American Oil and Gas Reporter - February 2021 - 81

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noting that it fell 45.8% in 2020 and
6.4% in 2019. " The United States and
Canada should increase by 5.4% and
3.0% respectively, with the U.S. rebounding to about its 2016 trough while
Canada remains 33% lower, " Evercore
projects. " Internationally we forecast
year-over-year growth of 7.2% in 2021
following relatively modest declines of
17.9% in 2020. Growth tends to lag the
United States and total 2021 international
spending could be within 2% of its
2017 trough. "
According to Evercore, producers are
using $42 West Texas Intermediate and
$2.70 Henry Hub decks for their 2021
budgets. " Commodity price expectations
improved since our Mid-Year 2020 update
but remain more than 20% below the
year-ago level and on par with mid-2016
averages, " the firm says. " Budgets will
reset higher at $53 WTI and $3.50 HH
and lower at $36 WTI and $2 HH. "
The report goes on to emphasize that
cash flow and the oil price are more important than ever. " Cash flow and the oil
price has ranked number one or number
two as the key determinant for exploration
and production spending since 2011, but
this is the first year they are tied, " the
report details. " Cash flow also was cited
as the primary bottleneck to hitting production targets. Capital availability is a
distant third as operators increasingly
prioritize spending within cash flow and
service costs made its strongest showing
in fifth place. "
Meanwhile, the report predicts no surprises in traditional oil field services. Only
6% of respondents cited service availability
as a determinant for their 2021 spending,

but fracturing/stimulation remains the
most important technology impacting capital expenditure plans. " Pressure pumping
equipment led pricing contraction in 2020
and slightly more anticipate further pricing
contraction in 2021 than pricing increases, "
Evercore reports. " Overall three-quarters
expect oil field services pricing to remain
stable as they continue to abstain from
exploration with economics largely poor
or fair worldwide. "
Evercore acknowledges capital constraints as a factor in producers' hesitancy
to test and adopt new technologies, but it
goes on to note that companies acknowl-

edge greater need for technology innovations in artificial intelligence and machine learning to improve data processing
and in billing and corporate level systems.
Meanwhile, the firm says, conversations around returns on capital and
shareholder alignment continue to increase. While only 15% of participants
said they would expand their target resource base to include renewable energy,
a majority indicated a willingness to
switch to a service or technology to cut
carbon dioxide emissions, with 40%
saying they were willing to pay as much
as 20% more to do so.
❒

CorEnergy Announces
Crimson Midstream Deal
KANSAS CITY, MO.-CorEnergy Infrastructure Trust Inc. says it has acquired
Crimson Midstream Holdings LLC for
consideration valued at $350 million. The
acquired assets include four critical infrastructure pipeline systems spanning
1,800 miles across northern, central and
southern California, connecting native
California crude production to in-state
refineries that produce state-mandated
specialized fuel blends.
Dave Schulte will remain as CorEnergy
chairman, president and chief executive
officer. John Grier, founder and chairman
of Crimson Midstream, will become chief
operating officer and join CorEnergy's
Board of Directors. Additional members
of Crimson's executive and operating
teams joining CorEnergy, include Robert
Waldron and Larry Alexander.
❒
FEBRUARY 2021 81


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American Oil and Gas Reporter - February 2021

Table of Contents for the Digital Edition of American Oil and Gas Reporter - February 2021

Contents
American Oil and Gas Reporter - February 2021 - 1
American Oil and Gas Reporter - February 2021 - Cover1
American Oil and Gas Reporter - February 2021 - Cover2
American Oil and Gas Reporter - February 2021 - Contents
American Oil and Gas Reporter - February 2021 - 4
American Oil and Gas Reporter - February 2021 - 5
American Oil and Gas Reporter - February 2021 - 6
American Oil and Gas Reporter - February 2021 - 7
American Oil and Gas Reporter - February 2021 - 8
American Oil and Gas Reporter - February 2021 - 9
American Oil and Gas Reporter - February 2021 - 10
American Oil and Gas Reporter - February 2021 - 11
American Oil and Gas Reporter - February 2021 - 12
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American Oil and Gas Reporter - February 2021 - 14
American Oil and Gas Reporter - February 2021 - 15
American Oil and Gas Reporter - February 2021 - 16
American Oil and Gas Reporter - February 2021 - 17
American Oil and Gas Reporter - February 2021 - 18
American Oil and Gas Reporter - February 2021 - 19
American Oil and Gas Reporter - February 2021 - 20
American Oil and Gas Reporter - February 2021 - 21
American Oil and Gas Reporter - February 2021 - 22
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American Oil and Gas Reporter - February 2021 - 24
American Oil and Gas Reporter - February 2021 - 25
American Oil and Gas Reporter - February 2021 - 26
American Oil and Gas Reporter - February 2021 - 27
American Oil and Gas Reporter - February 2021 - 28
American Oil and Gas Reporter - February 2021 - 29
American Oil and Gas Reporter - February 2021 - 30
American Oil and Gas Reporter - February 2021 - 31
American Oil and Gas Reporter - February 2021 - 32
American Oil and Gas Reporter - February 2021 - 33
American Oil and Gas Reporter - February 2021 - 34
American Oil and Gas Reporter - February 2021 - 35
American Oil and Gas Reporter - February 2021 - 36
American Oil and Gas Reporter - February 2021 - 37
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American Oil and Gas Reporter - February 2021 - 53
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American Oil and Gas Reporter - February 2021 - 55
American Oil and Gas Reporter - February 2021 - 56
American Oil and Gas Reporter - February 2021 - 57
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American Oil and Gas Reporter - February 2021 - Cover3
American Oil and Gas Reporter - February 2021 - Cover4
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