Oil Crosses $80 Again, Permian Shut-In Prices Remain Far Lower

Commodity
โดย Zacks Investment Research·Read original
Summary · why it matters

West Texas Intermediate crude oil has crossed the $80 per-barrel mark, well above the shut-in prices for existing wells in the Permian Basin, supporting continued production by major operators. According to the Federal Reserve Bank of Dallas, the shut-in price is $42 per barrel in the Midland sub-basin and $34 per barrel in the Delaware sub-basin. ExxonMobil, which is targeting 1.8 million oil-equivalent barrels of production from the Permian this year, has been using lightweight proppant technology to boost well recoveries by up to 20%. Chevron and ConocoPhillips are also positioned to benefit from current oil prices given their low-cost drilling opportunities across the Permian and other basins. ExxonMobil shares have gained 28% over the past year and carry a Zacks Rank #3, or Hold.

Impact on stocks 3

Energy▲ · 2 stocks
ConocoPhillips
COP
▲ PositiveDemandrelevance

High oil prices above shut-in costs support continued production, benefiting ConocoPhillips' low-cost drilling.

Chevron Corp
CVX
▲ PositiveDemandrelevance

High oil prices above shut-in costs support continued production, benefiting Chevron's low-cost drilling.

Energy Transition & Power Demand▲ · 1 stocks
Exxon Mobil Corp
XOM
▲ PositiveTechnologyrelevance

ExxonMobil uses lightweight proppant technology to boost well recoveries by up to 20%, enhancing profitability at high oil prices.

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