With Q1 results and updated 2021 projections in for all of the US majors and large independents, two common threads stand out. All continue to preach capital restraint for this year at least. But all are also looking to one key location globally to drive their 2021 revenue and, further forward, to make up for declining output elsewhere in their portfolios.
From ExxonMobil, to Chevron, to ConocoPhillips and Occidental each of the big 4 diversified US players plans to make the Permian Basin of Texas and New Mexico their top capital spending priority, not just for 2021 but out into the foreseeable future. (CONTINUED - 3660 WORDS)