U.S. crude production climbed to the highest level in more than 29 years last week as the shale boom moved the country closer to energy independence.
Output rose 0.9% to 8.95 million barrels a day, the most since June 1985, according to Energy Information Administration estimates. The combination of horizontal drilling and hydraulic fracturing, or fracking, has unlocked supplies from shale formations in the central U.S., including the Bakken in North Dakota and the Eagle Ford in Texas.
Production gains helped bolster U.S. inventories by 8.92 million barrels to 370.6 million barrels in the week ended Oct. 10, according to the EIA report.
U.S. crude production will rise to an average 8.54 million barrels a day this year, up from 7.45 million last year, the EIA said in its monthly Short-Term Energy Outlook on Oct. 7. Output is projected to climb 11% to 9.5 million barrels a day in 2015, the most since 1970.
West Texas Intermediate crude for December delivery slipped 94 cents, or 1.2% , to $80.84 a barrel at 11:13 a.m. Oct. 16 on the New York Mercantile Exchange. It touched $79.78, the lowest since June 29, 2012.
Recommended Reading
Thanks to New Technologies Group, CNX Records 16th Consecutive Quarter of FCF
2024-01-26 - Despite exiting Adams Fork Project, CNX Resources expects 2024 to yield even greater cash flow.
Cheniere Energy Declares Quarterly Cash Dividend, Distribution
2024-01-26 - Cheniere’s quarterly cash dividend is payable on Feb. 23 to shareholders of record by Feb. 6.
Marathon Petroleum Sets 2024 Capex at $1.25 Billion
2024-01-30 - Marathon Petroleum Corp. eyes standalone capex at $1.25 billion in 2024, down 10% compared to $1.4 billion in 2023 as it focuses on cost reduction and margin enhancement projects.
Humble Midstream II, Quantum Capital Form Partnership for Infrastructure Projects
2024-01-30 - Humble Midstream II Partners and Quantum Capital Group’s partnership will promote a focus on energy transition infrastructure.
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.