monthly average WTI oil price fell to a low of 16.55 U.S. dollars per barrel as a result of the coronavirus pandemic-induced oil crisis in April 2020. However, for most of 2021, prices have traded above 60 U.S. dollars again.
According to a 2022 survey, the average oil producer operating in the Eagle Ford oilfield in the U.S. needed WTI oil prices to amount to a minimum of 48 U.S. dollars per barrel in order to profitably drill a new well. This compared to a breakeven price of 23 U.S. dollars per barrel for existing wells. Operators in the Eagle Ford basin have the lowest average breakeven prices when compared to other oil basins. The Average WTI price needed for U.S. oil and gas producers to stay profitable by well status in selected U.S. oilfields as of 2022* (in U.S. dollars per barrel)
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Dallas Fed. (March 23, 2022). Average WTI price needed for U.S. oil and gas producers to stay profitable by well status in selected U.S. oilfields as of 2022* (in U.S. dollars per barrel) [Graph]. In Statista. Retrieved May 25, 2022, from https://www.statista.com/statistics/748207/breakeven-prices-for-us-oil-producers-by-oilfield/
Dallas Fed. "Average WTI price needed for U.S. oil and gas producers to stay profitable by well status in selected U.S. oilfields as of 2022* (in U.S. dollars per barrel)." Chart. March 23, 2022. Statista. Accessed May 25, 2022. https://www.statista.com/statistics/748207/breakeven-prices-for-us-oil-producers-by-oilfield/
Dallas Fed. (2022). Average WTI price needed for U.S. oil and gas producers to stay profitable by well status in selected U.S. oilfields as of 2022* (in U.S. dollars per barrel). Statista. Statista Inc.. Accessed: May 25, 2022. https://www.statista.com/statistics/748207/breakeven-prices-for-us-oil-producers-by-oilfield/
Dallas Fed. "Average Wti Price Needed for U.S. Oil and Gas Producers to Stay Profitable by Well Status in Selected U.S. Oilfields as of 2022* (in U.S. Dollars per Barrel)." Statista, Statista Inc., 23 Mar 2022, https://www.statista.com/statistics/748207/breakeven-prices-for-us-oil-producers-by-oilfield/
Dallas Fed, Average WTI price needed for U.S. oil and gas producers to stay profitable by well status in selected U.S. oilfields as of 2022* (in U.S. dollars per barrel) Statista, https://www.statista.com/statistics/748207/breakeven-prices-for-us-oil-producers-by-oilfield/ (last visited May 25, 2022)