U.S. Crude Oil Producers Prep for $4 Billion in 1Q Kickoffs

January 6, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--As global demand for crude oil continues to slump and with oil prices likely to follow suit, leading oil producers are bracing for a tougher market in the year ahead. While U.S. crude oil production is expected to average a record 12.34 million barrels per day (BBL/d) this year, many believe emerging economic trends could leave balance sheets in the red.

Industrial Info is tracking nearly $4 billion worth of active oil-production projects across the U.S. that are set to kick off from now through the end of March. Ovintiv Incorporated (NYSE:OVV) (Calgary, Alberta), formerly known as Encana, accounts for more than 30% of the total first-quarter spending with just four projects.

Other companies pursuing projects kickoffs in the first quarter include Diamondback Energy Incorporated (NASDAQ:FANG), Chevron Corporation (NYSE:CVX) and Shell plc (NYSE:SHEL).