U.S. Oil & Gas Industry Chartbook
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1 U.S. Oil & Gas Industry Chartbook BBVA Research USA Houston, TX September 2015 DISCLAIMER This document was prepared by Banco Bilbao Vizcaya Argentaria s (BBVA) BBVA Research U.S. on behalf of itself and its affiliated companies (each BBVA Group Company) for distribution in the United States and the rest of the world and is provided for information purposes only. Within the US, BBVA operates primarily through its subsidiary Compass Bank. The information, opinions, estimates and forecasts contained herein refer to the specific date and are subject to changes without notice due to market fluctuations. The information, opinions, estimates and forecasts contained in this document have been gathered or obtained from public sources, believed to be correct by the Company concerning their accuracy, completeness, and/or correctness. This document is not an offer to sell or a solicitation to acquire or dispose of an interest in securities.
2 Bottom Line Prices may rise upon expectations that the Fed could increase interest rates before year end. The total active rig count continues to plummet and is at its lowest level since January The resiliency of U.S. production is easing, although levels remain high. We expect a steady decline in production going forward. Pressures on profitability will continue to result in consolidation and further cuts in capital spending and jobs by producers. The House will consider a bill that lifts the four-decade old ban on crude oil exports, with the potential to improve the trade balance and impact domestic fuel prices. Uncertainty about China and other emerging markets may intensify downward risks to prices.
3 Spot Prices WTI Spot Price (avg, $/bbl) EIA cuts its oil price forecasts Saudi Arabia refusal to cut production Nuclear deal between Iran and P5+1 OPEC stands ready to talk to all other producers Libyan production increases by more than 300% from June Iraqi production increases by 24% from previous year. OPEC announces weaker demand & U.S. production reaches record high Concerns on Chinese economy WTI at $44.91 as of September 24,
4 Spot Prices Crude Oil and Natural Gas Spot Prices U.S. economy expands 2.9% between Great Recession U.S. production of crude oil goes from 5.2 million B/D to 9.3 million B/D Cushing OK WTI Spot Price FOB (Dollars per Barrel), lhs Natural Gas Price, Henry Hub, LA {EIA} ($/mmbtu), rhs
5 Futures Prices WTI Futures ($/bbl) st expiring contract (nearby) 2-month 3-month 4-month 6-month 1-year 2-year
6 Futures Prices Natural Gas Futures ($/mmbtu) st expiring contract (nearby) 3 months ahead 6 months ahead 2.0 6
7 Forecasts EIA: Oil and Natural Gas Forecast Spot Crude Price: West Texas Intermediate ($/bbl, WSJ), lhs Henry Hub Spot Price ($/mmbtu), rhs Projections are generated by simulation of the EIA Regional Short-Term Energy Model Source: Energy Information Administration/ Haver Analytics 7
8 Supply and Demand Global Oil Supply and Demand Balance (mmbbl/day) month MA
9 Production Production for Top Crude Oil Producers (Thous. B/D) USA Saudi Arabia Russia Iraq
10 Production U.S. Crude Oil Field Production (mmbbl/day) North Dakota Texas 7 U.S
11 Rig Count U.S. Active Rig Count (units) Horizontal Vertical
12 Rig Count Rig Count Productivity (bbl/day) Bakken Eagle Ford Haynesville Marcellus Niobara Permian Utica Source: Energy Information Administration 12
13 Rig Count Rig Count Productivity (bbl/day) Bakken Productivity Eagle Ford Productivity Bakken Filtered Trend Eagle Ford Filtered Trend Rig Productivity Cycle Bakken Eagle Ford 13
14 Investment U.S. Real Private Fixed Investment: Mining Exploration/Shafts/Wells, % Change (SAAR, %)
15 Investment U.S. Real Private Fixed Investment: Contributions to % Change by Type of Structure (SAAR, %) Other structures Mining exploration, shafts & wells Power and communication Manufacturing Commercial/ Healthcare 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 15
16 Inventories U.S. Stocks of Crude Oil Excl. SPR (EOP, million barrels)
17 Inventories U.S. Stocks of Natural Gas (SA, End of WK, billion cubic feet)
18 Net Imports U.S. Production and Net Imports of Crude Oil (mmbbl/month) 350 Net Imports Production
19 Exchange Rate WTI ($/bbl) and U.S. Dollar Exchange Rate (Mar-73=100) 160 WTI 140 Real Broad Trade-Weighted
20 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Debt High Yield Bonds (option adjusted spreads relative to U.S. treasuries) Energy Total Source: Bloomberg 20
21 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Stock Markets S&P Daily Stock Market Capitalization (Bill.$) S&P 500 (lhs) E&P Index (rhs)
22 Gasoline Retail Gasoline Price ($/gallon)
23 Gasoline Gasoline Prime Supplier Sales Volume (Mil. Gallons/Day) Regular Premium (rhs)
24 Employment Change in Mining and Logging Employment (SA, Thous)
25 Employment YoY Change in Employees Texas (SA, Thous) Aug-13 Aug-14 Aug
26 Connect with us: BBVA ResearchUSA DISCLAIMER This document was prepared by Banco Bilbao Vizcaya Argentaria s (BBVA) BBVA Research U.S. on behalf of itself and its affiliated companies (each BBVA Group Company) for distribution in the United States and the rest of the world and is provided for information purposes only. Within the US, BBVA operates primarily through its subsidiary Compass Bank. The information, opinions, estimates and forecasts contained herein refer to the specific date and are subject to changes without notice due to market fluctuations. The information, opinions, estimates and forecasts contained in this document have been gathered or obtained from public sources, believed to be correct by the Company concerning their accuracy, completeness, and/or correctness. This document is not an offer to sell or a solicitation to acquire or dispose of an interest in securities.
U.S. Oil & Gas Industry Chartbook
U.S. Oil & Gas Industry Chartbook BBVA Research USA Houston, TX August 2015 DISCLAIMER This document was prepared by Banco Bilbao Vizcaya (BBVA) BBVA Research U.S. on behalf of itself and its affiliated
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