Shale oil: it will not miss its place in the market


Another large American company, Whiting Petroleum, specializing in the production of shale oil, announced the start of bankruptcy proceedings. Immediately after this, the company's shares fell in price by 45%.


Through mergers and acquisitions


The news agency report triggered a new wave of comments about the decline of the “shale era” in the United States. Some experts even agreed that "Saudi Arabia and Russia destroyed the American shale."

Such estimates arise quite often. In some ways, they resemble long-term forecasts of the collapse of the American dollar, which is still alive and rules the world.

So with shale oil. Her история typical of American capitalism. There, as usual, new business niches are actively occupied by small (often family) companies. They create a boom and high interest in the topic. After the first crisis, the pioneers of the niche go bankrupt. Their place through mergers and acquisitions is occupied by other players. Now the turn has already reached the large - Whiting Petroleum.

What will happen to her? It is important to understand the difference between bankruptcy of companies in Russia and the United States. In our country, this process is left to the mercy of the arbitration manager appointed by the court, who, as a rule, sells the assets and property of companies for settlement with lenders ranked by rank.

In America, the approach is different. Here, in the first place, the financial recovery of the company by freezing or restructuring debts, or selling a bankrupt company along with its debts to more successful business players.

The first blow to the shale fell on the financial crisis of 2008-2009. Then the number of drilling rigs fell from 1800 to 300. Due to the high cost of oil production (up to $ 80), “owners of one well” left, as the local media called pioneers of oil shale. Their place was taken by a wealthier business, which generally survived the crisis of falling prices in 2014 and raised the production of shale oil from 1 million barrels per day to 6,2 million last year.

By the way, this result was provided by only 900 drilling rigs, which speaks of the new quality of technologies and the capabilities of large oil companies that have entered shale fields. Today we see here such transnational giants as ExxonMobil, Chevron, Royal Dutch Shell, British Petroleum, acting directly or through their "subsidiaries" (BP).

According to expert estimates, multinational companies already control up to 40% of America’s shale oil fields and continue to expand their holdings. Last spring, Chevron for $ 33 billion was about to buy Anadarko Petroleum, an embarrassing company, such a decent asset, with projects not only in the US shale fields, but also in Mozambique, Algeria, Colombia and other countries.

However, Chevron was ahead of another company known to us from Soviet times by billionaire Armand Hammer, the company Occidental Petroleum. She acquired Anadarko for $ 38 billion (taking into account debt - $ 57 billion) and thereby confirmed how liquid the shale assets of America are.

This is also evident from the way it aimed at the local ExxonMobil deposits. Last year, she sold her assets in Norway and put up for sale assets in Azerbaijan, Malaysia, Thailand, Vietnam, Indonesia and Australia.

Exxon plans to invest the proceeds in shale projects. She does this not out of high patriotic feelings, but solely for the sake of self-interest. The company has already achieved a 10% profitability of shale production with an oil price of $ 40 per barrel and said that in the coming years it will bring the cost of oil from oil shale to $ 15 (as in its Middle Eastern fields). And they already have $ 20 today on parts of oil fields with uncomplicated geology.

How to destroy the myth of expensive oil shale


It turns out that now American companies depend on oil prices no more than their counterparts from other countries. Now they are ready to equal the cost of Middle Eastern deposits. More advanced mining technologies and improved logistics will help them.

In particular, the extracted oil will no longer be transported by transport, but will be moved through pipelines. Last year, four strands of pipe already stretched from fields to oil hubs. Their capacity is 2,4 million barrels per day. In 2020, they intend to launch pipelines for another 2,1 million barrels. Now that the price of oil has fallen and weak companies have staggered, it's time for transnational giants to expand on shales.

They already did this in 2016. Then the prices also went to a minimum. Oil-saving countries, saving the situation, agreed to reduce daily production by 1,8 million barrels and concluded an OPEC + cartel agreement.

The Americans did not reduce anything, but took advantage of the increased price and, conversely, increased production. So much so that already in 2017 they exceeded the cartel quota. In 2018, their growth was already 2,1 million barrels per day, in 2019 - 1,75 million.

It follows that the current drop in oil prices is caused not only by the pandemic, the disputes of Arabia with Russia, but also by large volumes of production in America, which, taking into account shale and traditional methods, have increased to almost 13 million barrels per day.

Last summer, the United States came out on top in the world in hydrocarbon exports (total sales of oil, gas and gas condensate). Now, without their participation, any cartel agreement loses all meaning.

As for the shale mining, there is no disaster there, and it is too early to “bury" the shale. This is evident from the Whiting Petroleum bankruptcy announcement. She, as stated in an official press release, "intends to begin the process of" financial restructuring. "

“The company has more than $ 585 million on its balance sheet, it will continue to operate normally without interference for suppliers, partners or employees,” the document says. It is very similar to the pre-sale preparation of a company that faced financial difficulties due to accumulated debts.

It turns out that no one is going to hand over drilling rigs for scrap. So the US oil industry does not face the difficulties of individual companies. Unless, of course, oil prices do not remain for years below $ 40 per barrel. But today it does not seem to be beneficial to anyone.
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  1. basmach April 6 2020 12: 48 New
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    At the moment, the issue is not so much the price, but the overabundance of oil. It can be pumped into the pipe as much as necessary, with one condition — if it will be taken at the other end of the pipe. And Congress took and refused to purchase 77 million. t. for strategic reserves. And oil transporters agree to pump only in one case — if there is a specific loading place — a tanker, a storage facility. And the question is that all the storages are clogged. And in this case, oil is not needed for either 50 bucks or 1.
    1. Lannan Shi April 6 2020 13: 04 New
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      Quote: basmach
      And the question is that all the storages are clogged. And in this case, oil is not needed for either 50 bucks or 1

      The question is that without recharge the most complete storage will be empty. And he will have to replenish it anyway. But at what price, this is already interesting. But the fact that not having the technology to produce “complex” oil does not win a price war is a fact. But we do not possess them. Result? Shale oil, even 10 years ago at cost equal to, or almost equal to, offshore, is now being extracted with might and main, and our offshore projects have been postponed for an unknown period.
      1. NKT
        NKT April 6 2020 13: 47 New
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        And what technologies do we not possess? We can’t drill horizontal wells, we don’t know how to do hydraulic fracturing?
        1. Lannan Shi April 6 2020 14: 14 New
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          Quote: NKT
          We can’t drill horizontal wells, we don’t know how to do hydraulic fracturing?

          We can. We are able. And drill and break do. The truth is so-so. to remind the flooding that killed the formation on samotlor? And there is no equipment for them. More precisely, there is, but much so-so. Be different on the same Tevlinsky your equipment used, but not German. And the Bazhenov suite would be fully developed, and not bitten in places.
          Just knowing a little. Will the ability to drive a tank help you greatly if the tank itself is not available? Or is there, but Renault FT level, and the enemy on t-90? We must not just be able to, but be able to cheaply. But with this .... Not good and not bad, but practically nothing.
          1. NKT
            NKT April 6 2020 15: 22 New
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            We can. We are able. And drill and break do. The truth is so-so. to remind the flooding that killed the formation on samotlor?

            But there was no need to try to fulfill the five-year plan in three years.

            Be different on the same Tevlinsky your equipment used, but not German.

            Somewhere we use it (Urengoy, Medvezhka), somewhere - imported. We are trying to improve our. Yes, they have better equipment and technologies, but that’s not a reason to sit back and do nothing, right?

            And the Bazhenov suite would be fully developed, and not bitten in places.

            We still have a lot of traditional collectors, which is why we dealt with it so-so, although the OPE was still carried out in the USSR. It was the Americans who were forced to switch to unconventional collectors and, of course, gained experience and honed their technology. Bazhen and now we are going as a testing ground for technology, the same as Domanik, Senon, Hadumka. GPN has already done the 18th stage hydraulic fracturing in Bazhen - they are studying ...
            1. malyvalv April 6 2020 15: 57 New
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              Now on our shales (Bazhene) no one is doing anything. All technologies are owned by Schlumberger, Halliburton and Baker. And any of their work on our shales, however, also on the northern shelf, is prohibited by the Americans.
        2. malyvalv April 6 2020 15: 55 New
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          This is all done by American companies. Schlumberger, Halliburton and Baker.
          By the way, the real way for Americans to cut production in Russia is not to impose an embargo on exports but to ban American oilfield services companies from operating in Russia. Our production will immediately fall sharply. Not to zero but much.
          1. yawa63 April 6 2020 20: 55 New
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            It's nice to read the comments of experts, with the past Day of the geologist! (worked at Rosneft for 15 years))
      2. iouris April 6 2020 16: 04 New
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        Quote: Lannan Shi
        and our offshore projects are postponed for an unknown period.

        We (the state tricolor) are no longer at the Olympics. I wonder why?
      3. Nick April 7 2020 15: 34 New
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        Quote: Lannan Shi
        But the fact that not having the technology to produce “complex” oil does not win a price war is a fact. But we do not possess them.

        I don’t know who you are, but the technology of hydraulic fracturing in the USSR was first used already in 1952
    2. letinant April 6 2020 13: 30 New
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      Quote: basmach
      At the moment, the issue is not so much the price, but the overabundance of oil. It can be pumped into the pipe as much as necessary, with one condition — if it will be taken at the other end of the pipe. And Congress took and refused to purchase 77 million. t. for strategic reserves. And oil transporters agree to pump only in one case — if there is a specific loading place — a tanker, a storage facility. And the question is that all the storages are clogged. And in this case, oil is not needed for either 50 bucks or 1.

      It seems to me that the question is somewhat wider. According to Exxon, they are cunning. All oil industry experts say. That this company has an undeniable advantage over others. It is engaged in the extraction of not only shale oil, but also natural deposits. In the Arab countries where its towers stand, the cost of production is very low. Shale on the contrary, dear. But with a total capitalization, the price of oil shale also drops to $ 40. The oil storage facilities are even more interesting.
      From specialized publications, I became aware. That southeastern, eastern coast of the United States is sharpened by oil from Venezuela and the grade Urals (RF). The oil there and here is heavy; on the Arabian shores, on the contrary, it is light. Under the Arabian oil sharpened the west coast of Europe and the west coast of the United States and a little northeast. Oil refineries can operate specifically on one grade. Factories can be converted to a different grade, but this whole military operation. Therefore, after the cessation of supplies from Venezuela, the storage of refined oil factories from this country, our oil is purchased. What am I leading to when buying oil from AE or Exxen (natural) wells, they can pump a limited amount of this particular grade. If you fill all the storages with oil of the same grade, you will have to modernize all refineries. And it is very difficult and very expensive.
    3. Alekseev April 6 2020 19: 46 New
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      Quote: basmach
      the question is not so much the price, but the overabundance of oil.

      That's right!
      And the shale will not be completely ruined, not at all because with the help of technical tricks, its production will become cheaper than production at “normal” fields, but simply because the United States can protect its shale companies with duties and direct the flow from its fields to its own market.
      What to do? What do we do?
      First, agree with everyone on a barrel price of $ 50-60, for this you will have to reduce production, first of all, where it is expensive and not spoil the ecological situation in the Arctic and other hard-to-reach places. It is possible to process oil and gas more, but there are problems - there are refineries everywhere, raw materials are not everywhere.
      Secondly, to fully realize that the time of globalization, free trade, open borders, the WTO is inevitably and vigorously pursuing a course towards reducing imports, increasing domestic production of goods and services, focusing the economy less and less on export and more and more on the domestic market. In the modern world, not only oil and engineering products and other high-tech products will not be sold much and profitably, although they will be good and inexpensive.
      And thirdly, the simplest and surest thing is to ask the Hussites to "deal" with the Saudis. laughing
  2. Machito April 6 2020 12: 55 New
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    Breaking up US shale oil companies is a stupid undertaking. The oil industry is strategic, and the US government is well aware of this. A market economy is for the colonies; for the God's chosen, there are no laws. The country that prints money in huge amounts that are not provided by anything, and not in paper but in electronic form, is quite capable of subsidizing the strategic oil industry. The shale business was not covered by a copper basin at the last drop in oil prices, and nothing will happen to it from the oil war of the Russian Federation with Saudi Arabia. It's just that companies are changing owners and they will pump shale further, improving technology and lowering cost. Unleashing the oil war of the Russian Federation with Saudi Arabia, they simply shot at their feet, ruining their budget.
    While the fat dries, the thin one dies. The US constantly accuses the Russian Federation of using an oil club (weapons). And who usually shouts: "Hold the thief." Correctly. The one who rummages through his pockets at this time.
    1. Mebius April 6 2020 13: 14 New
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      Quote: Bearded
      While the fat dries, the thin one dies. The US constantly accuses the Russian Federation of using an oil club (weapons). And who usually shouts: "Hold the thief." Correctly. The one who rummages through his pockets at this time.

      Well written thanks! I remember somewhere in 2010 I was sitting on one European anti-Russian website .. How they rejoiced when they started producing shale gas and oil .. And they literally screamed that all the khan of Russia .. I explained to them how it was bullshit dirty and expensive technology .. What is shale oil? This is pumped sulfuric acid into shale and there is some kind of reaction going on (I'm not special, but something like that) ..
      And who knows that they were planning to produce shale oil and gas in the Donbass after the coup and even signed an agreement with the Yankees, and then the Donbass rebelled?
      1. Victor19 April 7 2020 00: 04 New
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        That's it, that you are not special. What you are saying is acid treatment of the formation. But there is a whole hellish mixture that includes hydrofluoric acid, corrosion inhibitors and a dozen more ingredients. The Americans used this technology at our rig in / in Ukraine. Hydraulic fracturing is a completely different thing. From an environmental point of view, this is the destruction of the planet. I just saw Martian landscapes at the place of exit of this mixture. This is quiet horror.
    2. New Year day April 6 2020 13: 15 New
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      Quote: Bearded
      Unleashing the oil war of the Russian Federation with Saudi Arabia, they simply shot at their feet, ruining their budget.

      so who started this? For what? The Saudis were for a reduction in production, and Novak opposed?
      1. Mebius April 6 2020 14: 42 New
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        Quote: Silvestr
        so who started this? For what? The Saudis were for a reduction in production, and Novak opposed?

        That's who started and will have to find out in the near future .. First, a sharp drop in oil prices, then the dollar rushed up and then there was a panic over the pandemic in China and then around the world .. A strange coincidence!
        Who lost the most during this short time?
        Russia and China ..!
      2. Machito April 6 2020 14: 58 New
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        The Russian Federation took an active part in the outbreak of the oil war. In addition, Russia introduced quotas for grain exports due to the threat of a pandemic. What is it? Caring for citizens or starting a food war? And the trade wars of the USA and China? The coronavirus epidemic raises the stakes in the game of capitalists for redivision of the world. There is yet another crisis of the global capitalist system.
        1. Mebius April 6 2020 15: 52 New
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          Quote: Bearded
          There is yet another crisis of the global capitalist system.

          To whom is the crisis, to whom the fantastic profits have come ... ..Okay, at least the world war has not been unleashed for this .. Although it is not yet evening! hi
        2. malyvalv April 6 2020 16: 04 New
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          Grain export quotas are good and right. We must remind our grain buyers that we don’t need to get involved in the purchase of hydrocarbons from Americans and Saudis. In the USSR, there was a practice of selling the deficit complete with illiquid assets. Looks like they remembered the experience.
          1. Octopus April 6 2020 18: 58 New
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            Quote: malyvalv
            We must remind our grain buyers that we don’t need to get involved in the purchase of hydrocarbons from Americans and Saudis.

            They don’t eat it. This is fodder grain. In addition, the export of Russian grain goes mainly to the Arab countries, in Europe there is no place to put it.
      3. VIT101 April 7 2020 07: 58 New
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        Quote: Silvestr
        so who started this? For what? The Saudis were for a reduction in production, and Novak opposed?


        Novak is a little bipod in this game. Performs what they say. And there’s nothing special to find out. Putin commanded with the filing of Sechin. But the calculation turned out to be wrong. The Saudis did not expect to freeze what they froze. Now they are trying to fix something.
  3. Roman123567 April 6 2020 12: 57 New
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    Unless, of course, oil prices do not remain for years below $ 40 per barrel. But today it does not seem to be beneficial to anyone.

    That's interesting .. what does it mean - it is not beneficial to anyone ??
    Actually, direct consumers pay for all these pleasures .. They are just profitable for them !! It is clear that oil sellers were more interested when it cost $ 120 ..
    But maybe we will try to sell milk at 600 rubles per liter? Or a loaf of bread for 400 rubles ..
    Well, oil shouldn’t cost orders of magnitude more expensive at a cost of a dozen bucks .. And so it would be profitable for everyone ..
    1. unaha April 6 2020 13: 11 New
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      And who then will be invested in exploration and production, the infrastructure of delivery from mildly distant places?
      1. Roman123567 April 6 2020 13: 21 New
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        Read again ..
        maybe we’ll try to sell milk at 600 rubles per liter? Or a loaf of bread for 400 rubles ..

        And then who will invest in breeding a new livestock, tractors, combines, delivery infrastructure ..
        1. unaha April 6 2020 14: 55 New
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          Do you breed livestock in the Arctic and on the shelf? It is incorrect to compare the extraction of exhaustible resources with renewable ones. In today's reality, mining is much more difficult than at least fifty years ago. If there is no high profit now that allows us to conduct exploration and improve production technologies, then after a few years there will be a deficit and, accordingly, a multiple increase in prices.
          This is not to say that the superprofits of raw materials are a fair phenomenon (and yes, I do not work in these areas)))), it's just not so simple as it looks.
          1. Octopus April 6 2020 18: 56 New
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            Quote: unaha
            If there is no high profit now that allows us to conduct exploration and improve production technologies, then after a few years there will be a shortage

            It sounds logical, but one little problem.

            The shale oil pioneer was Devon Energy, a small company by industry standards. And trillions of surplus profits, suddenly, settle not in scientific programs to improve exploration and production, but in various welfare funds there (at best).
    2. Avior April 6 2020 13: 21 New
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      to keep the price of oil, sellers with any noticeable volumes should agree on self-limiting production.
      If there are too many of them, or if some of them really need money and he does not want to reduce his production, prices will climb down to the border of cost price with a trade allowance.
      1. Roman123567 April 6 2020 13: 59 New
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        to keep the price of oil, sellers with any noticeable volumes should agree

        That is, we initially have a price conspiracy ..
        This is about how car manufacturers will agree to halve production. Due to an artificial shortage, cars will become unavailable to everyone, and the price will rise to several million for Priora ..
        The question is how much such a price will be fair .. (as the phrase "fair oil price" is often mentioned)
        1. The comment was deleted.
        2. Octopus April 6 2020 18: 52 New
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          Quote: Roman123567
          This is about how car manufacturers will agree to halve production. Due to an artificial shortage, cars will become inaccessible to everyone.

          You describe AvtoVAZ’s business model during the USSR and the early 90s, when Kadannikov and Berezovsky lobbied prohibitive duties on used foreign cars. There nine $ 10K was worth.
    3. Mebius April 6 2020 16: 00 New
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      Quote: Roman123567
      It is clear that oil sellers were more interested when it cost $ 120 ..

      Well, this is energy, gasoline and other related chemical products ..
      Quote: Roman123567
      But maybe we will try to sell milk at 600 rubles per liter? Or a loaf of bread for 400 rubles ..

      It was like this in our history. When family diamonds were sold for a loaf of gray bread ..
      Quote: Roman123567
      Well, oil shouldn’t cost orders of magnitude more expensive at a cost of a dozen bucks .. And so it would be profitable for everyone ..

      Well, here in Russia it should cost oil and gasoline a penny in the days of the USSR ... Well now everything is different, at first the oligarchy arrived, and then the interests of the state .... Damn him, capital would take it, in the first place, alas hi
  4. Chervonny April 6 2020 13: 05 New
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    It is wrong to hope that the shale bubble will burst. The cost of oil shale companies varies from $ 15 to $ 45 per barrel. It all depends on the specific geological situation.
    The shale business is very dynamic and flexible. If the price is low, companies will extract only profitable resources. They will maneuver.
    1. malyvalv April 6 2020 16: 06 New
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      If you extract only profitable resources, then production will decrease. What is required at the moment.
    2. Vadim237 April 7 2020 14: 47 New
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      Yes, he is so flexible that he still has to pump hundreds of billions of dollars with nothing to back up.
  5. knn54 April 6 2020 13: 06 New
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    - New technologies for oil recovery - as long as 20%. Plan up to 40%. Initially, no more than 10%.
    -Optimization (as indicated in the article) of the supply chain.
    - Merger of companies. The arrival of large companies.
    Well, importantly, the state’s approach.
    So, really. It's too early to bury.
    1. 16329 April 6 2020 13: 17 New
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      Optimization and the arrival of large companies means restructuring and changing investment plans, large companies have many other projects besides oil shale, and non-specialized equipment and personnel can be used on other, more profitable projects.

      And speaking of pipeline transportation as new technologies is not serious at all, and the development of the pipeline network requires investment

      In general, a serious blow to the shale industry was dealt, this will of course lead to a change of operators, redistribution of markets and new agreements on price issues
      And to destroy shale oil production is completely certainly impossible
      1. Avior April 6 2020 14: 14 New
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        a blow not to the industry, but to some specific company owners.
        it will hardly affect the industry
    2. NKT
      NKT April 6 2020 13: 59 New
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      CIN for 2018
      Bakken - 60.3%
      Eagle Ford - 67%
      Permian Basin - 50.5%
      Niobrara - 52.9%
      1. malyvalv April 6 2020 17: 18 New
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        The best deposits of giants have a recovery factor of 0.6 - 0.7. And then there’s how.
        I understand this is for a career way of mining. Then it will be like the truth.
        1. Octopus April 6 2020 18: 49 New
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          Quote: malyvalv
          I understand this is for a career way of mining.

          Career method of oil production.
          good
          Quote: malyvalv
          And then there’s how.

          Shaitans.
  6. Mytholog April 6 2020 13: 11 New
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    Even if it is possible to achieve the closure of the existing enterprises for the production and processing of shale oil, there is already technology. With rising oil prices, new enterprises will simply appear, that's all.
    We must face the truth, completely destroy the "shale project" - is already unrealistic.
    Dampen, bring down efficiency and growth - but no more, alas.
    1. Liam April 6 2020 13: 18 New
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      Quote: Mytholog
      Dampen, bring down efficiency and growth - but no more, alas.

      At the cost of your own ruin.
      Trying to fight with a country that is both the main producer and the main consumer is not even stupid
      1. Mytholog April 6 2020 13: 24 New
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        Quote: Liam
        Quote: Mytholog
        Dampen, bring down efficiency and growth - but no more, alas.
        At the cost of your own ruin. Trying to fight with a country that is both the main producer and the main consumer is not even stupid

        Well, falling into defeatism is also not worth it. No other extreme is needed.
      2. Octopus April 6 2020 14: 07 New
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        Quote: Liam
        Trying to fight with a country that is both the main producer and the main consumer is not even stupid

        )))
      3. Hartakolo12 April 6 2020 14: 25 New
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        And you imagine another option. The United States will increase Dobicha to 20 million barrels. And we will reduce to 5 million barrels. In this case, it will not be bad for us? In any case, things are bad
      4. lazy April 7 2020 10: 08 New
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        in 41 such as you probably said that fighting with Germany that conquered half of Europe is pointless
  7. parusnik April 6 2020 13: 12 New
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    As for shale mining, there is no disaster there, and it is too early to “bury" the shale.
    ... And do not rush to bury us, But we still have things to do here. At home, our children are small, and I just wanted to live. smile
  8. Gene84 April 6 2020 13: 12 New
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    The huge advantage of the Americans is that they have no resource limits, they are almost limitless. Shale is the most widespread sedimentary rock in the world. Another thing is interesting, until the drilling of the wells has begun, it is impossible to understand whether there is oil or not. Slate is not an ordinary field, in fact, there is no exploration stage there. All reconnaissance takes place in battle. Only in the process of extraction does it become clear how much and under what technology it is possible to produce shale oil.
  9. New Year day April 6 2020 13: 13 New
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    As for shale mining, there is no disaster there, and it is too early to “bury" the shale

    those who rejoiced at her death at the beginning of the oil war did not think so. Now it’s becoming obvious, but the job is done and it’s wearing a hat.
    1. Cowbra April 6 2020 14: 21 New
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      The hat is rolled up and stuck in the ass laughing Ask why Holland stops oil production AT ALL, and where earthquakes in the middle of the mainland plate came from - the Yuzovskoye field in Ukraine.
      Earlier, American scientists noted that at least 20% of the earthquakes recorded in recent years in Oklahoma are associated with the production of shale gas.
  10. Ross xnumx April 6 2020 13: 22 New
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    Shale oil: it will not miss its place in the market

    Despite the cost of production? What are you saying here?
    One ton of sea water contains 0, 004 g of gold. The volume of the world's oceans (according to the latest estimates) is 1,349 billion km³ or 1 m³ or 349 tons. Using simple calculations, we can say that 000 tons of gold are dissolved in the seas and oceans ...
    fool Point blank I do not see any gold mining machines or prospectors with filters ... wassat
  11. Strashila April 6 2020 13: 39 New
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    The cost of loans in the United States is virtually zero. They can redraw zeroes to electronic dollar volumes for years.
  12. I
    I April 6 2020 13: 49 New
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    ,, From this it follows that the current drop in oil prices is caused not only by the pandemic, the disputes of Arabia with Russia, but also by large volumes of production in America, which, taking into account shale and traditional methods, increased to almost 13 million barrels per day. ,,

    So it was clear from the beginning that all this fuss is not just like that. And there is some kind of agreement between Russia and Saudi Arabia.
    Indeed, in order to keep prices at the same level, the entire OPEC cartel plus Russia needs to reduce oil production. And the United States is increasing production. That is, we infinitely reduce, they infinitely increase.
    And naturally, nobody likes it, besides the USA. And so, in order to make the Americans agreeable, the price of black gold was dumped.
    In fact, Americans do not care if they get oil shale or not. The main thing is that they enter the cartel of trusteeship plus Russia plus the USA and together with all on equal terms support the desired price of oil by reducing production.
    1. Oleg Zorin April 6 2020 19: 06 New
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      I already thought about this before. But such a game is too risky. The United States has too many levers to bring to life.
      1. I
        I April 6 2020 23: 05 New
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        As I understand it, there are simply no particular options. To infinity, reducing production is also no good.
  13. A.TOR April 6 2020 14: 03 New
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    The article is generally correct. In addition to the last 2 offers
  14. Cowbra April 6 2020 14: 05 New
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    And the author has something to say about how the long-term contracts differ from spot sales, on which only shale production sits - that of oil. what is gas?
    Does the author have anything to say about the confirmed seismic hazard of shale oil and gas production?
    Finally, with regards to the “myth” about expensive oil shales - maybe the author will tell you where and what customers pay for? Not for the delivered raw materials, but for the extracted ones - and then bend as you like, which allows you to run the MYTH that shales are cheap. Only then should we compare with the cost of its production in the Yamal Peninsula, and not with the price delivered to Germany.
    That is all true. for seed, a small part.
    For example, it should be borne in mind that the Russian Federation bought out assets in Venezuela and bury shale oil even in the US region - just to spit. Although they do it themselves
    1. user1212 April 6 2020 14: 24 New
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      Yeah, it reminded me too
      "all is well beautiful marquise, except for a trifle" laughing
    2. Kronos April 6 2020 14: 41 New
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      You’re just like in a joke - we can build communism right now, just then you will have nothing to do
  15. Grading April 6 2020 14: 11 New
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    Quote: Silvestr
    As for shale mining, there is no disaster there, and it is too early to “bury" the shale

    those who rejoiced at her death at the beginning of the oil war did not think so. Now it’s becoming obvious, but the job is done and it’s wearing a hat.

    Shale End Sect laughing


    1. Cowbra April 6 2020 19: 45 New
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      Nothing to say in text? Just "what was sent"?
      Your grade is lower the bottom, I meant the botoom of The Grand Canyon, thou yua're deeper / But in A bottom
  16. Pavel57 April 6 2020 14: 52 New
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    America is also becoming a gas station.
  17. Maks1995 April 6 2020 15: 30 New
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    And how our painted the next urya victory over the shale.
    But it’s like that.
  18. kriten April 6 2020 17: 47 New
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    Very very one-sided coverage of the issue. It is felt that the author is from a cohort of admirers of our enemies. It covers only that which is beneficial to him, or that he has been instructed by them to convey to the reader.
    1. Cowbra April 6 2020 18: 28 New
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      You look at the comments wink "And I sho, I like everyone else!" - here so soon about the author.
    2. Oleg Zorin April 6 2020 19: 09 New
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      Give your arguments. For that, and comments. And according to your logic, I can think the same thing about you. And I will be wrong, right?
      1. Cowbra April 6 2020 19: 43 New
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        Quote: Oleg Zorin
        Give your arguments.

        Question - to whom?
  19. Operator April 6 2020 18: 28 New
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    Now it is not a question of cost, but of the general need for oil and gas amid falling demand due to a stop in industry and transport.

    The current cost of $ 36 per barrel (at zero profitability) is quite in line with the current market price of Brent oil. If demand continues to fall, then out of 900 existing wells, the most expensive will be closed, the cost will decrease, and so on, until there are 100 wells with a cost of $ 15 per barrel laughing
    1. Vadim237 April 7 2020 14: 50 New
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      They are no longer 900, but 670.
      1. Operator April 7 2020 16: 30 New
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        The process has begun, however.
  20. Prisoner April 6 2020 19: 03 New
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    Shalemen hope that similar articles of the action will be pulled up?
  21. Mr. One Two April 6 2020 19: 15 New
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    Too narrow a view of the situation. Just mining oil shale, without reference to other sectors of the economy, the banking sector, the political, economic situation. Spherical crap in a vacuum. The fact that the slate will remain is obvious. But as it will not be earlier, the rules have changed. We will see.
  22. iouris April 6 2020 19: 22 New
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    Oil is the US strategic weapon to be used on Doomsday. "Why do we need a world without Russia?"
  23. Mr. One Two April 6 2020 19: 54 New
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    Quote: Mr. One Two
    Too narrow a view of the situation. Just mining oil shale, without reference to other sectors of the economy, the banking sector, the political, economic situation. Spherical crap in a vacuum. The fact that the slate will remain is obvious. But as it will not be earlier, the rules have changed. We will see.
  24. Tank jacket April 6 2020 20: 24 New
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    U.S. mining companies may default on $ 2020 billion in debt during 32 if coronavirus and Russia continue to strike in the energy industry. According to Fitch Ratings, the debt default rate could be 17%. Before the coronavirus pandemic, experts of this company predicted defaults on loans at a loss of 7%.
    1. iouris April 7 2020 01: 20 New
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      Quote: Tank jacket
      may be defaulted during 2020

      As the saying goes, "do not wait!" 1) For the USA, this is a tiny amount. 2) Everything is insured. 3) Turn on the "machine" and automatically all their debts will fall on us. A heavy burden. And we do not have a "machine", nor insurance.
      1. Tank jacket April 7 2020 07: 39 New
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        They printed 5 trillion just now, not a dollar fell into the real sector of the economy ... Everything went into the financial sector to patch holes ...
  25. The comment was deleted.
  26. Amper April 6 2020 21: 07 New
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    Perhaps it already, like gas, does not belong to Russia, vague doubts torment me ..
  27. Victor19 April 6 2020 21: 46 New
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    Extremely unconvincing article. The number of drilling rigs (operating) in the USA has decreased from 772 (as of March 20.03) to 664 (as of April 03.04, information from Baker Hughes) and is now continuing to decline. The fact is real - shale workers are operating at a loss. And not the fact that the government will take them on its neck. They already have Boeing bankrupt (60 billion promised) and a “mortally wounded ferrous metallurgy” (an epithet from the Americans themselves), which even ultra-high steel duties do not save.
    1. aybolyt678 April 7 2020 05: 24 New
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      Quote: Victor19
      The fact is real - shale workers are operating at a loss.

      do not allow misinformation? Fake is a national trait of Americans, and then there were 772 664, this is not a system indicator. Just some are covered
  28. EXPrompt April 6 2020 22: 13 New
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    Sorry author - but this is nonsense.
    Whiting Penoleum has a debt of 2,2 yards. These debts were made in satisfying times with an oil price of 40-50.
    Why did you decide that Occidental Petroleum, which bought Anadarko, changed the cost of the latest oil shale production price to $ 15 .. what did you conclude?
    If this would be real, the cost of production is 15-20, then today there would be no squeals from shale workers in the USA.
    1. Spring fluff April 7 2020 02: 24 New
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      In the process of bankruptcy (in American - protection against bankruptcy), all debt will be converted into new shares. The company will continue to work without debt. Info is not difficult to find
      1. EXPrompt April 7 2020 16: 57 New
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        Then what?
        Oil tomorrow at $ 60 will not ..
        Will make new debts.
  29. NordUral April 6 2020 22: 59 New
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    In America, the approach is different. Here, in the first place, the financial recovery of the company by freezing or restructuring debts, or selling a bankrupt company along with its debts to more successful business players.


    That's the thing! And we have:
    In our country, this process is left to the mercy of the arbitration manager appointed by the court, who, as a rule, sells the assets and property of companies for settlement with lenders ranked by rank.


    Fucking students, liberalists. Or they didn’t learn from America, which is true.
  30. Photon April 7 2020 02: 56 New
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    Quote: iouris
    We (the state tricolor) are no longer at the Olympics. I wonder why?

    Because, the last two times the tricolor was raised by Vlasov, and then Yeltsin.
  31. aybolyt678 April 7 2020 05: 20 New
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    Fighting for an increase in oil production and for places on the market for its sale is like competing who will drink more vodka!
  32. Alexander Kafa April 7 2020 08: 00 New
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    If there wasn’t a perfect storm, then the author might have been right, but today is an oil painting. Here you have a drop in demand and overproduction and a crisis in the labor market and a crisis in the banking sector and an epidemic. This is not just a crisis of 2008. Now the collapse is coming, and we will see how the bubbles swollen due to loans will explode. This is where the question arises: when will the banks decide that they can finance a new bubble?
  33. EvilLion April 7 2020 08: 44 New
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    America is a country gas station. Waiting for an oil needle.
  34. lazy April 7 2020 09: 59 New
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    It’s a pity that Trump did not read this article, he took it and said that America risks losing an entire industry, And the fuss and pressure on us and the Saudis, of course, are due to the fact that the American shale is firmly on its feet. the article is trying to prove that black is white, it is a pity that it is impossible to minus articles
  35. VicktorVR April 7 2020 10: 43 New
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    This is also evident from the way it aimed at the local ExxonMobil deposits. Last year, she sold her assets in Norway and put up for sale assets in Azerbaijan, Malaysia, Thailand, Vietnam, Indonesia and Australia.

    Exxon plans to invest the proceeds in shale projects. She does this not out of high patriotic feelings, but solely for the sake of self-interest.


    Or maybe they realized that “the case smells like acetone” and that from countries of the second or third grade they will soon be “asked for a way out,” without any things?
    And that the United States will soon (relatively) be in a serious crisis and oil will use its own, at domestic prices?
    1. iouris April 8 2020 00: 30 New
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      Quote: VicktorVR
      The US will soon (relatively) be in a serious crisis

      So everyone will be. Thin will die.
  36. nikolaj1703 April 8 2020 10: 44 New
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    Shale oil is good for producing gasoline and EVERYTHING. Why the US is buying heavy Venezuelan oil, you won’t be full of gasoline.
  37. Dmitry V. April 8 2020 14: 58 New
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    In general, it is true - redistribution of loot to stronger players.
    But he doesn’t ask for a drill or drink and can change owners and get into work at any time favorable for mining.
    Well, weak shale will die when the price levels out, larger ones will replace them.
    1. Vadim237 April 8 2020 21: 46 New
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      From the beginning, it will be necessary to cover the losses, but they are big there. You will need to restore equipment to purchase special hydraulic fluids, etc., and only then can you pump it and then not for long as the shale deposits in America begin to deplete.
  38. Horlian April 13 2020 07: 01 New
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    What a pity that giants like ExxonMobil и Chevron did not read this article.
    And then they are already reducing investment in oil shale.
    The author hastened, the deflection was not counted, well, nothing happens)))