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It badgered the company to innovate by taxing profits heavily but providing generous tax relief on R&D spending.Norway is now the world's deep-sea drilling capital.
I also noted companies like COP and CHK had shut in some production and that most companies have steered drilling capital to natural gas liquids and oil.
We should expect the flow of drilling capital out of the Permian to other U.S. shale basins to continue into 2019, given projections that the major new pipeline projects currently under construction won't begin coming online until around mid-year.
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"Depression has been forestalled only because major government borrowing and spending is filling the gap," Albert M. Wojnilower, a Wall Street economist and consultant at Craig Drill Capital, said in a newsletter last week.
As Albert Wojnilower, an economist at Craig Drill Capital and the Clipper Group, put it, "As long as you were willing to sell at $5 or $10 or $15 down, there were buyers".
Mr. Hermes said the market's wild swings would add to the uncertainty facing many large oil companies that must begin setting their 1991 budgets for drilling and capital spending.
The plunge in oil prices, meanwhile, has meant a reduction in drilling activity and capital expenditures by energy companies in the United States, further crimping output as measured by G.D.P.
They noted that none of the proceeds from the sale of the Canadian oil sands assets will go toward more drilling, with the capital budget for this year unchanged at $5 billion.
Still, Iraq is selling ever-greater percentages of the oil it does produce to China, which is pouring drilling technology and capital investment into areas that American firms have left or not bid on.
Coming less than two weeks after a deadly temblor off the country's Pacific coast, and just hours after a siren signaled an annual earthquake drill in the capital, Tuesday's quake shook the ground with terrifying force, buckling walls and sending panicked residents fleeing into the streets.
He also has to front all the capital for drilling wells, laying pipelines and doing seismic imaging.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com