Meet the Directors of the Energy Information Agency (EIA) and the International Energy Agency (IEA), both of whom are responsible for their respective organizations grossly over estimating the future of American unconventional shale oil production over the next decade.
"51 US E&P companies we track together spent $18.2bn on capex in the second quarter of 2017, while cash flow from operations was $12.2b - negative free cashflow of $5.9bn. Nor was Q217 an anomaly."
How is the US shale oil industry going to continue to grow? Its NEVER been profitable. How can it pay off its legacy debt when its still losing money; losing money in spite of lower costs, higher productivity and oil prices supposedly $20 over "breakeven" prices? Where is the money going to keep coming from that will allow US LTO to keep growing? It will take 250,000 more shale oil wells, and nearly 3 trillion dollars for the IEA's ridiculous estimates to actually occur. And as to the EIA, not a lot better, the $64 question of the day is why in the hell do American tax payers have to pay for...really bad estimates?