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“There will be a shift out of West Texas temporarily until they can solve their midstream problems,” he said. Companies are looking to boost their drilling in other fields in Texas, Colorado and Oklahoma, he said. Suppliers including sand and rail companies say they are hedging their bets by expanding elsewhere. The price discount on Permian oil has hurt the share price of shale producers such as Parsley Energy (PE.N), which operates only in the Permian. Parsley delivered an eight fold-rise in profits in the second quarter versus a year earlier, and boosted output by 57 percent over the same period.
But investors have burberry cufflinks sale dumped the stock on concern that plans to increase output by another 5 percent by spending 17 percent more will deliver diminishing returns, Parsley’s shares are down about 8 percent since the company reported results on Aug, 7, Spending plans in 2018 by 53 independent U.S, producers have risen a combined 18 percent over 2017, to $63.2 billion, according to investment firm Cowen & Co, The U.S, in August produced a record 11 million bpd and continued investment in the Permian should see the country’s total output to hit an average of 11.5 million bpd in 2019..
But rising costs and bottlenecks have already slowed the pace of growth. Consultancy Wood Mackenzie estimates Permian oil production in 2019 will be 200,000 barrels per day (bpd) less than it could be because of transport constraints. Permian output will be 3.9 million bpd next year, Wood Mackenzie estimates, but could have been 4.1 million bpd if more pipeline space were available. “We’ve had a more significant increase in costs this year than we would have assumed,” Timothy Dove, chief executive of Pioneer Natural Resources, one of the largest Permian oil producers, said in August.
Smaller producers without contracts to use pipelines are getting hurt most because they are forced to use trucks and railcars, Shipping oil by truck to Gulf Coast refinery and export hubs costs $15 to $25 a barrel, compared to $8 to $12 a barrel by rail and less than $4 a barrel by pipeline, according to market sources, The shift is leading to burberry cufflinks sale traffic jams on highways and rail crossings in far-flung parts of the Permian shale fields, It also means fuel for supply vehicles and fracking equipment can be in short supply locally..
“Truck traffic is unlike anything we’ve ever seen,” said James Walter, co-CEO of Colgate Energy, a Midland-Texas based oil producer, who adds his company has agreements to transport all of its crude and gas production via pipelines. Rail capacity is unlikely to increase because oil producers are reluctant to sign up to long-term contracts to lease rail cars. They would prefer to wait for the new pipelines to be built. Planned pipelines out of the Permian will add about 3 million bpd of oil capacity by late 2020, estimates Wood Mackenzie.
Rail firms are reluctant to buy new oil railcars without long-term contracts, “We do think it’s burberry cufflinks sale a short-term situation,” Union Pacific Executive Vice President Beth Whited said in July, “So we will not invest to support that.”, Sand suppliers have moved quickly to alleviate one supply shortage by opening new operations, Some 15 sand mines have popped up in the Permian in the past year, creating a $1.2 billion industry almost overnight, consultancy Rystad Energy estimates..
BERLIN (Reuters) - German carmaker Volkswagen (VOWG_p.DE) has agreed to help with hardware retrofits for diesel cars but some details still need to be discussed while BMW (BMWG.DE) has refused such retrofits, German Transport Minister Andreas Scheuer said on Tuesday. He told a news conference that Daimler (DAIGn.DE) has said it could consider hardware retrofits but would concentrate on trade-in incentives of up to 5,000 euros ($5,755.50) that encourage vehicle owners to switch their older diesel cars for newer, cleaner ones.
PARIS (Reuters) - German carmaker BMW (BMWG.DE) sees a 50:50 chance burberry cufflinks sale of Britain leaving the European Union without a trade agreement, which would force it to shift more production of Mini vehicles to the Netherlands, Chief Executive Harald Krueger said on Tuesday, “I told (UK Prime Minister Theresa May and the European Union that if there is a hard Brexit, both sides are losers, We will no longer fulfill trade agreements and then we are forced to build the car in the Netherlands,” Krueger told journalists at the Paris Motor Show..