The Federal Reserve Bank of Dallas has a new survey of oil-and-gas companies in their region that helps explain why U.S. production — especially from shale formations in the Permian Basin — is slated to keep surging.

Expand chart
Data: Federal Reserve Bank of Dallas; Chart: Chris Canipe/Axios

Check out the chart above: It shows the range of answers from executives at 65 companies about the price point they need to profitably drill new wells in several regions. WTI is trading in the $64-per-barrel range on Thursday morning. Even with increased shareholder focus on generating returns from shale producers, the survey is more evidence that the boom has staying power.

Quoted: "As the breakeven price doesn't stay the same as acreage is drilled out and costs change, production growth longer-term will be dependent on changes to this breakeven price and the price of crude oil," Kunal Patel, a senior analyst at Dallas Fed, said in an email exchange.

  • "However, the breakeven for the region has been relatively stable ($51 in 2016, $48 in 2017, $50 in 2018), so there can be production growth for many years in the future assuming prices remain at current levels," he added.

Go deeper

Updated 9 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 19,936,547 — Total deaths: 732,467 — Total recoveries — 12,144,510Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 5,063,770 — Total deaths: 163,156 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Business: Richer Americans are more comfortable eating out.
  4. Public health: How America can do smarter testing.
  5. Sports: The cost of kids losing gym class — College football is on the brink.
  6. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."

Trump says he'll accept nomination at White House or Gettysburg

Trump at the 2016 Republican National Convention. Photo: Bill Clark/CQ Roll Call via Getty Images

President Trump tweeted Monday that he'll deliver his speech accepting the Republican nomination for president at either the Gettysburg battlefield in Pennsylvania or at the White House.

The state of play: Republican National Convention planners are looking for a new venue for the president to deliver his acceptance speech after convention events were canceled in Jacksonville, Fla., due to coronavirus concerns.

3 hours ago - World

Lebanon's prime minister resigns in wake of deadly explosion

Protests in Beirut. Photo: Maxim Grigoryev/TASS via Getty

Lebanon's prime minister and cabinet have resigned amid massive protests in the aftermath of a deadly explosion in Beirut that killed more than 160 people, injured 6,000 and left roughly 250,000 homeless.

Why it matters: Protesters blame the incompetence of the ruling elite — widely viewed as corrupt — for the disaster. The unstable and deeply distrusted government will remain in place in a caretaker capacity until a new prime minister is selected.