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US Upstream week in brief: 3 February 2016

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Report summary

Chevron shifts focus this week to its highest return tight oil positions in West Texas cancelling the Buckskin/Moccasin project as economics prove challenging. Earnings season points to a disciplined 2016 as operators double down on their very best positions and guide towards modest production declines. The drawdown of the drilled uncompleted (DUC) backlog is already bolstering production in the Bakken and Eagle Ford offsetting the tumbling rig count. The demand for well services stays high for oilfield service companies like Baker Hughes which provide solutions to offset production declines.

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    US Upstream week in brief: 3 February 2016

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Tables and charts

This report includes 5 images and tables including:

Images

  • Impact to capex and NPV by project cancellation
  • L48 oil production (bopd)
  • Notable number of the week
  • Utica subplay map
  • Share price performance, crude oil & gas inventories, horizontal rig count stats

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