As if they’re not already on a roll, U.S. shale operators are on track to increase oil production by 16 percent in 2019, according to analysis by energy research firm Rystad Energy.
Rystad said the growth in U.S. onshore production from first quarter 2019 through fourth quarter 2019 could equate to 1.1 to 1.2 million barrels per day (MMbpd), or 16 percent, for the full year.
“Despite temporary challenges faced in the beginning of the year, E&P companies are set to deliver on their original production and capital targets, with some being well positioned to perform above initial expectations,” said Rystad Energy senior analyst Veronika Akulinitseva. “Several operators have in fact raised their production guidance for the remainder of the year.”
First quarter analysis of 50 shale operators indicated that, on average, U.S. producers saw a slowdown in oil production growth.
“The slow first quarter implies an even steeper expected growth curve for the remainder of the year. In fact, acceleration of oil production for many operators is already underway and oil additions are thus likely to increase notably already in the second quarter of 2019,” Akulinitseva said.