Podcast
Upstream, Exploration & Production
North American Energy Part 1: The Shale Revolution
A brief history of oil and gas development prior to the shale revolution.
About the Podcast
A brief history of oil and gas development prior to the shale revolution.
North American Energy Part 1: The Shale Revolution

Oil and gas development is not new in the US. The first US oil well was actually drilled in northwest Pennsylvania in 1859. Oil production subsequently reached a peak in 1970 at roughly 9.6 million barrels a day, before declining through 2008. George Mitchell—he’s often referred to as the father of fracking—started experimenting with hydraulic fracturing in the 1980s before utilizing a modern-day frack in 1997. Five years after that, Mitchell actually combined horizontal drilling with this improved frack. The combination has led to an American energy renaissance driven by increased resource potential, improved well economics, and has really created a manufacturing model with improving efficiencies.

Horizontal drilling and hydraulic fracturing were first applied to gas-focused drilling in the Barnett, the Fayetteville, and Haynesville. The same technology was then applied to liquids-focused basins like the Eagle Ford, Bakken, and Permian. The Permian Basin is the focal point of development in the US. The basin encompasses two sub-basins called the Delaware and Midland Basins.

© 2018 Miller/Howard Investments.

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Opinions and estimates offered constitute Miller/Howard Investments' judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. All investments carry a certain degree of risk, including possible loss of principal. It is important to note that there are risks inherent in any investment and there can be no assurance that any asset class will provide positive performance over any period of time. The material may also contain forward-looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.

The information above is from sources deemed to be reliable and is provided strictly for the convenience of our investors and their advisors. These materials are solely informational. Legal, accounting and tax restrictions, transaction costs and changes to any assumptions may significantly affect the economics of any transaction. The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal, investment or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such suitability. Any investment returns, past, hypothetical or otherwise, are not indicative of future performance. Investment Decisions: Do not use this report as the sole basis for investment decisions. Do not select an allocation, investment discipline or investment manager based on performance alone. Consider, in addition to performance results, other relevant information about each investment manager, as well as matters such as your investment objectives, risk tolerance and investment time horizon.

Past performance does not guarantee future results.

DISCLOSURE

Investment products: are not FDIC insured - May lose value - Are not bank guaranteed

Opinions and estimates offered constitute Miller/Howard Investments' judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. All investments carry a certain degree of risk, including possible loss of principal. It is important to note that there are risks inherent in any investment and there can be no assurance that any asset class will provide positive performance over any period of time. The material may also contain forward-looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.

The information above is from sources deemed to be reliable and is provided strictly for the convenience of our investors and their advisors. These materials are solely informational. Legal, accounting and tax restrictions, transaction costs and changes to any assumptions may significantly affect the economics of any transaction. The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal, investment or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such suitability. Any investment returns, past, hypothetical or otherwise, are not indicative of future performance. Investment Decisions: Do not use this report as the sole basis for investment decisions. Do not select an allocation, investment discipline or investment manager based on performance alone. Consider, in addition to performance results, other relevant information about each investment manager, as well as matters such as your investment objectives, risk tolerance and investment time horizon.

Past performance does not guarantee future results.