Q2 2013 Financial Results
Industry Trends and Outlook
Oil outlook:
robust
Natural Gas:
muted
Wells:
ongoing shift to
unconventional
Oil demand: Increase 0.9% per year until 2025, driving production to
100mmboed in 2025
Service demand: field development complexity increasing, intensifying
need for oilfield services
U.S. plays: gradual recovery in 2014; after 2015, increased access to
foreign markets to significantly push up production rates
Canada plays: in 2014, gas rig count projected to rise 18%, well count
to grow 9%
Unconventional resources: driving production growth through 2025
US light tight oil: 6mmboed by 2025
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Other unconventional resources: 6.2mmboed by 2025
100
E&P spend:
steady growth
Capex and opex spending: steady growth of 4-7% per year, driven by
robust oil demand and change in resource type mix
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