by Bloomberg
|Monday, March 01, 2021
The battered and bruised US shale industry is finding a resurgence in one of the most unlikely places.
(Bloomberg) The battered and bruised U.S. shale industry is finding a resurgence in one of the most unlikely places: private operators most investors have never heard of.
Take the case of little known, closely held DoublePoint Energy. It’s now running more rigs in the Permian Basin than giant Chevron Corp. Meanwhile, family-owned Mewbourne Oil Co. has about the same number of rigs as Exxon Mobil Corp.
That’s emblematic of what’s happening across the industry. Once minor players, private drillers held half the share of the horizontal rig count as of December. It’s the first time in the modern shale era that they have risen to the level of the supermajors.
Operator
Good morning, ladies and gentlemen. Welcome to the Fourth Quarter and Full Year 2020 Matador Resources Company Earnings Conference Call. My name is Liz. And I ll be serving as the operator for today. At this time, all participants are in a listen-only mode. We will facilitate a question-and-answer session at the end of the company s remarks. As a reminder, this conference is being recorded for replay purposes and the replay will be available on the company s website through March 31st, 2021, as discussed in the company s earnings press release issued yesterday.
I will now turn the call over to Mr. Mac Schmitz, Capital Markets Coordinator for Matador. Mr. Schmitz, you may proceed.
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Wall Street PR
The oil market is likely going to become a big deal in 2021 because 2020 featured such brutal action, at one point taking the price of WTI Crude down to negative $40/barrel – an all-time low. That crash was precipitated by lockdowns associated with the COVID-19 pandemic health crisis, specifically in March thru May.
More importantly, the oil market cowered in fear of follow-on lockdowns for the rest of the year until a viable vaccine was announced in December. That means valuable months were lost with basically no investment in developing new oil production capacity.
That introduces the potential for a shortage in the oil market this year, which has energy stocks blazing hot at this point.
Shares of Matador Resources (NYSE:MTDR) moved lower in after-market trading after the company reported Q4 results.
Quarterly Results
Earnings per share .