The End of Oil Is Near
THIS PAST SPRING, coastlines around the globe took on the feel of an enemy invasion as hundreds of massive oil tankers overwhelmed seaports from South Africa to Singapore. Locals and Continue Reading
Oil Major Equinor Stops Drilling In U.S. Shale Patch
Norway’s Equinor will not drill any more wells in the U.S. shale patch this year as it adjusts to a lower-for-longer oil price environment, a spokesperson for the company said Continue Reading
US oil, gas rig count drops by seven to 282, mostly from small plays
The US oil and gas rig count dropped by seven on the week to 282 with small plays along the Texas Gulf Coast and Kansas accounting for most of the Continue Reading
Summary of Weekly Petroleum Data for the week ending August 21, 2020
Summary of Weekly Petroleum Data for the week ending August 21, 2020 U.S. crude oil refinery inputs averaged 14.7 million barrels per day during the week ending August 21, 2020 Continue Reading
U.S. Oil And Gas Lease Sales Resume Despite Weak Interest
Despite the wave of U.S. oil and gas industry bankruptcies and layoffs as a result of the pandemic, the United States government has decided to resume its oil and gas Continue Reading
FUJAIRAH DATA: Stockpiles soar 11% in biggest weekly gain since February
Stockpiles of oil products at the crude trading and bunkering hub of Fujairah on the east coast of the UAE jumped to a six-week high, with marine bunkers and fuel Continue Reading
Hurricane Laura poses biggest threat to U.S. oil in 15 years
The U.S. energy industry began preparing for a major hurricane strike by Tuesday, cutting crude production at a rate approaching the level of 2005’s Hurricane Katrina and halting oil refining Continue Reading
Two Major Shale Drillers Plan Layoffs
Two shale producers have plans to start cutting jobs, sources in the know who wished to remain unnamed have told Reuters. Parsley Energy plans to cut 10 percent of all Continue Reading
Gulf Of Mexico Drillers Shut In More Than 82% Of Oil Production
Platform shut-ins in the Gulf of Mexico have reached 82.4 percent of oil production, the Bureau of Safety and Environmental Enforcement reported , with 56.92 percent of gas production also Continue Reading
US ELECTIONS: Republicans warn of fracking ban, oil and gas jobs loss, on day one of convention
During the first night of the GOP convention, Republicans asserted that Democrats will ban hydraulic fracking, thereby decimating US oil and gas jobs, in spite of leading Democrats’ pullback from Continue Reading
Little production in storm’s path left for shut-ins by US Gulf oil, gas companies: BSEE
US Gulf of Mexico production numbers released Aug 25 by the federal Bureau of Safety and Environmental Enforcement show that producers have little output in the region along the predicted Continue Reading
US Gulf Coast gasoline climbs as storms approach
US Gulf Coast gasoline differentials spiked Aug. 24 as the region monitored approaching tropical storms Marco and Laura. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Continue Reading
Bakken production pushes Canadian exports on Northern Border to 15-year low
Resurging production in North Dakota’s Bakken Shale following a wave of spring shut-ins has pushed Canadian exports to the US Midwest on Northern Border Pipeline down to its lowest flow Continue Reading
Gulf Coast Refineries Shutter Ahead of Storm, Gasoline Soars
Oil and chemical facilities located along the Texas and Louisiana Gulf Coast are shuttering, securing equipment or running through emergency protocols ahead of a strong hurricane set to rip through Continue Reading
1MM+ US GOM Barrels Shut In Due to Storms
More than one million barrels of oil per day have been shut in on the U.S. Gulf of Mexico, as of August 23, as Hurricane Marco and Tropical Storm Laura Continue Reading
Twin U.S. Gulf Coast storms move energy giants to deep production cuts
Energy companies moved to cut production at U.S. Gulf Coast oil refineries on Monday after shutting half the area’s offshore crude oil output as back-to-back storms took aim at the Continue Reading
Louisiana, Cuba residents evacuate as twin storms take aim at U.S. coast
Coastal residents in low-lying areas of Louisiana and Cuba were evacuating on Sunday, while roads turned to rivers in Haiti’s capital city, as twin hurricanes threatened the Caribbean and U.S. Continue Reading
$40 Oil Isn’t High Enough For Indebted U.S. Shale Drillers
The Covid-19 pandemic has added severe financial strain on a North American upstream industry that was already reeling under billions of dollars of debt. With WTI climbing past $40 a Continue Reading
Is A Wave Of Bankruptcies Heading For The Offshore Oil Industry?
Offshore drilling major Valaris became the latest victim of the crisis this week as it filed for bankruptcy in the U.S., proposing a swap of some $6.5 billion in debt Continue Reading
US Gulf of Mexico producers shut in more production ahead of two tropical storms
US Gulf of Mexico producers have opted to shut more of their production and evacuate crews Aug. 23 as meteorologists revised the tracks of two tropical storms, Marco and Laura, Continue Reading
The Global Rig Count Hits A Record Low
1. Global rig count hits record low – The U.S. rig count has hit its lowest level in decades, but the global rig count is also at a record low. Continue Reading
Non-OPEC Oil Production Collapses in April
Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIA’s International Energy Statistics and updated to April 2020. Continue Reading
Permian Oil Drillers Bounce Back with Biggest Rig Hike This Year
Explorers in the world’s biggest shale patch are roaring back, putting an additional 10 rigs to work this week for the biggest jump in activity since a price crash triggered Continue Reading
U.S. Oil Rig Count Rises For First Time Since January
Baker Hughes reported on Friday that the number of oil rigs in the United States rose for the first time since January by 11, to 183—the first double-digit increase since Continue Reading
Malaysian Oil Major May Buy Permian Driller
Malaysia’s Petronas, the national state oil and gas company, is in talks to take over Permian driller DoublePoint Energy, Bloomberg reported, citing sources in the know who declined to be Continue Reading
Chevron shutting in output, removing crews from US Gulf platforms ahead of storms
Chevron has begun shutting in production and evacuating crews from four sizeable US Gulf of Mexico platforms in advance of Tropical Storm Laura and Tropical Depression 14, as the two Continue Reading
World’s Largest Offshore Rig Owner Files Bankruptcy
UK-based offshore drilling contractor Valaris has filed for bankruptcy protection in the United States, offering creditors to swap some $6.5 billion of its $7.8-billion debt pile for equity. The company Continue Reading
Cimarex makes contingency oil, gas permit plans in event of Biden presidency
Cimarex Energy is making contingency plans for permitting on federal lands in case there is a change in presidential administration, its top executive said Aug. 19. Receive daily email alerts, Continue Reading
Analysis: Floating storage at two-month lows despite inflated volumes off China
The amount of crude and condensate hoarded on tankers has tumbled to more than two-month lows as the incentives for storage start to recede, although volumes offshore China remain high, Continue Reading
Fujairah Data: Fuel stockpiles edge lower led by drop in middle distillates
Fujairah stockpiles of oil products dropped to a four-month low on Aug. 17, with middle distillates such as jet fuel and gasoil leading the way. Receive daily email alerts, subscriber Continue Reading
Oil Market Report – August 2020
Global oil supply rose by 2.5 mb/d to 90 mb/d in July after Saudi Arabia ended its voluntary 1 mb/d cut, the UAE exceeded its OPEC+ target and US production Continue Reading
Is This The Beginning Of The End Of Oil & Gas Exploration?
Booms and bust cycles are very much a part of investing in the fossil fuel sector. In previous energy downturns, prices frequently experienced serious slumps, but oil and gas companies Continue Reading
Drilling Productivity Report for August
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
Uncertainty Upends Mergers & Acquisition In Oil And Gas
Every crisis has its consolidation. At least, that used to be the case before the 2020 oil industry crisis. When earlier this summer Chevron said it would acquire Noble Energy, Continue Reading
Oil Companies Wonder If It’s Worth Looking for Oil Anymore
A few dots near the bottom corner of the world map in the southern Atlantic, the Falkland Islands were once at the forefront of a new era for the oil Continue Reading
Oil Refiners Are Being Forced To Adapt Or Die
The International Energy Agency this week revised down its gasoline and jet fuel demand forecast for the rest of the year. In seemingly unrelated news, Philips 66 said that it Continue Reading
Why Fracking Activity Hasn’t Increased As Oil Prices Recovered
It’s been a long dry spell in the Permian. Shale drilling and completions activity has collapsed to levels not seen since before 2000 (as far back as records are kept). Continue Reading
Shale driller Chaparral Energy files for bankruptcy due to pandemic woes
Oklahoma shale driller Chaparral Energy Inc filed for Chapter 11 bankruptcy protection on Sunday, the latest U.S. energy sector casualty in recent months as COVID-19 crushes oil demand. The company’s Continue Reading
Big Oil Wrote Down $87 Billion In Assets In Less Than One Year
Seven of the largest oil companies in the world have written down a collective US$87 billion from the value of their oil and gas assets over the past nine months, Continue Reading
Shale Drillers Extend Historic Retreat on Stagnant Oil Prices
Shale explorers parked more drilling rigs in the U.S. this week as stagnant oil prices push the industry to extend a historic retrenchment. The number of active oil rigs in U.S. Continue Reading
Harris’s Fracking Record Scares Big Oil But Attracts the Left
Less than two hours after Kamala Harris was named Joe Biden’s running mate, President Donald Trump had cast the California Democrat as an oil industry and fracking foe. “She is against Continue Reading
U.S. Oil Rig Count Falls Despite Stabilizing Crude Prices
Baker Hughes reported on Friday that the number of combined oil and gas rig count in the US fell yet again this week by 3, to 244, as the pandemic Continue Reading
ExxonMobil, Enterprise still adding to massive Permian crude pipeline glut
The embattled, but resilient Permian Basin quickly evolved from a glut of oil to a glut of excess pipeline capacity as the coronavirus pandemic crippled global demand, and new long-haul Continue Reading
North Dakota warns of prolonged oil, gas downturn after summer output recovery
North Dakota oil and natural gas production increased slightly in June, marking the end of a three-month free fall as the state lost drilling rigs and crews in response to Continue Reading
US ELECTIONS: Independent producers ponder effects of a Biden administration
Independent oil and gas producers did not have the best relationship with the Obama administration, but most industry executives seem uncertain about what effect a victory for former Vice President Continue Reading
U.S. Offshore Wind Industry To See Explosive Growth
Offshore wind has the potential to become a major industry in the United States over the next decade, unlocking billions of U.S. dollars of investment and creating thousands of jobs. Continue Reading
Few oil and gas companies are grabbing for the Fed’s Main Street lifeline
It was once seen as a potential lifeline to oil and gas companies struck hard by the coronavirus pandemic. But not many of them are grabbing it. Neither banks nor businesses Continue Reading
Summary of Weekly Petroleum Data for the week ending August 7, 2020
U.S. crude oil refinery inputs averaged 14.7 million barrels per day during the week ending August 7, 2020 which was 21,000 barrels per day more than the previous week’s average. Continue Reading
How COVID Relief Saved Texas Shale Jobs
Four months ago, Congress approved the ambitious and unprecedented Paycheck Protection Program (PPP) as part of the $2 trillion pandemic rescue package, and now we’re starting to see the benefits Continue Reading
Oilfield Service Companies Are Bailing On The Permian
The United States shale revolution didn’t just transform West Texas, and it didn’t just transform the energy sector, and it didn’t just transform the entire U.S. economy. It was a Continue Reading