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Oil producer Chevron on Wednesday said it plans to raise capital expenditures in the Permian basin by 25% in 2024 from its annual guidance despite a more modest rig count plan for the largest U.S. unconventional basin.
U.S. energy firms this week added oil and natural gas rigs for the first time in four weeks, energy services firm Baker Hughes Co said in its closely followed report on Friday.
Rising U.S. natural gas export demand combined with a stagnating rig count suggests the gas shortage will grow. Read what this means for AR stock here.
This is the fourth week in a row for net gains in North American exploration and production activity.
Surging margin debt Margin debt has surged more than 50% over the past 8 months (since March 2020 bottom). All historical cases of such aggressive positioning occurred near 1-2 year market tops. This happened near the start of the 1973-1974, 2000-2002, and 2007-2009 bear markets. The June 1983 historical case was followed by a 1 year-long stock market correction: Oil rig recovery Crescat Capital’s Kevin Smith noted that the U.S. oil rig count has stabilized near the lowest level in a decade: Total World Oil & Gas Rig Count paints an even clearer picture: energy supply is at a multi-decade...