Bud's Offshore Energy (BOE)

BOEM’s 2022 production forecast, which was just published in July, was 1.9 million BOPD, and will likely be a full 10% too high for the year. One has to assume that the staff work was completed well before the document was actually published. Of greater concern, BOEM’s longer term production forecast, along with unrealistic expectations for the “transition,” were used to justify a subminimal 5 year leasing plan with the fewest sales in history.