The sensitivity of Permian's future production outlook to both the price decks and the reinvestment rate is significant. Even if oil prices remain at $50, there is some risk of another period of depressed gas differentials from 2023, even with new offtake capacity such as the Permian Highway and Whistler infrastructure, as associated gas production is set to grow significantly. Having said that, the potential degradation in local gas prices, toward $1.00 rather than the $2.50 Waha average in 2021-2025, might end up reducing Permian's oil supply by about 900,000 bpd in December 2025 if the reinvestment rate averages ... (full story)