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
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
