Oil industry facing historic production shutdown
The world’s oil market once fixated on how Saudi-led Opec would tweak supply in small increments to boost prices. That concern suddenly feels quaint: the size of the global drop Continue Reading
Relentless Oil Price War To Cause Huge Number Of Well Shut-Ins
Plunging demand, surging supply, and strained storage capacity have put so much downward pressure on oil prices that producers are now considering shutting-in oil wells. The magnitude of these en Continue Reading
Goldman: The Oil Industry Will Never Be The Same After Coronavirus
The unprecedented oil demand plunge in the COVID-19 pandemic is poised to change the oil sector forever, as fewer companies holding high-quality assets emerge after the downturn, Goldman Sachs said Continue Reading
Two Shale Drillers Back Plan to Curb Output After Oil’s Crash
Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash. Pioneer Natural Resources Co. and Parsley Energy Continue Reading
Pipeline Operators In Texas Urge Producers To Stop Pumping
U.S. pipeline operators have issued a warning to some oil producers operating in Texas: reduce production rates because storage is filling up, a Texas Railroad Commissioner said in a tweet. Continue Reading
Oil CEOs Back Plan to Cut Texas Output
Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash. (Bloomberg) — Two of Continue Reading
The Global Oil Market Is Broken, Drowning in Crude Nobody Needs
The global oil market is broken, overwhelmed by an unmanageable surplus as virus lockdowns cascade through the world’s largest economies. Onshore tanks in many markets are full, forcing traders to store Continue Reading
Pipelines Ask U.S. Oil Drillers to Curb Output as Tanks Fill Up
American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity. Plains All Continue Reading
Russia’s Plan To Bankrupt U.S. Shale Could Send Oil To $60
As soon as U.S. shale leaves the market, prices will rebound and could reach $60 a barrel, Rosneft’s Igor Sechin said recently. As fate would have it, in what many Continue Reading
World Is Totally Unprepared For What’s Ahead
There’s more evidence finally surfacing in the media of the dire energy predicament the world is now facing. The negative ramifications of peak oil and the falling EROI were going Continue Reading
Petrostates Hammered by Oil Price Plunge and Pandemic’s Spread
Kazakhstan’s long-standing leader calls it a “perfect storm.” Venezuela’s government is shutting fuel stations across the country. Chad is paying its sovereign debts using cattle. Across the oil-rich states of Africa, the Continue Reading
Oil-Industry Collapse Accelerates as Scores of Rigs Go Dark
The oil industry’s meltdown is accelerating as explorers shut down scores of drilling rigs across the U.S. in response to cratering crude prices and expanding supply gluts. Oil companies idled 40 Continue Reading
Rig Count Crashes Most In 4 Years As Oil Shock Rocks U.S. Shale
Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 44, falling to 728, with the total oil and gas rigs Continue Reading
With oil prices down, some federal, state efforts to aid producers stumble
The collapse in oil prices has left many US oil and gas producers teetering on financial ruin, moving federal and state policymakers to take actions aimed at blunting the impact Continue Reading
Oil Braces for Biggest Idling of Wells Since 1986
Only the old hands at the Coffeyville oil refinery could remember anything like the prices posted this month. The small Kansas plant in the heart of rural America was offering Continue Reading
A Wave Of Downgrades Has Hit The U.S. Oil Patch
The riskier end of the energy bond market has lately suffered a sharp blow in response to an epic oil price crash as the coronavirus pandemic and oil price war Continue Reading
Is This The Beginning Of The End For Texas Oil?
Widespread misery was evident in the Dallas Fed’s latest survey , which included responses from 161 energy firms and took place from March 11-19. The quarterly survey offers a window Continue Reading
A Wave Of Downgrades Has Hit The U.S. Oil Patch
The riskier end of the energy bond market has lately suffered a sharp blow in response to an epic oil price crash as the coronavirus pandemic and oil price war Continue Reading
World’s Largest Oil Trader Says Demand Could Plummet By 20 Million Bpd
A dramatic change in oil demand coupled with an unexpected increase in production has upended the industry, Vitol’s chief executive Russell Hardy told Bloomberg in an interview. At its peak, Continue Reading
Oil Market Shows Fear That U.S. Is Running Out of Storage Space
The U.S. oil market is displaying worries that stockpiles are going to run out of storage space, with futures being whipsawed as a growing glut counters economic stimulus measures. While crude Continue Reading
Occidental Petroleum Reaches Truce With Activist Investor Carl Icahn
Occidental Petroleum Corp., the largest oil producer in the giant Permian Basin, has ceded to activist investor Carl Icahn’s demands and announced deep spending cuts in a bid to survive Continue Reading
US shale bust wrecks hopes for energy independence
The shale revolution that made the US the world’s biggest oil and gas producer and offered the prospect of energy self-sufficiency has run out of steam, as drillers slash spending Continue Reading
The Permian Boom Is Going Bust
Oil companies are already beginning to pare back their activity in the Permian, with cutbacks coming not just from smaller drillers, but also the oil majors . Chevron said on Continue Reading
Schlumberger, Halliburton Announce Hefty Spending Cuts
Schlumberger and Halliburton joined the ranks of oil companies on a spending-cutting spree amid the steep oil price drop. Schlumberger said it would slash its spending by 30 percent less Continue Reading
Spotlight: Bakken new well profitability challenged by low oil prices
Highlights Oil prices are plunging on fears of low demand, surging supply Bakken shale operators are sitting on a DUC inventory of ~420 wells How many wells could be brought Continue Reading
Summary of Weekly Petroleum Data for the week ending March 20, 2020
U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending March 20, 2020 which was 18,000 barrels per day more than the previous week’s average. Continue Reading
Global oil, gas producers cut spending after crude price crash
Oil and gas companies are cutting spending plans in response to the new coronavirus and a push by Saudi Arabia and Russia to ramp up output. International benchmark prices LCOc1 Continue Reading
Analysis: Light crudes get cheaper vs heavy as COVID-19 hits gasoline, jet demand
Declining refining margins for transport fuels such as gasoline and jet fuel have impacted demand for lighter crude grades in Asia, with the value of premium grades such as Abu Continue Reading
Halliburton to ‘significantly’ cut 2020 capex below $1.2 billion budget
Oilfield services firm Halliburton ( HAL.N ) is accelerating its cost-cutting and will significantly reduce spending this year below its original $1.2 billion budget, its finance chief said on Tuesday. Continue Reading
Prepare For The Next Wave Of Oil Bankruptcies
Last year, the energy industry was rocked by record bankruptcies and write-downs that did not spare even the oil majors. According to Energy and Restructuring law firm Hayes and Boone’s Continue Reading
Chevron cuts 2020 Permian production, capex guidance by 20%
Chevron is cutting both its guidance for shale production from the US Permian Basin and its capital spending this year by 20% in response to the oil price collapse, it Continue Reading
Occidental Petroleum Cuts Pay for Staff, Executives
Occidental Petroleum Corp. is cutting salaries for its U.S. employees by up to 30% in a bid to slash expenses, according to an internal email reviewed by The Wall Street Continue Reading
How Far Will Trump Go To Save U.S. Shale
The U.S. is today showing signs of increased desperation as oil prices sink to levels that may pose a threat to the energy independence of the United States by kicking Continue Reading
What Happens If U.S. Shale Goes Bust?
This month has seen a spectacular oil price crash the likes of which we haven’t seen in decades. The last time we had since a single day oil price drop Continue Reading
Oil industry faces biggest crisis in 100 years
It is no exaggeration to say the oil industry faces its gravest crisis of the past 100 years. As western economies go into hibernation, hoping to snuff out the first wave Continue Reading
Oil Majors Slash Spending Amid Price Plunge
Shell became the latest oil major to announce significant spending cuts to protect its balance sheet from crashing oil prices, joining other majors such as Exxon in the drive to Continue Reading
Middle East seen as haven for big energy projects as N. America, Arctic reel from oil price crash
The Middle East is pushing ahead with most of its top oil and gas projects planned as higher cost regions including the US, Canada and the Arctic suffer the brunt Continue Reading
The Boldest Permian Plays To Watch As The Oil Market Circles The Drain
Over-supplied markets like the oil market take prices in only one direction, down. We are seeing indications of a historically over-supplied market right now, so we expect continued weakness on Continue Reading
US Oil Turns Its Back On The Permian As Prices Crash
Amid crashing oil prices, oil firms are rushing to cut budgets and exposure to the most prolific shale basin in the United States, the Permian, yet industry bodies expect the Continue Reading
Permian Still Accounts for More Than Half of US Rigs
Year on year, the North America rig count is down 251 rigs from last year’s 1,121. The North America rig count is down 97 rigs from the previous week to Continue Reading
Energy majors are hoping for the best but preparing for the worst.
Energy majors are hoping for the best but preparing for the worst. Oil and gas companies are among some of the world’s biggest and best capitalized businesses now scrambling for Continue Reading
Aviation Fuel, Coronavirus News: Glut Overwhelms Storage
Only about 20% of land-based storage for the product remains — about 50 million barrels — while airlines cut flights, according to Vienna-based consultant JBC Energy GmbH. A collapse in air Continue Reading
Offshore driller Valaris gears up for possible debt restructuring: sources
Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said Continue Reading
Tens of Thousands Are Getting Laid Off in U.S. Shale Patch
One of the most painful busts in the history of crude oil happened just six years ago when a sharp price drop cost 200,000 roughnecks, almost half the entire workforce, Continue Reading
Coronavirus and Oil-Price Plunge Buries Shale and Occidental’s Big Bet
Just weeks ago, Occidental Petroleum Corp. Chief Executive Vicki Hollub sought to reassure investors that her bold bet on U.S. shale oil—a $38 billion deal for rival Anadarko Petroleum Corp.—hadn’t Continue Reading
Not Even Higher Oil Prices Can Save U.S. Shale
The U.S. shale industry is burning through cash so fast that even the state of Texas is looking at government rationed production targets. Texas Railroad Commissioner Ryan Sitton laid out Continue Reading
Do Saudi Arabia And Russia Really Want To Kill U.S. Shale?
Since 2016, as an informal leader of the 13-strong non-OPEC group, Russia has been instrumental in the pricing of oil as Saudi Arabia, leading producer in the Organization of Petroleum Continue Reading
Trump administration prepares to buy 30M barrels of oil amid industry slump
he U.S. government will buy 30 million barrels of oil from producers amid a financial downturn for the industry. The Department of Energy (DOE) announced Thursday it would conduct the Continue Reading
Why the Texas Railroad Commission Could Play Role of OPEC
Oddly named and highly powerful, the Texas Railroad Commission is weighing whether the state should curb crude production for the first time in almost half a century. At issue is Continue Reading
Permian Oil Drilling Slumps to Worst Since Depths of Last Crash
Oil drilling in the Permian Basin plunged to its lowest level since the nadir of the last crude-market slump in early 2016. Explorers idled 13 rigs this week in the most-prolific North Continue Reading