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Oil giants are preparing to cut their international spending increases in half next year in response to falling crude prices, dealing another blow to a global market already facing a slowdown in production from U.S. shale fields.
As a professional PDC cutter manufacturer, we pay attention to global news. Some of the world's largest oil and gas companies are expected to increase their international budgets by 12 percent in 2023, down from a 26 percent increase this year, according to an Evercore ISI survey. Spending growth in North America is also expected to be cut in half, up about 18 percent. As the industry rebounds after a recession caused by the New Crown epidemic, causing its budget to soar this year. Since we have types of drill bits in oil and gas, it is necessary for us to keep up with the global trend.
Evercore analyst James West said next year's budget is based on expectations for U.S. oil prices of $78 per barrel. That's lower than the $83 per barrel forecast in Evercore's mid-year spending survey released in July of this year. And we have PDC bit for sale.
West said, "Production growth in U.S. shale may have peaked as declining well production and increasingly challenging geological conditions limit growth." The largest companies "have cut their international spending by 68% from the 2013 peak to the 2021 trough and are increasing spending at a slower pace as they prioritize capital discipline."
