Shareholders have approved ConocoPhillips’ acquisition of Concho Resources. PHOTO SOURCE: ConocoPhillips ConocoPhillips (NYSE: COP) reported Friday that it has completed its acquisition of Concho Resources (NYSE: CXO), with shareholders of Continue Reading
Oil and gas prices are rebounding from their pandemic lows, but the road ahead for the industry remains challenging amid new competitive threats and demands from investors. Global spending on oil Continue Reading
OPEC was formed in 1960 by founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. For a brief period, the petroleum cartel became the dominant force behind world oil prices Continue Reading
Oil prices fell back on Friday morning as demand fears grow, but OPEC has predicted an increase in U.S. shale production at current price levels. With 2021 shaping up to Continue Reading
Having soared in recent days, rising 21% YTD on the back of the gamma squeeze discussed yesterday, and coupled with a barrage of analyst upgrades, most recently from Barclays and Continue Reading
The Securities and Exchange Commission launched an investigation of Exxon Mobil Corp. XOM -4.81% after an employee filed a whistleblower complaint last fall alleging that the energy giant overvalued one of its most important oil Continue Reading
The U.S. oil rig count increased for the eigth consecutive week as drillers capitalize on higher oil prices Baker Hughes reported on Friday that the number of oil and gas Continue Reading
U.S. shale oil companies are hedging against future price drops as West Texas Intermediate enjoys a rebound above $50 a barrel, Reuters has reported , citing unnamed sources in the Continue Reading
A federal effort to sell roughly 20 million barrels of crude oil from the US Strategic Petroleum Reserve could begin deliveries as early as April and continue well into 2021. Continue Reading
North Dakota oil production was essentially flat month on month in November, falling just 0.5% to 1.224 million b/d, the state’s Department of Mineral Resources said Jan. 15 in releasing Continue Reading
The total US oil and gas rig count leaped by 18 to 424 in the week ending Jan. 13, rig data provider Enverus said, with the Permian seeing its largest Continue Reading
OPEC, and especially OPEC+, has always seemed to be at odds with the U.S. shale industry. From the drastic oil embargos of the ‘70s to the all-out oil price war Continue Reading
Halliburton Co. reported Thursday that it has deployed the industry’s first successful electric grid-powered hydraulic fracturing operation. “Electric fracturing aligns with our goal to provide the industry with lower-carbon-intensive solutions Continue Reading
It may be counterintuitive to say that the oil demand crash and the resulting glut in 2020 could lead to an oil supply crunch in just a few years. Yet, Continue Reading
The 2020 oil crisis has led to a crisis of confidence among the global workforce in the oil and gas industry, where 78 percent of professionals are now less secure Continue Reading
The global oil market is in flux once again. The bulls are fighting it out with the bears as COVID lockdowns come into force around the world. Oil prices may Continue Reading
Oil is extending a steady recovery into 2021, aided by fresh signals that the world’s biggest producers won’t turn on the spigots and flood the market. U.S. crude futures recently rose above Continue Reading
Forecast Highlights This edition of the Short-Term Energy Outlook (STEO) is the first to include forecasts for 2022. The January STEO remains subject to heightened levels of uncertainty because responses to COVID-19 Continue Reading
WTI is back above $50 a barrel, and things are looking up for the battered U.S. oil industry. Yet, although the worst may be behind drillers, they still face a Continue Reading
One of the things that had the oil industry worried about a Biden administration was his opposition to fracking, and his promise to ban it on federal lands on his Continue Reading
The U.S. Energy Information Administration on Tuesday cut its 2021 world oil demand growth forecast by 220,000 barrels per day from its previous estimate. In its monthly forecast, U.S. Energy Continue Reading
Over the past six months, excess U.S. crude oil and product inventories have declined from their surplus at the start of the summer of 2020. Petroleum inventories have been slowly Continue Reading
As the outlook for oil is uncertain for 2021, following a turbulent 2020, companies look toward new technologies and innovation to drive the industry forward. From Houston to Scotland, we Continue Reading
Deal making among oil and gas producers was at its highest for the year in the fourth quarter of 2020 as the pandemic-driven fallout in commodity prices spurred a wave Continue Reading
The Republican legislators in North Dakota proposed a new $1.1 billion bonding package for infrastructure projects, planning to use proceeds from oil and gas to pay off part of the Continue Reading
The Gulf of Mexico is littered with tens of thousands of abandoned oil and gas wells, and toothless regulation leaves climate warming gas emissions unchecked. Out on the deck of Continue Reading
The U.S. removed the ban on American crude oil exports to countries other than Canada in 2015, unleashing a new force on the global oil market to be reckoned with. Continue Reading
Saudi Arabia’s surprise announcement that it would cut 1 million barrels per day (bpd) beyond its share of OPEC+ cuts in February and March has refiners in Asia scrambling to Continue Reading
The shale boom has turned the U.S. into the world’s largest oil producer and has moved it ever closer to ending dependence on Middle East oil. (Bloomberg) — Five years Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 9 to 360. The oil and gas rig count has risen Continue Reading
The future of tight oil output in the US will depend in large part on future development of Permian Basin resources in Texas and New Mexico. I have developed nine Continue Reading
The number of rotary drilling rigs operating in the US and Canada rose by 67 this week, Baker Hughes reported Friday. The number of rotary drilling rigs operating in the Continue Reading
Global floating oil storage declined at a fast pace in December as traders sold crude held on tankers in the absence of price incentives to store it and in order Continue Reading
The US oil and gas rig count slipped by one to 406 in the week ending Jan. 6, rig data provider Enverus said, with the Permian Basin posting a six-rig Continue Reading
The new boss of Devon Energy said he won’t let this week’s rally in oil prices tempt him to return to the days of rampant production growth at any cost. Continue Reading
U.S. banks want to continue choosing whether to lend money to the oil and gas industry according to risk and reputation management practices, asking a regulator not to proceed with Continue Reading
US crude oil inventories saw their largest decline since July in the week ended Jan. 1 on the back of strong exports and rising refinery demand, US Energy Information Administration Continue Reading
Don’t count on America’s shale industry to boom once again in response to $50 per barrel oil and Saudi Arabia’s plan to throttle back its own oil production. (Bloomberg) — Continue Reading
The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 1.663 million barrels for the week ending January 1. Analysts had predicted an inventory draw Continue Reading
The OPEC+ talks stalled on Monday after the group failed to reach a consensus on the best path forward for oil production, the body reported on Monday afternoon. OPEC and Continue Reading
Defaults by US oil and gas producers are set to outstrip all other sectors again in 2021 as an industry battered by this year’s price crash faces yet more pain, Continue Reading
The 2020 crisis put an abrupt end to the growth in U.S. crude oil production, which had just hit 13 million barrels per day (bpd) before oil prices and demand Continue Reading
Kinder Morgan on Jan. 4 said its Permian Highway Pipeline has begun full commercial service, bringing West Texas producers long-awaited new gas transmission capacity and a potential lift to prices. Continue Reading
Sabrina Burns, a senior at the University of Texas at Austin, had thought she would be launching a lucrative career in the oil and gas industry when she graduated in Continue Reading
All of the oil (C + C) production data for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM . After the production charts, an analysis of Continue Reading
The US oil and gas rig count fell by six to 407 in the week ended Dec. 30 as 2020 ended with activity down slightly more than 50% from the Continue Reading
L.P. Buckeye Partners, L.P. (NYSE: BPL) reported Wednesday that crude oil export operations have begun at the second deepwater dock at its South Texas Gateway (STG) Terminal, which sits at Continue Reading
About half of U.S. energy company executives polled by the Federal Reserve Bank of Dallas expect their firms to increase capital spending in 2021, and another quarter of respondents see Continue Reading
The crisis that enveloped the oil industry in 2020 can be measured in various ways, but in the U.S. there may be no better single gauge than the tally of Continue Reading
The oilfield services sector is usually the one to suffer the most during an oil and gas industry downturn. This last crisis has been no exception in most respects. Drilling Continue Reading
