Looks like Permian has hit Peak Shale..
"For the immediate future, Diamondback is cutting three drilling rigs and one of its frack crews, leading to a total of $400 million slashed from its budget this year, Stice said, the clearest indication that US output is about to fall off a cliff, because if the most efficient and lowest cost producers have no choice but to throttle output what does that leave for the smaller, less efficient frackers?" Like Matador,Riley and Permian Resources.
And there went Drill,Baby ,Drill. RIP
If there is such an abundance of flaired NG in the Permian with poor pipeline transportation, why aren't these Permian companies merging their capex capex ,creating a consortium and build a pipeline? Or are they all delusional into thinking that Apple, Microsoft, Amazon et,al will be building data centers on their properties? Asking for many investor friends...
https://www.zerohedge.com/commodities/we-are-tipping-point-shale-giant-diamonback-says-us-oil-output-has-peaked-slashes-capex