Stephanie Yang

speaker

161 appearances 4 recordings 1 series first heard Dec 2017 last heard Dec 2019

Stephanie Yang’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Shale Production Slows as Oil Rigs Go Inactive · 18 Jul 2019 podcast

Yeah, so this has kind of been happening gradually over, you know, this year and also, you know, into the year before.

And that's because we've seen oil companies really start to cut back on what they're targeting in terms of production growth.

And that's coming from, you know, investor pressure because they've been, you know, with these companies for years and all they've seen is production growth but is really lacking in return.

So now the companies are shifting their tune and pulling back.

Right.

Yeah.

And so for years, it was the case that everyone really wanted to get in on this rush.

You know, I previously mentioned they just weren't seeing the returns come back from that.

So it just ended up starting not to look as much as attractive of an investment to people unless they were willing to prioritize, you know, returning cash to shareholders.

So I guess technically they could go in that direction.

It doesn't seem like it's a direction that anyone really wants to go in now, particularly because if they're not raising money through equity, they would have to turn to debt markets.

And they actually are looking into more nontraditional means of financing.

But I think generally they also don't want to be taking on more debt since that has been a strategy over the past few years that hasn't quite panned out the way they want it to.

Yeah.

So the International Energy Agency is one of those organizations forecasting that we're going to see an oversupplied market in 2020.

So while U.S.

shale production is increasing and people expect it to continue, the global oil cartel, the Organization of Petroleum Exporting Countries, they're cutting back.

And so it raises an interesting question that if OPEC is cutting back,

and U.S.

shale growth is not as strong as people expect it to, are we still going to see that oversupplied market?

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