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US shale industry is finally under heavy pressure as lower oil price for quite a long time have started taking their toll on the industry.
Saudi Arabia's strategy to oversupply the market in a bid to push high cost investors out seems to be working after all. US shale producers' resilience to lower price is finally breaking up.
According to revised data from Energy information Administration (EIA), US production of crude dropped in May and June, providing evidence of weakness in the sector.
Few financial facts -
- According to latest report, US producers reported net cash outflow of $30 billion for first half of the year, much larger than deficit of total $37.7 billion in 2014.
- Capital Spending exceeded cash from operations by $32 billion for six months to June.
- Aggregate net debt has doubled from $81 billion in end of 2010 to $163 billion by this June.
- Companies sold $10.8 billion equity in first quarter, $3.7 billion in second quarter and $1 billion in July and August, suggesting slowdown in capital flow.
- Companies sold $39 billion in first half of the year but just $1.7 billion in July and August, again suggesting capital flow slowdown.
