Quote:
Originally Posted by Pete F.
You skipped the major price driver
The big fracking companies — Devon, Pioneer, and Continental — burned by multiple boom and bust cycles over the years, pledged in February not to increase production until 2023. “Whether it’s $150 oil, $200 oil, or $100 oil, we’re not going to change our growth plans,” Pioneer CEO Scott Sheffield said during a Bloomberg Television interview. “If the president wants us to grow, I just don’t think the industry can grow anyway.”
In ExxonMobil’s February earnings call, Woods said the company’s focus remains on price per barrel over volume. “One of the primary objectives we’ve had in looking at the portfolio is less about volume and volume targets and more about the quality and profitability of the barrels that we’re producing.” he said. “That’s been the focus. And as we move forward, we’ll continue — you’ll continue to see the quality of the barrels or profitability of the barrels increase.”
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what % of america’s production is fracking versus traditional
drilling? a si cere question.
if that was THE major driver, is there an article that can tell us when that quote was issued, and what happened to the price immediately after?
i think the major driver was increased demand after covid started weakening its grip.
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