Cracks in the US shale recovery?
Oil bulls shouldn't get too excited about those capex cuts yet
Halliburton's chairman Dave Lesar set oil markets on edge this week with remarks suggesting that the shale industry was "tapping the brakes" as crude prices persistently hover around $50 per barrel ($/b). To oil bulls and Opec ministers looking for cracks in the shale recovery, it was the first good news to come out of the tight oil patch in a long time. Subsequent announcements this week—from major shale operators Anadarko, Hess and Whiting Petroleum—that they are cutting their 2017 budgets provided more grist for the mill. Anadarko cut $300m from its budget (roughly 7%) while Hess trimmed $100m from its spending plans. Further news of budget cuts could come over the next couple of weeks as
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
