Oil’s well that ends well? I’m heading to an energy conference in Texas this week, and it is striking to reflect on the change in attitudes in just one year. A year ago today, the front-month West Texas Intermediate crude future closed at $33.75 per barrel.
Category: West, TX
At $60,000 an Acre, Permian May Be Too Ritzy as Crude Rises
Record prices for drilling rights in the Permian Basin, the most fertile U.S. shale field, are prompting oil companies and private equity investors to look elsewhere for the next big gushers. Explorers eager to tap the basin’s mile-thick stack of oil-soaked rock layers have paid as much as $60,000 an acre.
Wall Street’s Love Affair With Energy Heats Up as Rigs Roll Out
Wall Street is throwing the most money at U.S. energy companies since at least 2000 amid growing confidence that the industry is emerging from the worst downturn in a generation. Energy firms raised $6.64 billion in 13 equity offerings in January, drawn in by a rich combination of oil prices consistently above $50 a barrel and a rush to drill that’s doubled the rigs in use in the U.S. and Canada since May. The biggest change from last year: Oilfield servicers that provide the rigs, fracking equipment and sand used by drillers.
Futures, Asia Higher After Record Wednesday
Futures for U.S. markets indicate a higher open Thursday after a record Wednesday as investors cheer the new administration’s policies and are buoyed by the latest earnings season. The Dow Jones Industrial Average added 0.09%, the S&P 500 0.04% and Nasdaq 0.14% at 9:07 p.m. EST.