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1 of 9WildHorse Resource Development environment, health and safety manager Romel Gonzales stands between production tanks at a fracking site Tuesday Oct. 2, 2018 in Caldwell, Texas. The WildHorse oil and gas operations lie on the northeastern edge of the Eagle Ford Shale, which is seeing a modest rebound in production after the recent oil bust./Houston Chronicle via AP)Photo: Michael Ciaglo, MBO / Associated Press The great shale oil consolidation is underway, and it’s happening just in time for the new challenges ahead. For the past decade, dozens of small, independent oil companies have perfected hydraulic fracturing and horizontal drilling to break oil out of Texas shale. They succeeded beyond their wildest dreams. The U.S. pumped a record 11.35 million barrels a day in August, according to the Energy Information Administration. That is 2.1 million barrels more than last year, setting a record for the highest year-over-year increase. The jump came along with oil prices strengthening to $75 a barrel for West Texas Intermediate. Seasoned oil executives know that when both prices and production rise, it’s time to cash out and sell to the big boys. On HoustonChronicle.com: Responsible shale drilling is not an oxymoron The flurry of deals […]
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