Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Plains sees Permian oil output growth slowing to 400,000 b/d by year end

LNG | Natural Gas | Natural Gas (North American) | Oil | Crude Oil | Oil Risk

A national climate policy or US energy dominance?


Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Oil | Refined Products | Jet Fuel | Petrochemicals

FUJAIRAH DATA: Oil product stocks edge up 0.7% on week on build in heavy residues

Plains sees Permian oil output growth slowing to 400,000 b/d by year end

Washington — Plains All American Pipeline expects Permian oil production growth to shrink to 400,000 b/d by the end of 2020 as drillers focus on capital discipline, executives said Tuesday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

US production growth has dropped steadily from a 1.64 million b/d year-on-year increase posted in 2018 to 1.25 million b/d in 2019, according to the US Energy Information Administration.

The recent drop in crude prices related to the coronavirus outbreak and global oil demand concerns has not prompted Plains to lower that outlook, the company said.

"Obviously, the last two weeks weren't in anybody's forecast," said Jeremy Goebel, executive vice president of commercial, on Plains' fourth-quarter earnings call. "But in November, the sentiment was very similar to what it is today."

Slowing Permian output growth, along with last year's buildout in pipeline infrastructure to the Texas Gulf Coast, have increased competition among pipeline owners like Plains.

Goebel said the Permian still holds "substantial opportunities" for drillers with choice acreage.

"What we're seeing is a concentration of activity in the core block," he said. "So those with core acreage dedications, we'll continue to see it with well-capitalized producers. There will be 'haves' and 'have-nots' throughout this."

The EIA expects Permian drillers to pump 4.8 million b/d in February, up 45,000 b/d from January.

In August, the 670,000 b/d Cactus II pipeline started service from West Texas to Taft, Ingleside and Corpus Christi. Plains owns a 65% stake.

Plains is still targeting early 2021 service for the Wink-to-Webster pipeline to the Houston area.

Dubai Oil & Energy Forum | March 9, 2020 | Dubai, United Arab Emirates

Our editors and analysts will provide updates on the main energy market drivers, and insight into the evolution of our benchmark price assessments. This year we’ve widened the Forum’s coverage with dedicated sessions on LNG, Shipping and Petrochemical markets.

Find out more