FANG - Oil: Permian Treadmill Decline Is Only Getting Faster
Welcome to the faster and harder treadmill edition of Oil Markets Daily!
In December last year, we published an article titled, "For The Permian, It's Not 2016 - And That's Bad News For U.S. Shale." At the time, Parsley Energy (PE) released its capex budget for 2019 and we noted how terrible it was that it was outspending cash flow by $250 million or less just to grow production by 20% y-o-y with exit production closer to ~16%.
We also noted at the time that Mark Papa's Centennial Resources (CDEV