SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Big Dog's Boom Boom Room
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
From: Jacob Snyder7/9/2021 5:05:40 PM
4 Recommendations

Recommended By
E_K_S
kidl
sixty2nds
tntpal

  Read Replies (2) of 206209
 
Even as oil prices reached their highest level in six years last week, many drilling rigs remain idle. The U.S. is producing roughly 2 million barrels a day less than it was before the pandemic. The number of active rigs drilling for oil rose by two this week and stands at 378, down from 683 pre-Covid-19, according to oil-field services firm Baker Hughes Co. Shale companies have dipped into their stash of drilled-but-still-dormant wells to help maintain output cheaply.

If shale companies don’t add more rigs, U.S. oil production could fall by the end of the year, said Shaia Hosseinzadeh, a managing partner of OnyxPoint Global Management LP. The investment firm estimates that 450 rigs are needed to maintain current oil production levels and 575 rigs are needed to get it back to pre-Covid-19 levels. The problem for fracking companies, Mr. Hosseinzadeh said, is that they can’t access cheap capital any longer. - WSJ today
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News