The Trump administration has taken dozens of actions during the Covid-19 pandemic to benefit the oil and gas industry, such as opening new lands for leasing, watering down environmental protections, Continue Reading
Oil and natural gas companies that drill on US government-owned land are spending less for access after the Trump administration invoked the coronavirus crisis to slash the royalties they pay. About Continue Reading
U.S. shale was one of the big losers of the Saudi-Russian price war that many saw as a war on U.S. shale. Producers scrambled to stay afloat as prices sank Continue Reading
This post updates Non-OPEC production to February 2020. However, we are now in late June 2020 and the effects of the plunge in the price of WTI which began on Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 1. Canada’s overall rig count fell this week by Continue Reading
Recent oil market buoyancy fails to properly account for a potential drag on the West Texas Intermediate (WTI) benchmark, according to one of Rigzone’s regular market-watchers. Read on to learn Continue Reading
The Trump administration has rejected most requests for royalty relief submitted by onshore oil and gas companies struggling with reduced demand for fuel and battered prices, a top Interior Department Continue Reading
Production restarts in Texas might happen faster than originally thought by the market. The majority of respondents in the Dallas Fed survey replied that oil prices above $35 are sufficient Continue Reading
The Dallas Fed Energy Survey’s Q2 assessment of oil and gas firms in the Eleventh District showed that oil and gas activity deteriorated in Q2, according to oil and gas Continue Reading
Amid record-breaking additions to the new Covid-19 case count in Texas, oil companies in the state have suspended plans to return staff to offices, Reuters reports . Health officials in Continue Reading
A Colorado environmental group is reviving a push to get an anti-fracking measure on the U.S. state’s November ballot, just two weeks after a prior sponsor said it was halting Continue Reading
U.S. crude oil refinery inputs averaged 13.8 million barrels per day during the week ending June 19, 2020 which was 239,000 barrels per day more than the previous week’s average. Continue Reading
U.S. oil production will probably take more than two and a half years to return to its record 13 million barrels per day. The price crash has led to at Continue Reading
North Dakota has suffered an 81-percent decline in oil and gas revenues in April. Between March and mid-April, North Dakota oil producers idled some 40 percent of drilling rigs. Oil Continue Reading
US crude stocks climbed during the week ended June 19 as rising production and weak refinery demand outshined resurgent exports, US Energy Information Administration data showed June 24. Receive daily Continue Reading
As oil prices tick up to $40 a barrel following a pandemic-induced plunge, there’s a sense the shale industry is snapping back to life with Continental Resources Inc., EOG Resources Inc. and Continue Reading
The COVID-19 crisis has hit the U.S. shale patch hard Some producers think it will take years to recover while others think they may never recover Many oil producers are Continue Reading
Both crude oil and overall fossil fuel demand may have permanently peaked in 2019 if a slower economic recovery from the coronavirus pandemic becomes reality, hastening the arrival of peak Continue Reading
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-U.S.$20 a barrel in this downturn Continue Reading
America’s shale revolution grew out of a well-orchestrated dance. For almost a decade, producers wooed investors by touting rosy estimates of how much crude oil they could profitably drill, and Continue Reading
As Covid-19 shock waves reverberate across U.S. oil towns, perhaps nowhere is their speed and severity more apparent than in America’s newest shale powerhouse. Just months ago, New Mexico, the third-biggest Continue Reading
In the 15 years since the first U.S. shale boom, the industry as a whole has failed to return a profit. Deloitte estimates that the coming wave of write-downs could Continue Reading
The global COVID-19 pandemic has had a significant role to play in Big Oil’s shift towards cleaner energy. Three of the world’s biggest oil and gas companies are planning to Continue Reading
China looks to raise its crude oil production by 1 percent to 3.85 million barrels per day (bpd) and natural gas output by 4.3 percent this year, the National Energy Continue Reading
As Covid-19 shock waves reverberate across U.S. oil towns, perhaps nowhere is their speed and severity more apparent than in America’s newest shale powerhouse. Just months ago, New Mexico, the Continue Reading
US shale companies could be forced to write down $3oobn of their assets this year, starting in the second quarter, as operators begin to account for the oil price collapse Continue Reading
The number of non-operational orphaned wells could skyrocket at a time when the oil industry is in danger of entering structural decline North Dakota regulators are currently seeking federal money Continue Reading
Don’t expect the oil price rout to trigger a wave of M&A activity any time soon. The last Big Oil M&A wave turned into a disaster for the acquiring companies. Continue Reading
In a parched and dusty patch of land in California’s central valley, a series of wells has been pumping out some of the state’s dirtiest crude oil. Almost a century after Continue Reading
Oil exploration shrank for a 14th straight week in U.S. fields amid weak crude prices and skepticism about a recovery in energy demand. Drillers idled 10 oil rigs in onshore U.S. Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 13, to 266. Canada’s overall rig count fell this Continue Reading
The oil industry continues to struggle with some of the biggest names in the sector being forced to drastically cut costs Chesapeake faces the very real prospect of bankruptcy, having Continue Reading
Oil continued its comeback, buoyed by signs of increasing demand as cities emerge from lockdown. But fears of a second wave of the virus, combined with record-high stockpiles in the Continue Reading
U.S.’ energy dominance agenda is dead as the country’s shale industry is looking at a steep production decline. The U.S. tight oil or shale rig count has fallen 69% this Continue Reading
Oil producers all over the world are struggling with a slump in demand that has driven the lower-for-longer price forecasts. High-cost producers are between a rock and a hard place Continue Reading
Nearly 85,000 people in the U.S. oilfield services industry have lost their jobs due to the pandemic-driven oil price crash and demand destruction, Houston-based Petroleum Equipment and Services Association (PESA) Continue Reading
Fatih Birol, executive director of the International Energy Agency, forecasts that the world’s daily oil demand will climb by 5.7m barrels next year. The world’s oil demand could climb at Continue Reading
The most recent edition of the Energy Information Agency monthly Drilling Productivity report confirmed what news reports had anecdotally told us. U.S. domestic shale production is on a decline, and Continue Reading
The 2020 release of Rystad Energy’s annual global energy outlook reveals that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas Continue Reading
Crude nearly erased all losses after a U.S. government report showed inventories at the nation’s key storage hub in Oklahoma declined. Stockpiles at the Cushing site declined for a sixth straight Continue Reading
Oil slid after U.S. petroleum inventories climbed to a record for the second week in a row, more than offsetting signs of a recovery in fuel demand. Gasoline and distillate inventories Continue Reading
The fossil fuel industry has faced serious headwinds for several years, but the rise of renewables combined with the fall in consumption as a consequence of the global corona crisis Continue Reading
US commercial crude stocks notched a fresh all-time high last week amid still-weak refinery demand and flagging exports, US Energy Information Administration data showed June 17. Receive daily email alerts, Continue Reading
The rebalancing of the oil market has been possible, in part, due to the sharp cutbacks in U.S. shale production. But what happens next for the industry? The latest data Continue Reading
U.S. crude oil refinery inputs averaged 13.6 million barrels per day during the week ending June 12, 2020 which was 116,000 barrels per day more than the previous week’s average. Continue Reading
If the carnage that took place in the U.S. shale oil patch during the first quarter of 2020 is any indication of the financial health of the industry, just wait Continue Reading
The American Petroleum Institute (API) estimated on Tuesday another build in crude oil inventories, this time of 3.857 million barrels for the week ending June 12. Analysts had predicted a Continue Reading
“And like in the current crisis, liquidity is king,” Phillips 66 chairman and chief executive Greg Garland said on the company’s Q1 conference call in early May. Like the upstream, Continue Reading
The Drilling Productivity Report uses recent data on the total number of drilling rigs in operation along with estimates of drilling productivity and estimated changes in production from existing oil Continue Reading
US crude inventories are expected to have fallen last week amid weather-related Gulf of Mexico production losses and a drop in imports, an S&P Global Platts analysis showed June 15. Continue Reading
