HBJ: Why zero growth is best for Houston energy companies
By: Jordan Blum, Houston Business JournalMarch 27, 2015
Speaker James Wicklund, managing director of energy research for Credit Suisse LLC., a featured industry expert at the recent BoyarMiller Energy Breakfast Forum was quoted in this Houston Business Journal Article:
Energy companies in Houston and beyond must aim for “zero” oil production growth in 2015 and a little beyond in order to end the oil slump, said James Wicklund, managing director of energy research for Credit Suisse LLC.
With too much oil in the market and oil prices just above $50 a barrel, Wicklund said American oil production needs to resist further growth in order to bring the global supply and prices back into balance.
“We’re the ones who caused the problem and, while we’d love to have someone bail us out, we’re the ones who have to do it,” he said at a BoyarMiller LLP energy event, noting that booming U.S. shale production caused the oversupply. “We’re very good and that’s the problem.”