Five things to watch in 2021 after oil’s wild ride this year
The oil sector was hit harder than almost any other by the pandemic. Crude prices fell from near $70 a barrel at the beginning of the year to below $20 in Continue Reading
Despite current macro conditions, Permian Basin has plenty of life
Any centenarian expects to be questioned about her longevity, and that’s especially true of the US’ biggest, most prolific oil reservoir. And like human centenarians, the Permian Basin’s long life Continue Reading
What Big Oil’s $145 Billion Write-Downs Mean For The Industry
The 2020 oil price collapse provided a reality check for the global oil and gas industry, which reassessed its price assumptions for the years ahead and readjusted the value of Continue Reading
The Very Real Possibility Of Peak Oil Supply
Three months ago, British oil giant BP Plc. (NYSE:BP) sent shockwaves through the oil and gas sector after it declared that Peak Oil demand was already behind us. In the Continue Reading
2020 Was One of the Worst-Ever Years for Oil Write-Downs – WSJ
The pandemic has triggered the largest revision to the value of the oil industry’s assets in at least a decade, as companies sour on costly projects amid the prospect of Continue Reading
North Dakota’s shale prospects look bleak after the gold rush
Almost a decade ago, Clint Hacker traded the Arizona sunshine for the subzero temperatures of the North Dakota winter, migrating north along with thousands of others to join in a Continue Reading
Talos Continues Talks With Pemex Over Massive Shared Oil Discovery Off Mexico
U.S. Talos Energy and Mexico’s state-controlled oil firm Pemex have another three months to discuss and possibly reach an agreement over how to manage and operate a massive oil find Continue Reading
Oil Prices Rise On Bullish EIA Inventory Report
Crude oil prices today moved higher after the Energy Information Administration reported an inventory draw of 600,000 barrels for the week to December 18. This compared with a draw of Continue Reading
Oil, Gas Rigs Increase For Fifth Week In A Row
Baker Hughes reported on Wednesday that the number of oil and gas rigs in the United States rose by 2 to 348. The oil and gas rig count has risen Continue Reading
The Worst May Be Over For U.S. Oil
More than 40 oil and gas companies in the United States filed for bankruptcy protection in the first eleven months of this year, according to Haynes & Boone’s latest report Continue Reading
FEATURE: Lower Permian gas production, higher prices promise shift in 2021 flows
A steep drop in Permian gas production this year is driving a significant shift in regional flow dynamics that’s likely to endure into 2021 as higher West Texas gas prices Continue Reading
America’s Key Oil Hub Sees Inventories Declining
Cushing, the home of the ‘black gold rush’ and the world’s largest onshore oil storage hub is once again reducing its oil stockpiles as an increase in demand looks set Continue Reading
Diamondback to Expand Permian Position via $1.4B Deals
The acquisitions are a bet by Midland, Texas-based Diamondback on the resilience of the shale sector. (Bloomberg) — Diamondback Energy Inc. rounded off a tumultuous year for the U.S. shale Continue Reading
Will 2021 Be a Quieter Year for Energy Bankruptcies?
Better days may be ahead for energy companies after a busy year of bankruptcies, with the coronavirus pandemic culling the weakest borrowers and investors pricing in a sharp economic recovery Continue Reading
Oil, Gas Rigs Increase For Fourth Week In A Row
Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 5 to 263. The total number of active oil and gas rigs increased Continue Reading
China’s Top Refiner Sees Oil Product Demand Peak By 2025
China’s largest refiner, Sinopec, expects domestic demand for oil products to peak by 2025 due to COVID impacts and the rise of electric vehicles, Argus reported on Friday, citing Sinopec’s Continue Reading
US oil, gas rig count rises by 10 to 414 as producers try to hold output: Enverus
US oil and gas rigs rose by 10 to 414 in the week ending Dec. 16, rig data provider Enverus said, as operators continue to replace production setbacks earlier in Continue Reading
Baker Hughes Rig Counts Mixed for US and Canada
The total counts of rotary drilling rigs operating in the US and Canada moved in opposite directions this week, Baker Hughes reported Friday. The total counts of rotary drilling rigs Continue Reading
Pandemic brings forward predictions for peak oil demand
The COVID-19 pandemic this year has dented oil consumption and brought forward forecasts by energy majors, producers and analysts for when the world’s demand for oil may peak. The rise Continue Reading
Oil Industry Needs Whopping $12.6 Trillion In Investments
The global oil industry needs some $12.6 trillion in investments through 2045, the secretary-general of OPEC said at a videoconference, adding these investments would be essential for the industry to Continue Reading
U.S. Shale Patch Reduced Breakeven Costs By 20% This Year
Pressured by plunging oil prices and the need to adjust to the lower oil demand, U.S. oil producers have slashed costs and managed to bring down their average breakeven costs Continue Reading
Bankruptcy Hit U.S. Oil Producers To Lose Quarter Of Production In 2021
As Chapter 11 filings by US E&Ps continue to pile up, onshore oil production from companies that filed for bankruptcy in the last two years is set to decrease by Continue Reading
North America posts 45 upstream bankruptcies in 2020: report
A total 45 bankruptcies in the North American E&P patch were filed in 2020, the second-highest number since oil prices abruptly plummeted to the $50/b level six years ago, Haynes Continue Reading
Offshore Oil’s Dramatic Comeback
Smack dab in the middle of an oil price crisis caused by an unprecedented demand loss, Exxon announced the latest in a string of discoveries off the eastern South American Continue Reading
ANALYSIS: US gasoline stocks hit 16-week high as pandemic lockdowns blunt demand
US gasoline inventories climbed for a fifth straight week in the week ended Dec. 11 as pandemic lockdowns weighed on demand, US Energy Information Administration data showed Dec. 16. Receive Continue Reading
Will Biden Seal The Fate Of The U.S. Shale Patch?
t’s a tale as old as time: there’s a new sheriff in town, and the first item on the agenda is wiping out or otherwise undermining the policies of the Continue Reading
Permian Drillers May Face Freshwater Shortages
New Mexico’s State Land Office is putting an end to the commercial sale of fresh water for oil and gas developments to protect the state’s scarce freshwater resources. Effective December Continue Reading
Big Oil Slammed With A $7 Trillion Reality Check
About a year ago, the world’s largest asset manager BlackRock Inc. (NYSE:BLK) declared its intention to increase its ESG (Environmental, Social and Governance) investments more than tenfold from $90 billion Continue Reading
IEA Sees Crude Glut Enduring to End-2021 Amid Demand Strains
The crude-oil glut left behind by the pandemic will clear by the end of next year, as markets face a gradual recovery marked by renewed strains on demand, the International Continue Reading
North Dakota’s Oil Production Won’t Rebound Until 2022
Crude oil production in North Dakota, home to the Bakken shale, is not expected to recover to pre-pandemic levels until late into 2022 due to the demand loss and the Continue Reading
Total US shale production projected to fall in January as DUCs decline: EIA
US shale volumes and new well productivity per rig are both expected to fall month-over-month in January as the industry enters the winter season and the number of drilled, but Continue Reading
Drilling Productivity Report
View full article at www.eia.gov
Phillips 66 slashes 2021 capital spending; focus on renewable fuels projects
Phillips 66 will cut its 2021 capital spending budget to $1.76 billion, around 40% below the $2.9 billion spent in 2020, putting the focus on projects in the process including Continue Reading
Oil Market Pays for Partying Hard
Here is a look back at some of Rigzone’s most-viewed downstream-related articles from the past week. References to partying and corruption – and a new plant in Saudi Arabia – Continue Reading
World Oil Demand Hits Two-Month High
Global demand for road fuels hit a two-month high last week, recovering from the slowdown in October and November when many countries in Europe imposed lockdowns for a second time Continue Reading
Rig Count Sees Largest One-Week Increase Since January
Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 12 to 338. The total number of active oil and gas rigs increased Continue Reading
Texas Regulator Banned From Waiving Environmental Rules
The Texas Railroad Commission has been banned from enforcing a string of environmental rule waivers after a judge ruled the agency had failed to provide the public with adequate advance Continue Reading
How Texas Could Bounce Back From The Oil Price Crash
Just a decade ago West Texas was the very image of a thriving industry. Bobbing pumpjacks dotted the landscape as boomtowns like Midland exploded in a flurry of economic activity Continue Reading
The Companies That Could Benefit From A Major Pipeline Shortage
The pandemic-inflicted oil demand crash and price collapse did not spare any segment of the oil industry. U.S. drillers and refiners cut oil and fuel production after demand plunged, while Continue Reading
Why The World Might Not Have Enough Oil To Meet Demand Trough 2050
The world is on track to run out of sufficient oil supplies to meet its needs through 2050, despite lower future demand due to the Covid-19 pandemic and the accelerating Continue Reading
August Non-OPEC Production Rises
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 August 2020. Continue Reading
Will Offshore Decom Recover in 2021?
Aquaterra Energy anticipates more offshore decom activity next year – and beyond. Following the general pace of much oil and gas industry activity this year, the offshore decommissioning sector has Continue Reading
US crude stocks race higher as exports test multiyear lows, imports surge
US crude oil stocks moved sharply higher in the week ended Dec. 4 as exports tested multiyear lows and imports surged to levels last seen in July, US Energy Information Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels The December Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 Continue Reading
Waha-to-Henry Hub spread narrows as West Texas, US markets face divergent fortunes
The cash-market spread from Waha to the benchmark Henry Hub is at its narrowest this month since May as the two locations face opposing market forces that could endure into Continue Reading
How Accurate Are Shale Drilling Profitability Claims?
Rigzone panelists offer their views on what to watch in the oil and gas markets this week. (The views and opinions expressed in this article are those of the attributed Continue Reading
Shale Executives See Little Chance Of Significant Growth
Crude oil production in the United States has been on the rise , topping 10.86 million bpd in September—the highest since May. Still, it’s a lot lower than it was Continue Reading
Oil Rig Count Rises To Highest Level Since Mid-May
Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 5 to 246—the highest number of rigs since mid-May. The total number of Continue Reading
Peak Oil Is Suddenly Upon Us
A year ago, if anyone in the petroleum business had suggested that the moment of Peak Oil had already passed, they would have been laughed right off the drilling rig. Then Continue Reading
Chevron Slashes Spending Plans as Coronavirus Hammers Oil Demand
An abundance of fossil fuels combined with advances in technology to harness wind and solar power has sent energy prices crashing around the world. WSJ explains how it all happened Continue Reading