'Paradigm shift:' US EPs reduce dependence on commodity prices.

摘要

According to Raymond James oil and gas analyst Marshall Adkins, US exploration and production companies are about to see their investment in shale fields pay off. For years, E&Ps capital expenditures have been well above revenues as companies spent profligately to secure acreage and ramp up production. Now, "In 2013, the overspending gap closed to only 20% above operating cash flows (vs. 60% in 2012)," said Adkins. "More importandy this gap should be relatively nonexistent in 2014 (assuming year-over-year US E&P capex growth of 12.5%). In 2015 and 2016, assuming 7.5% capex growth, we expect E&Ps to actually be cash flow positive despite modestly lower oil and gas prices!"