Why Texas frackers won’t be riding to the rescue: It’s profit-taking time | mitchschnurman
, which polls energy firms in Texas, southern New Mexico and northern Louisiana, recently asked executives why they were restraining growth amid high oil prices. The most popular answer was “investor pressure to maintain capital discipline,” cited by 59% of 132 respondents.
Memories of bad investments and defaults remain fresh. From 2010 to 2020, the U.S. shale industry had negative free cash flows of $300 billion, impairments of over $450 billion and over 190 bankruptcies, according toThe money-losing record prompted the big push toward capital discipline, which resulted in producers sharing more cash with investors and spending less on drilling. “They’re saying, ‘We’re not going to invest until you show us this discipline,’” Bullock said.
“We may need the extra barrels today. The question is: Will we need them in ‘23 and ‘24?” Sheffield said. In early March, West Texas Intermediate crude topped $123 a barrel. Prices have generally remained above the $100 threshold, and Texas drivers are paying about $3.82 for a gallon of regular gasoline — 50% more than a year ago., a fellow in energy studies at Rice University’s Baker Institute for Public Policy. “It’s not a fun time to be driving an SUV or a pickup.”
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