A guest post by Ovi
All of the oil (C + C) production data for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM. After the production charts, an analysis of three EIA monthly reports that project future production is provided. The charts below are updated to May 2021 for the 10 largest US oil producing states.
Comments not related to oil and/or natural gas production in this thread, please. Thanks.
Read MoreOver this century the oil sands business has consolidated into three main players: CNRL, Suncor and Cenovus, all of which have shown considerable organic and total growth in reserves and production (and presumably debt). After this growth period it looks like things are plateauing at the moment. Oil sands projects have longer life cycles than conventional (e.g. 50 versus 20) and hence slower decline and depletion rates and longer plateaus. Most of the other companies have pulled out in the last five years, Shell has downsized and ExxonMobil’s assets are susceptible to price swings and it has put new developments on hold
Husky was a fourth Canadian company with significant interests, though less than the others, but the data and some news stories don’t show it to have been a particularly well-run company and it was taken over by Cenovus last year.
Canadian companies present annual data on SEC form 40-f (and a Canadian equivalent) and it is extremely detailed, in particular it is the only remaining readily accessible source for a Company’s probable reserve data that I know of. All SEC filings can be difficult to follow before 2009, especially Canadian ones as Bitumen mining could not be listed as part of oil and gas operations, in-situ SAGD could, but companies chose to list the product either grouped in with heavy oil or as separate entities (raw bitumen or synthetic oil). As further examples NGL was originally listed separately then it wasn’t and then it was again; reserves were listed as net only then net and gross and then gross alone and the layout of the forms changed every year until 2011.
Cenovus was created in 2009 when it was split off from Encana taking the oil assets, while the gas business remained with the original company, which has since been renamed Ovintiv. I couldn’t find data for 2006 but it is probably somewhere in the Ovintiv filings. It grew significantly in 2017 when it acquired ConocoPhillips’ assets in Western Canada. It is now exclusively an Oil Sands company. Its debt load must be quite high.
The oil sands replacement ratio has plummeted in the last decade but may be stabilizing at around 100%.
Comments not related to oil or natural gas production in this thread. Thanks.
The OPEC Monthly Oil Market Report for July 2021 was published this past week. The last month reported in each of the charts that follow is June 2021 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In the charts that follow the blue line with markers is monthly average output and the red line without markers is the centered twelve month average (CTMA) output.
