Insight
Q1 2020 US Independents earnings recap
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
What a difference a quarter can make. It’s clear now that when it comes to US shale, no two consecutive quarters ever look alike. Companies are in survival mode and have cut budgets by a combined US$20 billion, or more than 30%. As prices dropped into the single digits and storage costs exploded, US Tight Oil Inc. started announcing production curtailments as it was no longer profitable to produce oil from existing wells. Companies such as Apache, Devon and Diamondback added on hedges below US$40/bbl WTI to help protect further downside risk. Hedges this low are below the average breakeven price of a new tight oil well.
Table of contents
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Executive Summary
- Capex cuts across the board
- Production curtailments – how and how much?
- Borrowing bases are reduced
- Improving well costs
- ESG still on companies’ minds
- When does activity pick up?
Tables and charts
This report includes the following images and tables:
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Capex cuts by companyProduction curtailments by companyBorrowing base changes
What's included
This report contains:
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