Tortoise's Rob Thummel in S&P Global

Q2 a cautious period for upstream E&Ps, but little change seen for rest of 2019

  • CEOs still wary of oil price volatility
  • Executives likely hold capex steady at midyear
  • Firm financial, operational targets a top priority

Houston — Second-quarter 2019 was a cautious quarter for US upstream operators, and little change is expected in the second half of the year apart from the Permian Basin in the Q3 and Q4, as companies stick to their knitting, improve their financial and operational performance and grow production at a modest clip.
Q2 2019 for upstream operators was characterized by uncertainty on several fronts but particularly over oil prices as rig counts dropped and companies continued to devote more cash to shareholders and focus on financial targets.
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