While many US oil and gas producers have slowed drilling activity to a bare minimum in response to low prices, operators holding federal permits have boosted activity ahead of a Continue Reading
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
US permits for new horizontal drilling in oil basins fell to a 10-year monthly low in July, Rystad Energy reported Tuesday. U.S. permits for new horizontal drilling in oil basins Continue Reading
Stockpiles of oil products at Fujairah on the UAE’s east coast continued to decline for the seventh week in a row, further eroding inventories that had climbed to a record Continue Reading
The August Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to the 2019 novel coronavirus disease (COVID-19) continue to evolve. Reduced economic activity Continue Reading
U.S. oil companies have started pulling their crude oil back from government storage tanks, suggesting that the glut that forced them to stash it there in the first place is Continue Reading
The US Energy Information Administration Aug. 11 slashed its 2020 forecast for US oil production by 370,000 b/d from last month’s outlook to 11.26 million b/d based on more extensive Continue Reading
U.S. shale producers are at a crossroads as they find themselves more efficient than ever. They can keep drilling, and potentially dent oil prices, or use the money to pay Continue Reading
Roughneck job cuts accelerated in July and the outlook may worsen as new Covid-19 cases stifle economic activity, according to the Petroleum Equipment and Services Association. The U.S. oilfield-services sector shed 9,344 Continue Reading
The U.S. oilfield services industry lost another 9,000 jobs in July, up by 43 percent compared to the jobs lost in June, Bloomberg quoted the latest report from the Petroleum Continue Reading
If there was one thing the last oil price crisis proved, it was this: despite the devastation that low oil prices can wreak on an industry, they can also make Continue Reading
Drillers cut exploration in U.S. oil fields to a 15-year low as billions of barrels from old discoveries became worthless and explorers abandoned growth plans. The number of active oil rigs in Continue Reading
1. Gold prices surge – Gold hit a new high this week, closing over $2,000 per troy ounce for the first time. – While a specific reason for the latest Continue Reading
The oil and gas market’s appetite is now shifting. As dismal Q2 financials flood in, lowered market expectations is seeing disastrous quarterlies as bad, and bad quarterlies as okay. Okay Continue Reading
Baker Hughes reported on Friday that the combined oil and gas rig count in the U.S. fell this week by 4, to 247. The total oil and gas rigs are Continue Reading
Demand for offshore rigs will slump this year as a result of the pandemic and the low oil prices that are forcing offshore operators to delay drilling activities, but the Continue Reading
After slashing capex plans for 2020 and idling rigs by the dozen, U.S. shale drillers are still not ready to return to their default state of perpetual growth. Oil is Continue Reading
The world’s largest offshore rig operator Transocean has hired Lazard to advise it on strategic alternatives for its capital structure, Bloomberg has reported, citing a company statement. Transocean reported a Continue Reading
The Dakota Access oil pipeline again staved off what would have been an unprecedented shutdown, with judges ruling that the Trump administration has to decide whether the conduit can operate Continue Reading
U.S. crude oil refinery inputs averaged 14.6 million barrels per day during the week ending July 31, 2020 which was 42,000 barrels per day more than the previous week’s average. Continue Reading
Continental Resources is bringing back previously shut-in oil production, seeing flow rates in some fields double compared to the rates before the curtailment, the company’s executives said on the Q2 Continue Reading
Ultra-low sulfur diesel stocks on the Gulf Coast built to a record high during the week ended July 31, rising 1.19 million barrels to 54.69 million barrels, US Energy Information Continue Reading
A US federal appeals court halted on Aug. 5 the pending shutdown of the Dakota Access Pipeline slated for the same date, but the court is still requiring an environmental Continue Reading
America’s most prolific shale drillers are accepting a fate once anathema to an industry obsessed with growth: drilling just to ward off production drops. The pandemic and subsequent plunge in crude Continue Reading
As the US shale boom sent the country’s crude production soaring over the past decade, the oilfield services companies that do everything from drilling producers’ wells and laying pipes to Continue Reading
The global coronavirus pandemic–a true black swan event–has altered the course of the entire oil and gas industry, and not even the mighty US shale industry will emerge unscathed. Employment Continue Reading
America’s most prolific shale drillers are accepting a fate once anathema to an industry obsessed with growth: Drilling just to ward off production drops. The pandemic and subsequent plunge in crude Continue Reading
After more than five years in the making, several producers moved a major regulatory step closer to developing a potential 5,000-well oil and natural gas project on federal land in Continue Reading
More than thirty billion dollars: this is the size of the collective debt of oil and gas companies that filed for bankruptcy protection in the first half of the year. Continue Reading
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
A post by Ovi at peakoilbarrel All of the oil (C + C) production data for the US states comes from the EIAʼs Petroleum Supply monthly PSM . At the Continue Reading
Baker Hughes reported on Friday that the number of oil rigs fell, while the combined oil and gas rig count in the US held steady this week at 251, marking Continue Reading
The number of rotary drilling rigs operating in the United States stood at 251 for the second week in a row, Baker Hughes Co. reported. The number of rotary drilling Continue Reading
Noble Corp., the offshore drilling contractor, filed for bankruptcy with a plan to cut more than $3.4 billion of debt after a crash in crude prices made undersea oil wells Continue Reading
A new four-month oil supply glut should result from the partial return in August of curtailed OPEC+ production, Rystad Energy predicts. A new four-month oil supply glut of approximately 170 Continue Reading
U.S. crude oil refinery inputs averaged 14.6 million barrels per day during the week ending July 24, 2020 which was 389,000 barrels per day more than the previous week’s average. Continue Reading
The uncertainty surrounding the future operations of Dakota Access, the key pipeline carrying crude out of the Bakken, is stalling oil companies’ plans to invest in bringing back online the Continue Reading
Hess’ Bakken Shale production jumped 39% year on year in the second quarter, and the potential shutdown of a major pipeline that takes oil from the North Dakota field to Continue Reading
US crude oil inventories moved sharply lower during the week ended July 24 as exports and refinery demand climbed to multi-month highs, US Energy Information Administration data showed July 29. Continue Reading
Denbury Resources Inc. became the latest debt-laden oil producer to say it will seek bankruptcy and hand ownership to lenders in the aftermath of a pandemic-fueled plunge in crude prices. Continue Reading
General Electric Co. predicted slow gains in operations this year and next after the coronavirus pandemic battered results in the second quarter. The jet-engine division has tracked “early signs of improvement” Continue Reading
The Big Three in the oilfield services industry wrote down $45 billion in assets over the past year as their clients tightened their belts, according to Morgan Stanley, cited by Continue Reading
According to TIPRO’s latest mid-year energy report, Texas has lost over 39,000 direct oil and natural gas jobs in the first half of 2020. According to the Texas Independent Producers Continue Reading
The pandemic has curtailed associated gas production in the Permian basin, temporarily relieving some gas flaring, but the basin could return to record gas production levels by the end of Continue Reading
U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors even before the coronavirus pandemic crushed oil prices and decimated production, are expected Continue Reading
The oilfield has historically been a place where brawny men, and mighty machines came together to bore holes deeply into the earth to wrest stores of oil and gas from Continue Reading
Forty publicly traded U.S. oil producers wrote down a collective US$48 billion worth of the value of their assets in the first quarter of 2020, just after oil prices collapsed, Continue Reading
Overall Annual Production US Gulf of Mexico C&C production has had a series of peaks; firstly two from shallow oil, the middle acceleration probably caused by the mid-seventies oil shock; Continue Reading
US crude oil inventories likely declined in the week ended July 24 amid an expected uptick in refinery demand and stronger exports, an S&P Global Platts Analysis showed July 27. Continue Reading
US oil companies have increased production by 1.2m barrels a day over the past six weeks, as they restore wells shut earlier this year and start producing from others they Continue Reading
