Shell greenlights Gulf of Mexico ‘Whale’ oilfield project
Royal Dutch Shell (RDSa.L) announced plans on Monday to develop a new oilfield in the Gulf of Mexico, its first major project to get the go-ahead since a Dutch court Continue Reading
US shale dealmaking wave is transforming the industry
A wave of dealmaking in America’s shale patch is intensifying, wiping out weak players and leaving the once-fractured sector in the hands of a new breed of “super independents”. More Continue Reading
U.S. Shale Is Scrambling To Reinvent Itself
Oil has dominated global economics and dictated the shape, terms, and function of the geopolitical map for nearly 200 years. While two centuries is the merest of blips on the Continue Reading
US crude draws likely resume amid stronger refinery runs, rising exports
Highlights Commercial crude stocks expected down 2.5 million barrels Refinery utilization likely up 0.8 point Gasoline, distillate stock draws likely extend US crude oil inventory draws likely resumed in the Continue Reading
Annual Reserve Revisions Part V: Oil Sands
Over this century the oil sands business has consolidated into three main players: CNRL, Suncor and Cenovus, all of which have shown considerable organic and total growth in reserves and Continue Reading
Baker Hughes USA Rig Count Gets Closer to 500
The USA rig count rose again this week. The U.S. rotary rig count is within striking distance of hitting the 500 mark, adding seven rigs to reach 491 this week, Continue Reading
Schlumberger’s profit beats forecast as margins soar on revenue gains
Schlumberger delivers optimistic outlook for North American and international oil markets Reports earnings of 30 cents per share, beating Wall Street estimates of 26 cents per share Operating margins almost Continue Reading
U.S. Rig Count Climbs As Oil Prices Recoup Losses
The number of oil and gas rigs in the United States is up 7 this week, according to Baker Hughes , which pegged the total rig count at 491, up Continue Reading
US oil, gas rig count jumps 24 to 604 amid recovery confidence from early Q2 calls
Permian Basin adds rigs: up 11 to 259 Oil jump likely caused recent rig adds 50-100+ more US rigs may start up in H2 The US oil and gas rig Continue Reading
U.S. Shale Sees Light At The End Of The Tunnel
The U.S. oil and gas sector is recovering from last year’s market slump. But unlike the previous boom-and-bust cycles, the industry has held off on boosting production and has focused Continue Reading
U.S. crude stockpiles rise for first time since May as imports surge -EIA
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo July 21 (Reuters) – U.S. Continue Reading
Baker Hughes Sees Slower U.S. Shale Drilling for Rest of 2021
Shale drilling in North America is going to slow down in the second half of the year from its breakneck pace as explorers cling to promises of austerity, according to Continue Reading
Houston Scrambles To Remain The Energy Capital Of The U.S.
The United States shale sector is at a crossroads. Houston, the capital of the nation’s oil and gas industry, is at the metaphorical and industrial center of a struggle for Continue Reading
Halliburton tops earnings estimates, forecasts stronger demand
Oilfield company Halliburton Co (HAL.N) on Tuesday topped Wall Street earnings estimates and offered an upbeat view for energy services demand as the downturn in oil drilling activity recedes. The Continue Reading
Crude, refined product draws expected amid plunging energy futures
Highlights Refinery utilization seen higher, distillate stocks likely down Gasoline demand expected to continue to soften slightly Crude exports seen around 3.5 million b/d: Platts Analytics More bullish draws of Continue Reading
What’s Next For Oil After The New OPEC+ Deal
The recent OPEC+ meeting ended with an agreement that would gradually increase the cartel’s monthly production until in late 2022 all of the 9.7 mm BOPD that had originally been Continue Reading
Shale executives receive bumper pay packets despite dismal returns
Chief executives at US shale companies are continuing to receive bumper pay packets despite years of dismal returns, according to a new report. While most US oil bosses had their Continue Reading
U.S. drillers add oil and gas rigs for third week in a row
U.S. energy firms added oil and natural gas rigs for a third week in a row for the first time since May even though oil prices eased for a second Continue Reading
Wall Street Opens Back Up to Oil and Gas—But Not for Drilling
Energy companies are raising money again from Wall Street at superlow borrowing costs, thanks in part to higher oil prices. The one thing most investors don’t want them to do Continue Reading
Oil And Gas Is Booming In The Land Of Enchantment
New Mexico, the Land of Enchantment, was concerned when Biden’s pause on oil and gas drilling leases took hold, but six months into the new administration the state’s oil industry Continue Reading
Biden Has Kickstarted A Consolidation Wave In The U.S. Shale Patch
Consolidation is a troubled industry’s best friend—and last year’s crisis in oil and gas brought about by the pandemic was no exception. Mergers and acquisitions started later than they normally Continue Reading
EIA Inventory Report Sends Oil Prices Higher
Crude oil prices inched higher today after the Energy Information Administration reported a crude oil inventory draw of 7.9 million barrels for the week to July 9. The report was Continue Reading
World’s Recoverable Oil Resources Shrinks By 9%
Every year and following the publication of the BP Statistical Review, Rystad Energy releases its own assessment to provide an independent, solid and clear comparison of how the world’s energy Continue Reading
Permian To Drive U.S. Shale Production Increase In August
U.S. shale oil production will increase by a modest 42,000 bpd in August, according to the Energy Information Administration. In its latest Drilling Productivity Report , the EIA forecast that Continue Reading
Report Shows 8K New USA Oilfield Services Jobs
American drillers have restored less than 20% of the oilfield services jobs lost due to the pandemic, with companies favoring investor returns over boosting output, according to a trade group. Continue Reading
U.S. shale oil output expected to rise 42,000 bpd in August to 7.907 million bpd -EIA
Crude output from seven major shale formations is expected to rise by 42,000 bpd in August, to 7.907 million bpd, compared with a 28,000 bpd rise in July, according to Continue Reading
Oil industry banker urges Houston to embrace clean energy
Houston, the epicenter of America’s oil industry, needs to embrace the shift to cleaner energy to secure its economic future, one of the city’s top oil bankers says.”If Houston wants Continue Reading
Drilling Productivity Report
The Drilling Productivity Report (DPR) rig productivity metric new-well oil/natural gas production per rig can become unstable during periods of rapid decreases or increases in the number of active rigs Continue Reading
US crude, gasoline stocks expected to keep falling as demand grows
Highlights Refinery utilization seen higher, distillate stocks likely up Crude exports seen around 2.9 million b/d: Platts Analytics Gasoline demand expected to soften The weekly streak of US crude oil Continue Reading
U.S. oil mergers surge as energy, share prices recover from pandemic
U.S. oil and gas mergers surged last quarter with the most $1 billion-plus combination since 2014, according to data released on Monday, as rising energy and share prices led to Continue Reading
The beginning of the end for Big Oil
After a pandemic and a price war sent petroleum prices tumbling in 2020, they are again on the rise. A new oil price super cycle — an extended period during Continue Reading
Analysis: Big Oil keeps brakes on spending even with crude rally windfall
Leading international energy companies are resisting the temptation to rush and spend an unexpected windfall from rallying oil and natural gas prices as they focus on longer-term energy transition challenges, Continue Reading
U.S. Shale Can’t Afford To Gamble On The OPEC+ Outcome
Following a deadlock in OPEC+ negotiations at the July 2021 meeting, oil prices briefly rose above $75 per barrel at the prospect of the alliance keeping output stable from August Continue Reading
US Rebound from Winter Storm Raises Non -Opec Production
Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIAʼs International Energy Statistics and updated to March 2021. Continue Reading
U.S. drillers add oil and gas rigs for second week in a row -Baker Hughes
U.S. energy firms added oil and natural gas rigs for a second week in a row as oil prices recently rose to their highest since Oct. 2018, prompting some drillers Continue Reading
U.S. Rig Count Rises In Volatile Week For Oil
The number of oil and gas rigs in the United States is up 4 this week, according to Baker Hughes , with the total rig count at 479, up 221 Continue Reading
Growing problems with orphaned, abandoned wells challenges oil industry
Thousands of oil wells can become orphaned as bankruptcies occur State and federal funding are limited for cleanup, plugging efforts White House, lobbying groups propose cash injections, reforms A growing Continue Reading
U.S. crude, gasoline stocks fall as fuel demand rises
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base July 8 (Reuters) – U.S. crude Continue Reading
U.S. Gasoline Demand Soars to Record on July 4 Travel Surge
Gasoline demand surged to a a record high as Americans took to the road for the July 4th holiday weekend. Gasoline supplied, a proxy for demand, rose to 10 million Continue Reading
Will $70 Oil Tempt U.S. Producers To Open The Taps?
U.S. crude oil production is not expected to pick up a significant growth pace at least until the end of this year, the Energy Information Administration (EIA) said in its Continue Reading
U.S. Shale On Track For One Of Its Best Years Ever
After seven consecutive weeks of gains, oil prices have gone into reverse gear once again, thanks mainly to the latest OPEC+ spat that left everyone wondering what to expect next. Continue Reading
US gasoline stocks move sharply lower as demand hits all-time high
Gasoline stocks fall 6.08 million barrels Implied demand hits 10.04 million b/d Crude stocks draw 6.87 million barrels US gasoline stocks moved sharply lower in the week ended July 2 Continue Reading
Opec ‘gets a pass to lift oil prices’ as hedging losses hobble US shale
Some of America’s biggest oil groups are racking up tens of billions of dollars in hedging losses despite soaring crude prices, as contracts signed during last year’s crash left them Continue Reading
U.S. 2021 crude output to decline less than previously forecast, EIA says
U.S. crude oil production is expected to fall by 210,000 barrels per day (bpd) in 2021 to 11.10 million bpd, the U.S. Energy Information Administration (EIA) said on Wednesday, a Continue Reading
U.S. Projects Modest Oil Output Increase in 2021 Despite High Prices
BofA’s Yazhari on Tight Oil Market, Spike in Prices The U.S. sees limited domestic oil production growth through next year despite rising oil prices and rebounding demand. Oil explorers will Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels The July Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty related to the ongoing economic recovery from the COVID-19 pandemic. U.S. economic activity continues Continue Reading
U.S. Shale Races To Hedge Production Amid OPEC+ Uncertainty
U.S. shale producers started boosting this week hedges to lock in the price of oil they plan to pump in the coming months, after the OPEC+ drama left the market Continue Reading
US oil production to start picking up in Q4 if higher prices hold: US EIA
EIA boosts price outlooks by $4/b for 2021, $6/b for 2022 Global oil demand growth to ease to 3.7 mil b/d in 2022 Vaccine rollouts, OPEC+ fight present risks to Continue Reading
Is There Still Hope For Argentina’s Struggling Shale Patch?
Argentina is working to boost its oil production as well as investing in shale as the Latin American oil and gas giant continues to focus on traditional energy. June ended Continue Reading
U.S. shale firms hesitate to pump – or hedge – more, despite oil high prices
OPEC’s sudden disarray would seem to be an opportunity for U.S. shale producers to lock in profits, with oil prices near multi-year-highs, but sources at those companies say they are Continue Reading