American Oil and Gas Reporter - January 2017 - 55

Indicators All Pointing Up
For U.S. Independents In 2017
By Bill Campbell
All the arrows are pointing up for the
U.S. oil and gas industry in 2017.
In its 2017 Global E&P Spending
Outlook released on Dec. 9, Evercore
ISI proclaims, "It is with great pleasure
that we can now empirically proclaim
that 2017 will be a better year for the oil
field services industry, led by a significant
rebound in E&P spending in North America . . . (which) will usher in the upcycle
with a 21 percent increase in E&P capital
expenditures, led by a 25 percent increase
in the United States."
The Deloitte Center for Energy Solutions reached that conclusion somewhat
earlier, stating in its 2016 Oil and Gas
Industry Survey conducted in June and
July of last year that "optimism, however
cautious, has returned for an industry recovery."
To that, Deloitte LLP Vice Chairman
John England adds, "If (2016) was the
year of hard decisions, 2017 will be the
slow road back."
An October survey of 595 executives
from U.S. independent producers, midstream operators and oil field service
companies conducted by Grant Thornton
and Hart Energy found "an industry cautiously optimistic about growth and the
future."
Those conclusions were drawn before
two very important November developments. The Deloitte survey asked operators
what policy or geopolitical issues would
most affect them. The responses were
"OPEC production decisions (45 percent)"
and "changes in U.S. tax policy and regulation (38 percent)."
Donald Trump's Nov. 8 surprise victory
promises a positive response on the latter,
while the Organization of Petroleum Exporting Countries' Nov. 30 pledge to cut
production by 1.2 million barrels a day
this year bodes well for the former.
Evercore ISI calls the OPEC production
agreement "sweet relief for an embattled
(North American) industry."
OPEC's announcement, says Andrew
Slaughter, executive director for the Deloitte Center for Energy Solutions, "should
reduce the inventory overhang that has
been the predominant factor in the physical
market depressing prices over the past

year or so."
And BMO Capital Markets analyst
Randy Ollenberger was quoted the day
after saying OPEC's action "places a
floor under crude oil prices and supports
a trading range of $45-$55 a barrel."

Unbridled Enthusiasm
Nowhere is optimism for the coming
year more clearly reflected than in The
American Oil & Gas Reporter's annual
Survey of Independent Operators, which
is mailed to producers nationwide selected

When operators needed
someone to trust,
Ulterra was there.

During the downturn, Ulterra grew in every
major basin in the U.S., becoming the

#1 PDC Bit Company
in the Permian, ArkLaTex and North Texas.
When every run counted, Ulterra was there.

www.ulterra.com | 420 Throckmorton Street | Suite 1110 | Fort Worth, Texas 76102 | 1-844-ULTERRA
┬ęCopyright 1998-2016 Ulterra | All Rights Reserved. | Ulterra is a registered trademark of Ulterra

JANUARY 2017 55



American Oil and Gas Reporter - January 2017

Table of Contents for the Digital Edition of American Oil and Gas Reporter - January 2017

Contents
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