NSFW Anon Archived Largest US Oil Reserve ever reported and 11/11 "Wave Anomaly" connected? (abqjournal.com)
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Archived on: 3/11/2019 10:00:00 AM
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NSFW Anon Archived Largest US Oil Reserve ever reported and 11/11 "Wave Anomaly" connected? (abqjournal.com)
submitted ago by 2904764?
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[–] 15505162? 0 points 1 point 1 point (+1|-0) ago
It is "shale" oil, not conventional oil. That means that it is going to be more expensive to extract than the value that is obtained from burning it.
In other words, it is going to be another debt-fueled ponzi scheme, a scam.
The following is from https://srsroccoreport.com/the-coming-collapse-of-u-s-shale-oil-production/
*"Still Losing Money Producing Shale Oil In The Permian"
While the Permian Basin is now the largest shale producing region in the United States, companies are still struggling to make a profit. For example, the largest producer in the Permian, Pioneer Resources, suffered a negative $248 million in free cash flow during the first half of 2018.
Pioneer Resources spent $1.6 billion on capital expenditures in the first half of 2018 to increase production by 21,000 barrels per day of oil equivalent. According to Pioneer’s Q2 Press Release, their Permian oil production increased from 251,000 Boe (barrels of oil equivalent) at the beginning of 2018 to 272,000 Boe in the Q2 2018. That is one hell of a lot of money to increase production only increase production by a mere 8%.
So, Pioneer continues to spend more money on capital expenditures than they receive from cash from operations. And the reason for that is the severe decline rate that plagues the shale industry. If we look at the following chart, we can see just how steep the decline rate was based on 2017 production:...*
[–] 15505628? ago
Exactly. We've always known this stuff exists but it's terribly low EROI. Another scam like ethanol.