of intense investor scrutiny, equity markets were hyper-sensitive to operational hiccups. But while the independents adjusted to new demands, the majors rigged up in earnest. ExxonMobil and Chevron both announced aggressive tight oil production targets and increased activity. Also, in efforts to keep pace Occidental Petroleum outbid Chevron for Anadarko and became the Permian's top oil producer. For now.

Table of contents

  • Executive Summary
  • 5. Investors down on US Independents (7 August)
  • 4. No floor for US rig count? (27 August)
  • 3. Slowdown in Permian deals (6 February)
  • 2. Chesapeake’s financial trouble brings divestitures to the forefront (6 November)
  • 1. Anadarko takeover (17 April)

Tables and charts

This report includes 5 images and tables including:

  • US Independents debt vs. stock price
  • US onshore rigs, WTI price
  • US onshore deal volume
  • Chesapeake Marcellus Bradford Area type curve vs. peers
  • Occidental reported and forecast production

What's included

This report contains:

  • Document

    Lower 48 upstream: 2019 in review

    PDF 943.81 KB