Oil production from seven major U.S. shale basins is expected to surpass 8 million barrels per day (MMbbl/d) by the end of the year, the U.S. Energy Information Administration said in a monthly report on Dec. 17.
The United States has surpassed Russia and Saudi Arabia as the world's biggest oil producer, with overall crude production climbing to a weekly record of 11.7 MMbbl/d.
When December ends, shale production is expected to climb to 8.03 MMbbl/d for the first time on record and forecast to rise by about 134,000 barrels per day (bbl/d) in January to 8.17 MMbbl/d.
The largest change for January is in the Permian Basin of Texas and New Mexico, where output is expected to climb by 73,000 bbl/d to a record of about 3.8 MMbbl/d in January.
In North Dakota's Bakken region, shale production is estimated to rise by 18,000 bbl/d to a record 1.46 MMbbl/d.
U.S. natural gas production, meanwhile, was projected to increase to a record 76.9 billion cubic feet per day (Bcf.d) in January. That would be up more than 1.1 Bcf/d over the December forecast and would be the 12th monthly increase in a row.
A year ago in January output was 62.8 Bcf/d.
The EIA forecast gas output would increase in all the big shale basins in January.
Output in the Appalachia region, the biggest shale gas play, was set to rise 0.4 Bcf/d to a record 31.5 Bcf/d in January. Production in Appalachia was 26.4 Bcf/d in the same month a year ago.
Recommended Reading
Midstream M&A Adjusts After E&Ps’ Rampant Permian Consolidation
2024-10-18 - Scott Brown, CEO of the Midland Basin’s Canes Midstream, said he believes the Permian Basin still has plenty of runway for growth and development.
Post Oak-backed Quantent Closes Haynesville Deal in North Louisiana
2024-09-09 - Quantent Energy Partners’ initial Haynesville Shale acquisition comes as Post Oak Energy Capital closes an equity commitment for the E&P.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.
Dividends Declared Sept.16 through Sept. 26
2024-09-27 - Here is a compilation of dividends declared from select upstream, midstream and service and supply companies.