for Capital Markets
The divergence in shale forecasts stems from differences over macroeconomic assumptions, price expectations, the supply chain outlook, and productivity projections.
As "invisible barrels" come offline, there will be a lag between when oil production is shuttered and the market reacts to the removal of those barrels.
North American crude oil producers are not cash flow positive, and haven’t been since the beginning of the shale boom. With oil prices set to stay low, here's how the sector will rebalance itself.