American Oil and Gas Reporter - January 2020 - 35

Goldman Sachs foresees Brent and WTI averaging $63.00
and $58.50 a barrel, respectively, while EIA comes in at $60.51
and $55.01 for Brent and WTI, respectively, compared with
2019 averages of $63.93 and $56.74. Fitch Ratings predicts
2020 Brent prices will average $62.50 a barrel.
Those compare with the $53.75 a barrel WTI and $58.00 a
barrel Brent being budgeted by companies surveyed by Evercore
ISI for its 2020 Spending Outlook.
Respondents to The American Oil & Gas Reporter's Survey
of Independent Operators, which was e-mailed to readers in
late November/early December, say they anticipate WTI averaging
$55.59 a barrel this year.
In the Federal Reserve Bank of Kansas City's Third Quarter
Energy Survey of energy companies in the 10th District (Kansas,
Colorado, Nebraska, Oklahoma, Wyoming, western third of
Missouri and northern half of New Mexico), which was conducted
Sept. 16-30 and released Oct. 11, executives projected WTI
prices of $58, $60 and $63 a barrel six months, one year and
two years out, respectively.
Asked what oil price was needed to be profitable, the KC
Fed says its companies replied with a range of $35-$75,
averaging $55.00 a barrel.
Projected Activity
Evercore is projecting U.S. drilling budgets will decline
7.1% this year after falling 6.0% in 2019. West says Evercore
calculates the U.S. rig count will decline about 10% YoY, but
that completions should be down only 3%-5% as producers
continue to work their way through their remaining inventories
of drilled but uncompleted wells.

FIGURE 2
Operators' 2020 Drilling and Spending Plans
Compared with 2019

13.3

13.6
34.1

37.8
48.9

52.3

Will Drill More

Will Spend More

Will Drill Same

Will Spend Same

Will Drill Less

Will Spend Less

"We do think that once budgets reset in the new year that the
rig count should start to increase, but even with those increases
it will not be enough to make up where it has fallen from since
the start of 2019," he comments.
Narra says Raymond James is projecting U.S. capex will be
down 15% this year in the $55 oil environment indicated by the
New York Mercantile Exchange two-year futures strip in midDecember. However, he adds, if oil prices reach the $65 level
Raymond James is projecting, "We certainly think there is
potential for (capex) to increase, although because of (operators'
pledge to maintain) capital discipline, we think capex still is
going to be down 5%, even if our price forecast is correct."

Learn more at
dnow.com/morecapacity

JANUARY 2020 35



http://www.dnow.com/morecapacity

American Oil and Gas Reporter - January 2020

Table of Contents for the Digital Edition of American Oil and Gas Reporter - January 2020

Contents
American Oil and Gas Reporter - January 2020 - Intro
American Oil and Gas Reporter - January 2020 - 1
American Oil and Gas Reporter - January 2020 - 2
American Oil and Gas Reporter - January 2020 - Contents
American Oil and Gas Reporter - January 2020 - 4
American Oil and Gas Reporter - January 2020 - 5
American Oil and Gas Reporter - January 2020 - 6
American Oil and Gas Reporter - January 2020 - 7
American Oil and Gas Reporter - January 2020 - 8
American Oil and Gas Reporter - January 2020 - 9
American Oil and Gas Reporter - January 2020 - 10
American Oil and Gas Reporter - January 2020 - 11
American Oil and Gas Reporter - January 2020 - 12
American Oil and Gas Reporter - January 2020 - 13
American Oil and Gas Reporter - January 2020 - 14
American Oil and Gas Reporter - January 2020 - 15
American Oil and Gas Reporter - January 2020 - 16
American Oil and Gas Reporter - January 2020 - 17
American Oil and Gas Reporter - January 2020 - 18
American Oil and Gas Reporter - January 2020 - 19
American Oil and Gas Reporter - January 2020 - 20
American Oil and Gas Reporter - January 2020 - 21
American Oil and Gas Reporter - January 2020 - 22
American Oil and Gas Reporter - January 2020 - 23
American Oil and Gas Reporter - January 2020 - 24
American Oil and Gas Reporter - January 2020 - 25
American Oil and Gas Reporter - January 2020 - 26
American Oil and Gas Reporter - January 2020 - 27
American Oil and Gas Reporter - January 2020 - 28
American Oil and Gas Reporter - January 2020 - 29
American Oil and Gas Reporter - January 2020 - 30
American Oil and Gas Reporter - January 2020 - 31
American Oil and Gas Reporter - January 2020 - 32
American Oil and Gas Reporter - January 2020 - 33
American Oil and Gas Reporter - January 2020 - 34
American Oil and Gas Reporter - January 2020 - 35
American Oil and Gas Reporter - January 2020 - 36
American Oil and Gas Reporter - January 2020 - 37
American Oil and Gas Reporter - January 2020 - 38
American Oil and Gas Reporter - January 2020 - 39
American Oil and Gas Reporter - January 2020 - 40
American Oil and Gas Reporter - January 2020 - 41
American Oil and Gas Reporter - January 2020 - 42
American Oil and Gas Reporter - January 2020 - 43
American Oil and Gas Reporter - January 2020 - 44
American Oil and Gas Reporter - January 2020 - 45
American Oil and Gas Reporter - January 2020 - 46
American Oil and Gas Reporter - January 2020 - 47
American Oil and Gas Reporter - January 2020 - 48
American Oil and Gas Reporter - January 2020 - 49
American Oil and Gas Reporter - January 2020 - 50
American Oil and Gas Reporter - January 2020 - 51
American Oil and Gas Reporter - January 2020 - 52
American Oil and Gas Reporter - January 2020 - 53
American Oil and Gas Reporter - January 2020 - 54
American Oil and Gas Reporter - January 2020 - 55
American Oil and Gas Reporter - January 2020 - 56
American Oil and Gas Reporter - January 2020 - 57
American Oil and Gas Reporter - January 2020 - 58
American Oil and Gas Reporter - January 2020 - 59
American Oil and Gas Reporter - January 2020 - 60
American Oil and Gas Reporter - January 2020 - 61
American Oil and Gas Reporter - January 2020 - 62
American Oil and Gas Reporter - January 2020 - 63
American Oil and Gas Reporter - January 2020 - 64
American Oil and Gas Reporter - January 2020 - 65
American Oil and Gas Reporter - January 2020 - 66
American Oil and Gas Reporter - January 2020 - 67
American Oil and Gas Reporter - January 2020 - 68
American Oil and Gas Reporter - January 2020 - 69
American Oil and Gas Reporter - January 2020 - 70
American Oil and Gas Reporter - January 2020 - 71
American Oil and Gas Reporter - January 2020 - 72
American Oil and Gas Reporter - January 2020 - 73
American Oil and Gas Reporter - January 2020 - 74
American Oil and Gas Reporter - January 2020 - 75
American Oil and Gas Reporter - January 2020 - 76
American Oil and Gas Reporter - January 2020 - 77
American Oil and Gas Reporter - January 2020 - 78
American Oil and Gas Reporter - January 2020 - 79
American Oil and Gas Reporter - January 2020 - 80
American Oil and Gas Reporter - January 2020 - 81
American Oil and Gas Reporter - January 2020 - 82
American Oil and Gas Reporter - January 2020 - 83
American Oil and Gas Reporter - January 2020 - 84
American Oil and Gas Reporter - January 2020 - 85
American Oil and Gas Reporter - January 2020 - 86
American Oil and Gas Reporter - January 2020 - 87
American Oil and Gas Reporter - January 2020 - 88
American Oil and Gas Reporter - January 2020 - 89
American Oil and Gas Reporter - January 2020 - 90
American Oil and Gas Reporter - January 2020 - 91
American Oil and Gas Reporter - January 2020 - 92
American Oil and Gas Reporter - January 2020 - 93
American Oil and Gas Reporter - January 2020 - 94
American Oil and Gas Reporter - January 2020 - 95
American Oil and Gas Reporter - January 2020 - 96
American Oil and Gas Reporter - January 2020 - 97
American Oil and Gas Reporter - January 2020 - 98
American Oil and Gas Reporter - January 2020 - 99
American Oil and Gas Reporter - January 2020 - 100
American Oil and Gas Reporter - January 2020 - 101
American Oil and Gas Reporter - January 2020 - 102
American Oil and Gas Reporter - January 2020 - 103
American Oil and Gas Reporter - January 2020 - 104
American Oil and Gas Reporter - January 2020 - 105
American Oil and Gas Reporter - January 2020 - 106
American Oil and Gas Reporter - January 2020 - 107
American Oil and Gas Reporter - January 2020 - 108
American Oil and Gas Reporter - January 2020 - 109
American Oil and Gas Reporter - January 2020 - 110
American Oil and Gas Reporter - January 2020 - 111
American Oil and Gas Reporter - January 2020 - 112
American Oil and Gas Reporter - January 2020 - 113
American Oil and Gas Reporter - January 2020 - 114
American Oil and Gas Reporter - January 2020 - 115
American Oil and Gas Reporter - January 2020 - 116
https://www.nxtbook.com/nxtbooks/aogr/202404
https://www.nxtbook.com/nxtbooks/aogr/202403
https://www.nxtbook.com/nxtbooks/aogr/202402
https://www.nxtbook.com/nxtbooks/aogr/202401
https://www.nxtbook.com/nxtbooks/aogr/202312
https://www.nxtbook.com/nxtbooks/aogr/202311
https://www.nxtbook.com/nxtbooks/aogr/pbios_202310
https://www.nxtbook.com/nxtbooks/aogr/202309
https://www.nxtbook.com/nxtbooks/aogr/202308
https://www.nxtbook.com/nxtbooks/aogr/202307
https://www.nxtbook.com/nxtbooks/aogr/202306
https://www.nxtbook.com/nxtbooks/aogr/202305
https://www.nxtbook.com/nxtbooks/aogr/202304
https://www.nxtbook.com/nxtbooks/aogr/202303
https://www.nxtbook.com/nxtbooks/aogr/202302
https://www.nxtbook.com/nxtbooks/aogr/202301
https://www.nxtbook.com/nxtbooks/aogr/202212
https://www.nxtbook.com/nxtbooks/aogr/202211
https://www.nxtbook.com/nxtbooks/aogr/202210
https://www.nxtbook.com/nxtbooks/aogr/202209
https://www.nxtbook.com/nxtbooks/aogr/202208
https://www.nxtbook.com/nxtbooks/aogr/202207
https://www.nxtbook.com/nxtbooks/aogr/202206
https://www.nxtbook.com/nxtbooks/aogr/202205
https://www.nxtbook.com/nxtbooks/aogr/202204
https://www.nxtbook.com/nxtbooks/aogr/202203
https://www.nxtbook.com/nxtbooks/aogr/202202
https://www.nxtbook.com/nxtbooks/aogr/202201
https://www.nxtbook.com/nxtbooks/aogr/202112
https://www.nxtbook.com/nxtbooks/aogr/202111
https://www.nxtbook.com/nxtbooks/aogr/pbios_202110
https://www.nxtbook.com/nxtbooks/aogr/202109
https://www.nxtbook.com/nxtbooks/aogr/202108
https://www.nxtbook.com/nxtbooks/aogr/202107
https://www.nxtbook.com/nxtbooks/aogr/202106
https://www.nxtbook.com/nxtbooks/aogr/202105
https://www.nxtbook.com/nxtbooks/aogr/202104
https://www.nxtbook.com/nxtbooks/aogr/202103
https://www.nxtbook.com/nxtbooks/aogr/202102
https://www.nxtbook.com/nxtbooks/aogr/202101
https://www.nxtbook.com/nxtbooks/aogr/202012
https://www.nxtbook.com/nxtbooks/aogr/202011
https://www.nxtbook.com/nxtbooks/aogr/202010
https://www.nxtbook.com/nxtbooks/aogr/202009
https://www.nxtbook.com/nxtbooks/aogr/202008
https://www.nxtbook.com/nxtbooks/aogr/202007
https://www.nxtbook.com/nxtbooks/aogr/202006
https://www.nxtbook.com/nxtbooks/aogr/202005
https://www.nxtbook.com/nxtbooks/aogr/202004
https://www.nxtbook.com/nxtbooks/aogr/202003
https://www.nxtbook.com/nxtbooks/aogr/202002
https://www.nxtbook.com/nxtbooks/aogr/202001
https://www.nxtbook.com/nxtbooks/aogr/201912
https://www.nxtbook.com/nxtbooks/aogr/201911
https://www.nxtbook.com/nxtbooks/aogr/201910
https://www.nxtbook.com/nxtbooks/aogr/201909
https://www.nxtbook.com/nxtbooks/aogr/201908
https://www.nxtbook.com/nxtbooks/aogr/201907
https://www.nxtbook.com/nxtbooks/aogr/201906
https://www.nxtbook.com/nxtbooks/aogr/201905
https://www.nxtbook.com/nxtbooks/aogr/201904
https://www.nxtbook.com/nxtbooks/aogr/201903
https://www.nxtbook.com/nxtbooks/aogr/201902
https://www.nxtbook.com/nxtbooks/aogr/201901
https://www.nxtbook.com/nxtbooks/aogr/201812
https://www.nxtbook.com/nxtbooks/aogr/201811
https://www.nxtbook.com/nxtbooks/aogr/201810
https://www.nxtbook.com/nxtbooks/aogr/pbios_201810
https://www.nxtbook.com/nxtbooks/aogr/201809
https://www.nxtbook.com/nxtbooks/aogr/201808
https://www.nxtbook.com/nxtbooks/aogr/201807
https://www.nxtbook.com/nxtbooks/aogr/201806
https://www.nxtbook.com/nxtbooks/aogr/201805
https://www.nxtbook.com/nxtbooks/aogr/201804
https://www.nxtbook.com/nxtbooks/aogr/201803
https://www.nxtbook.com/nxtbooks/aogr/201802
https://www.nxtbook.com/nxtbooks/aogr/201801
https://www.nxtbook.com/nxtbooks/aogr/201712
https://www.nxtbook.com/nxtbooks/aogr/201711
https://www.nxtbook.com/nxtbooks/aogr/201710
https://www.nxtbook.com/nxtbooks/aogr/201709
https://www.nxtbook.com/nxtbooks/aogr/201708
https://www.nxtbook.com/nxtbooks/aogr/201707
https://www.nxtbook.com/nxtbooks/aogr/201706
https://www.nxtbook.com/nxtbooks/aogr/201705
https://www.nxtbook.com/nxtbooks/aogr/201704
https://www.nxtbook.com/nxtbooks/aogr/201703
https://www.nxtbook.com/nxtbooks/aogr/201702
https://www.nxtbook.com/nxtbooks/aogr/201701
https://www.nxtbook.com/nxtbooks/aogr/201612
https://www.nxtbook.com/nxtbooks/aogr/201611
https://www.nxtbook.com/nxtbooks/aogr/201610
https://www.nxtbook.com/nxtbooks/aogr/pbios2016_programguide
https://www.nxtbook.com/nxtbooks/aogr/201609
https://www.nxtbook.com/nxtbooks/aogr/201608
https://www.nxtbook.com/nxtbooks/aogr/201607
https://www.nxtbook.com/nxtbooks/aogr/201606
https://www.nxtbook.com/nxtbooks/aogr/201605
https://www.nxtbook.com/nxtbooks/aogr/201604
https://www.nxtbook.com/nxtbooks/aogr/201603
https://www.nxtbook.com/nxtbooks/aogr/201602
https://www.nxtbook.com/nxtbooks/aogr/201601
https://www.nxtbook.com/nxtbooks/aogr/201512
https://www.nxtbook.com/nxtbooks/aogr/201511
https://www.nxtbook.com/nxtbooks/aogr/201510
https://www.nxtbook.com/nxtbooks/aogr/201509
https://www.nxtbook.com/nxtbooks/aogr/201508
https://www.nxtbook.com/nxtbooks/aogr/201507
https://www.nxtbook.com/nxtbooks/aogr/201506
https://www.nxtbook.com/nxtbooks/aogr/201505
https://www.nxtbook.com/nxtbooks/aogr/201504
https://www.nxtbook.com/nxtbooks/aogr/201503
https://www.nxtbook.com/nxtbooks/aogr/201502
https://www.nxtbook.com/nxtbooks/aogr/201501
https://www.nxtbook.com/nxtbooks/aogr/201412
https://www.nxtbook.com/nxtbooks/aogr/201411
https://www.nxtbook.com/nxtbooks/aogr/201410
https://www.nxtbook.com/nxtbooks/aogr/201409
https://www.nxtbook.com/nxtbooks/aogr/pbios2014_programguide
https://www.nxtbook.com/nxtbooks/aogr/201408
https://www.nxtbook.com/nxtbooks/aogr/201407
https://www.nxtbook.com/nxtbooks/aogr/201406
https://www.nxtbook.com/nxtbooks/aogr/201405
https://www.nxtbook.com/nxtbooks/aogr/201404
https://www.nxtbook.com/nxtbooks/aogr/201403
https://www.nxtbook.com/nxtbooks/aogr/201402
https://www.nxtbook.com/nxtbooks/aogr/201401
https://www.nxtbook.com/nxtbooks/aogr/201312
https://www.nxtbook.com/nxtbooks/aogr/201311
https://www.nxtbook.com/nxtbooks/aogr/201310
https://www.nxtbook.com/nxtbooks/aogr/201309
https://www.nxtbook.com/nxtbooks/aogr/201308
https://www.nxtbook.com/nxtbooks/aogr/201307
https://www.nxtbook.com/nxtbooks/aogr/201306
https://www.nxtbook.com/nxtbooks/aogr/201305
https://www.nxtbook.com/nxtbooks/aogr/201304
https://www.nxtbook.com/nxtbooks/aogr/201303
https://www.nxtbook.com/nxtbooks/aogr/201302
https://www.nxtbook.com/nxtbooks/aogr/201301
https://www.nxtbook.com/nxtbooks/aogr/201212
https://www.nxtbook.com/nxtbooks/aogr/201211
https://www.nxtbook.com/nxtbooks/aogr/201210
https://www.nxtbook.com/nxtbooks/aogr/201209
https://www.nxtbook.com/nxtbooks/aogr/2012_pbios
https://www.nxtbook.com/nxtbooks/aogr/201208
https://www.nxtbook.com/nxtbooks/aogr/201207
https://www.nxtbook.com/nxtbooks/aogr/201206
https://www.nxtbook.com/nxtbooks/aogr/201205
https://www.nxtbook.com/nxtbooks/aogr/201204
https://www.nxtbook.com/nxtbooks/aogr/201203
https://www.nxtbook.com/nxtbooks/aogr/201202
https://www.nxtbook.com/nxtbooks/aogr/201201
https://www.nxtbook.com/nxtbooks/demo/aogr_clone
https://www.nxtbook.com/nxtbooks/aogr/201112
https://www.nxtbookmedia.com