US oil, gas rig count climbs 4 to 547 as Permian drilling hits 13-month high
Highlights Oil rigs up 1; gas rigs climb 3 Permian rigs up 7 at 244 Bakken output to fall as DUC count declines The US oil and gas rig count Continue Reading
Bakken production forecasts expected to retreat this summer as DUC wells decline
Production to fall 400 MMcf/d by end of summer Operators rely heavily on DUCs during rebound Although Bakken natural gas production rebounded over the past year, volumes look to dip Continue Reading
Shale Drillers Baffle Analysts With $7.4 Billion Merger
Shale investors have been demanding more consolidation in the oil patch. But not exactly a deal like this one. The merger of Cabot Oil & Gas Corp. with Cimarex Energy Co. announced Monday has confounded Continue Reading
Dakota Access Pipeline gains win-win with court ruling and Biden inaction
DAPL ruling bodes well for other legal fights over existing pipelines Developer still awaits environmental review slated for March 2022 completion Energy Transfer has still planned on DAPL capacity expansion Continue Reading
Eagle Ford Insider Reports Prudent Drilling Activity
Discipline. Infrastructure. Storage. What do these three words have in common? They will all likely figure prominently this week in the oil and gas markets, according to a trio of Continue Reading
California Launches Rulemaking To Ban Fracking In 2024
California initiated on Friday the pre-rulemaking stage of proposed legislation that would end fracking in the state in 2024. The Department of Conservation, Geologic Energy Management Division released pre-rulemaking draft Continue Reading
Is It Possible To Have A Nuanced Discussion About The Energy Transition?
Climate change is no longer a fiery apocalypse that we expect to happen in the far-off future. Rising sea levels, wild-fires, heatwaves, and extreme weather events are already wreaking havoc Continue Reading
Annual Reserve Revisions Part II: International Major IOCs
A guest post by George Kaplan There’s not much revelatory here, more a completist’s list showing reserve changes for seven IOCs, with more to come over the next months, but Continue Reading
North Dakota Supreme Court Decides In Favor Of Oil Firms In Royalties Case
The oil royalties which producers pay landowners should be calculated at the well, not at a higher price at some point downstream, the North Dakota Supreme Court said this week Continue Reading
Rig Additions In U.S. Top 100 For 2021
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 2 this week, bringing the total rig count to 455—a more Continue Reading
Gasoline Shortages Still Lingering Post-Colonial Pipeline Hack
The gasoline shortages in America’s Southeast are shrinking, but two weeks after the Colonial Pipeline went offline due to a hack, some drivers are still finding it hard to locate Continue Reading
Dakota Access Pipeline will remain open after long legal fight, judge rules
The Dakota Access Pipeline will remain open and continue its flow of Bakken crude oil following a ruling issued May 21 by a federal court, which blamed the US Army Continue Reading
US upstream industry relying on longer lateral drilling to boost cash flows
At a time when squeezing out more oil and gas for less money is a priority for upstream producers, longer laterals are giving a competitive edge in unconventional basins in Continue Reading
US onshore oil producers to keep 2021 output in check even as prices rise
Rystad Energy Press Releases • A gas boom is coming in the US; a closer look at Haynesville and Appalachia reveals records and a risk >> Read here • US Continue Reading
US oil, gas rigs fall 12 to 543 on week, as industry focuses on recovering oil demand
Highlights Permian loses 4 rigs; Eagle Ford down 3 Most basins lost 1-2 rigs on week Oil and gas rigs each decrease 6 Houston — The US oil and gas Continue Reading
U.S. Shale Is Finally Giving Shareholders A Payday
Unlike in the previous downturn in 2015-2016, U.S. shale producers are exiting the 2020 oil price and demand collapse with their promises intact to rein in production growth and return Continue Reading
Russia: Oil Market Is Balanced With Demand Slightly Exceeding Supply
The oil market is fairly balanced at present with demand slightly exceeding supply, Russia’s Deputy Prime Minister Alexander Novak told reporters on Wednesday. Russia, as OPEC’s key partner in the Continue Reading
Crude Oil Inventories See Smaller Than Expected Build
The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 620,000 barrels for the week ending May 14. Analysts had predicted a build of 1.680 Continue Reading
Shale Drillers Show Restraint in Q1
So far, shale explorers are passing the test. (Bloomberg) — So far, shale explorers are passing the test. The industry, much maligned by investors for excessive spending without returns to Continue Reading
Oil Markets Will Face A Supply Crisis Before Demand Peaks
The year 2020 was a watershed moment for the fossil fuel sector. Faced with a global pandemic, severe demand shocks, and a shift towards renewable energy, experts warned that nearly Continue Reading
EIA ups US unconventional oil output growth estimate for May more than sevenfold
The US Energy Information Administration increased its projection for month-on-month growth in US unconventional oil output for May by more than sevenfold in its latest Drilling Productivity Report. Receive daily Continue Reading
Peak demand? More like a supply crisis propelling oil to US$100 | Hellenic Shipping News Worldwide
The world stands on the cusp of an oil supply crisis. Years of insufficient investment in offshore mega-projects combined with the end of U.S. shale hyper-growth and a recent shift 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
U.S. Oil Rig Count Soars As WTI Recovers
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 5 this week, bringing the total rig count to 453. In Continue Reading
Truck drivers reeling from high gas prices, shortages, as nation critically needs gas and goods transported
Lee Klass is a long-haul trucker who has spent most of the past 50 years working behind the wheel. The cost of doing his job spiked dramatically this week. Klass, Continue Reading
Baker Hughes Counts 11 More Oil Rigs
Baker Hughes reported the total number of oil rigs operating in the United States and Canada increased by 11 this week. Baker Hughes Co. (NYSE: BKR) on Friday reported the Continue Reading
Shell Makes Deepwater Discovery
Shell Makes Significant Deepwater Gulf of Mexico Find Shell Offshore Inc, a subsidiary of Royal Dutch Shell, announced a “significant” discovery at the Leopard prospect in the deepwater U.S. Gulf Continue Reading
U.S. capital running out of gas, even as Colonial Pipeline recovers
Washington was running out of gasoline on Friday, even as the country’s largest fuel pipeline network ramped up deliveries following a cyberattack and U.S. officials assured motorists that supplies would Continue Reading
US oil, gas rigs jump 10 to 555 on week, as optimistic Q1 season wraps
The US oil and gas rig count jumped 10 on the week to 555, rig data provider Enverus said May 13, as upstream operators wrapped up first-quarter calls on an Continue Reading
Oil Market Report – May 2021
Global oil consumption is now forecast to rise by 5.4 mb/d in 2021, 270 kb/d lower than in our previous Report. Europe and OECD Americas have been revised down by Continue Reading
IEA: The Global Oil Glut Is Gone
The excess oil inventories of the past year have been all but depleted, and a strong demand rebound in the second half this year could lead to even steeper stock Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels The May Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Economic activity has increased significantly after reaching Continue Reading
Peak Oil Demand, Really? Some Lessons From The Debate Over Peak Supply
Which peak are we talking about? Some recent headlines and quotes from the press: “Peak Oil is Suddenly Upon Us” (Bloomberg 12/1/20); “Even Exxon Mobil is Capitulating to Peak Oil Continue Reading
Oil And Gas Rig Count Climbs Amid Price Rally
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 8 this week, bringing the total rig count to 448. In Continue Reading
ANALYSIS: US oil, gas rig count climbs seven to 545 as Permian activity rises: Enverus
Oil rigs up 10; gas drop 3 Permian rigs back at one-year high Operators maintain capital discipline despite rising cash flows The US oil and gas rig count climbed seven Continue Reading
Why Exxon And Chevron Are Not Going All-Out In The Permian
The U.S. oil supermajors are leading by example what shale drilling discipline should look like. Neither ExxonMobil nor Chevron are rushing to boost production in the biggest American shale play, Continue Reading
U.S. Shale Pre-Hedge Revenues Set To Hit All-Time High In 2021
The US shale industry is set to achieve a significant milestone in 2021: If WTI futures continue their strong run and average at $60 per barrel this year and natural Continue Reading
New Mexico’s Oil And Gas Royalties Hit Record
New Mexico raked in its highest ever royalty amount from oil and gas leases in April, according to the NM’s State Land Office. The previous record high royalty payments from Continue Reading
US crude stocks see largest draw since January amid rising demand, export surge
US crude oil inventories moved sharply lower in the week ended April 30, US Energy Information Administration data showed May 5, amid stronger refinery demand and a surge in exports. Continue Reading
Large Inventory Draws Boost Crude Prices
The American Petroleum Institute (API) on Tuesday reported a massive draw in crude oil inventories of 7.688 million barrels for the week ending April 30. Analysts had predicted a more Continue Reading
Will U.S. Crude Oil Exports Smash Records Again This Year?
Crude oil and refined petroleum product exports from the United States hit a record high last year, turning the country into a net exporter. This year, as more economies are Continue Reading
Oil Investment Lags Jump In Crude Prices
Investment in new oil and gas projects last year sank to the lowest in 15 years at $350 billion. As the world continues its battle against Covid-19 and as the Continue Reading
Russia Hikes Oil Output in April as Its OPEC+ Quota Rises
Russia increased its oil production in April thanks to a more generous OPEC+ quota. The nation pumped 42.81 million tons of crude and condensate last month, according to preliminary data from Continue Reading
Texas Freeze Exacted Even Worse Toll Than Estimated on U.S. Oil
An Arctic cold blast that swept through the U.S. South in February caused a much bigger loss in oil supply than previously estimated, with output falling to a three-year low, Continue Reading
U.S. Rig Count Increases To 440 Rigs
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 2 this week, bringing the total rig count to 440. In Continue Reading
M&A Activity In Oil And Gas Drops In March
Mergers and acquisitions in U.S. oil and gas fell by 1.49 percent below the 12-month average last month, according to GlobalData . The biggest deal by far for the month Continue Reading
Oil Trading Giant Looks To Enter The Permian Through Major Asset Sale
Commodity trading major Vitol is reportedly negotiating a deal to acquire the oil wells of Hunt Oil Co. in the Permian Basin. According to Bloomberg , which cited unnamed sources, Continue Reading
Commodity trader Vitol acquires Midland Basin shale acreage in US from Hunt Oil
Upstream assets producing around 40,000 boe/d Associated gas ties in to North American interests Vitol, the world’s largest independent oil trader, has agreed to acquire producing acreage in the Permian’s Continue Reading
Shale CEO Sees Producers Staying Disciplined at $70 Crude Oil
America’s shale producers will keep output in check even as global crude oil prices near $70 a barrel, Ovintiv Inc. Chief Executive Officer Doug Suttles said in an interview with Bloomberg Continue Reading
US land drillers see improving activity in 2021 as E&Ps expand operating spheres
US land drillers’ rig counts are continuing to inch forward, and exploration and production companies are enjoying lower costs as they reap the benefits of efficiency improvements, with increasing activity Continue Reading