Lower gas prices have caused producers in gas-rich basins to scale back operations
US shale starts 2023 in ‘realistic’ mood
First-quarter shale results show ongoing restraint amid signs of cost deflation
The first-quarter earnings season has highlighted signs of improved capital spending in the US, while certain tight oil producers have flagged up signs of cost deflation in oilfield services and equipment. Meanwhile, lower gas prices have caused producers in gas-rich basins to scale back operations, while oil prices—which have also declined since 2022—remain strong enough to support activity. Consultancy Wood Mackenzie notes in a report rounding up results among 42 US independents that WTI prices averaged $76/bl in the first quarter of 2023. This is “much closer to a ‘mid-cycle’ level than last year’s average of $96/bl”, it says. “Mid-cycle is not a hard and fast number, but that is generall
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
