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  • Roger S. Conrad

Post-Q3 Results Midstream and Downstream Outlook in Focus

By Roger S. Conrad on Nov. 22, 2021

In a typical energy cycle, rising demand and higher prices eventually lead to increased production. That in turn means a volume boost for midstream and downstream systems, from gathering pipes and processing facilities near the wellhead to pipeline and storage systems that deliver crude oil to refineries, and from there to consumers and businesses. That hasn’t yet happened this time around. Exhibit A is our table “Major Oil Producing States,” which shows a US-wide increase in oil output of just 5.5 percent from Summer 2020’s pandemic/lockdown-depressed levels. Even more striking is the wide divergence between the major oil producing states. Mainly, this US Energy Information Administration data shows the entire nationwide output gain from August 2020 through August 2021 basically came from the state of New Mexico and the offshore Gulf of Mexico, with GOM later taking a big hit from the onset of hurricane season.

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    • Elliott H. Gue

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

    • Roger S. Conrad

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor