Rig Count Plummets As Oil Price War Rages On
Baker Hughes reported that the number of oil and gas rigs in the US plummeted this week by 20, falling to 722, with the total oil and gas rigs clocking Continue Reading
Texas Lawmaker Calls For Oil & Gas Royalty Cuts
As crashing oil prices hit U.S. oil and gas companies, one Texas lawmaker is asking the Department of the Interior to reduce the royalties that firms pay for oil and Continue Reading
Shale drillers slow to scale back volumes as Texas discusses mandatory production cuts
Shale drillers continue to dramatically scale back their spending, but they’re only moderately reducing their crude production volumes as Texas discusses mandatory cutbacks in oil barrels. Receive daily email alerts, Continue Reading
Oil Crash Wipes Out $31 Billion From Industry’s Investment Plans
The global oil and gas industry has slashed at least $31 billion from investment budgets after crude’s epic price crash this month, and more cuts are likely to come. Producers are quickly Continue Reading
Mnuchin Calls for U.S. to Buy as Much as $20 Billion in Oil
Treasury Secretary Steven Mnuchin said he will recommend President Donald Trump ask Congress for as much as $20 billion to keep the Strategic Petroleum Reserve full for a decade. “Let’s go out Continue Reading
Texas Weighs Curtailing Oil Production for First Time in Decades
Texas regulators are considering curtailing oil production in America’s largest oil-producing state, something they haven’t done in decades, people familiar with the matter said. Several oil executives have reached out Continue Reading
U.S. Oil Industry Could End Up Losing More Than 200,000 Jobs
With West Texas Intermediate below $30 a barrel and Saudi Arabia’s plans to keep pumping as much as it can for as long as it can, the U.S. oil industry Continue Reading
How ‘Smart Water’ Could Revolutionize Shale
Conventional wisdom dictates that water and oil do not mix–at least for those of us who are not MIT engineers . But a new discovery could soon turn that clichéd Continue Reading
Saudi ‘Shock And Awe’ Is Crushing Shale Drillers
WTI dropped into the low $20s on Wednesday, and the near-term outlook is grim. Oil lobbyists have pushed Congress for help, and a group of Republican Senators pleaded in a Continue Reading
US GoM 2019 Summary: Part I – Exploration, Drilling and Discoveries
Introduction In many ways the US side of the Gulf of Mexico shows signs of a production basin at the end of life. Most of the sort historic of charts Continue Reading
The Texas Shale Patch Is Considering The Unthinkable
Following the 2014 Thanksgiving massacre, Saudi Arabia effectively broke up OPEC to try to kill the US shale sector by overproducing oil and sending prices plunging. It failed largely thanks Continue Reading
The Oil Floating Storage Trade Is On After Crude’s Latest Tumble
The latest collapse in oil prices has put in play a lucrative trade to store crude at sea, reviving memories of the 2008-09 recession when millions of barrels were kept Continue Reading
The Latest: Halliburton furloughs workers as oil prices sink
The Latest on action in the financial markets (all times local): 10:45 a.m. Halliburton will institute a mandatory furlough for 3,500 employees in Houston, Texas, beginning next week amid falling Continue Reading
Global oil, gas producers slash spending after crude price rout
Oil and gas companies around the world aim to slash spending as crude prices have plunged due to the impact of the coronavirus and a push by Saudi Arabia and Continue Reading
Four US banks are the world’s largest fossil fuel financers: analysis
A new analysis from a coalition of environmental groups has found that four U.S. banks are the world’s largest fossil fuel financers. The analysis , conducted by a group including Continue Reading
North Dakota weighs plan to keep some Bakken crude off market
Faced with declining demand and potentially months of oil prices below most Bakken breakeven prices, the North Dakota Industrial Commission next week will consider new rules aimed at preventing operators Continue Reading
Sharp Slowdown in Hiring Across Houston Oil and Gas
There’s been a sharp slowdown in hiring across the Houston oil and gas industry, according to Murray Resources. There’s been a sharp slowdown in hiring across the Houston oil and Continue Reading
Big Shale Borrowers on Fast Track to Junk
The latest crash in oil prices is threatening to push $140 billion of investment-grade energy debt over the edge into junk. Despite the modest recovery after 2016, oil prices have been Continue Reading
Oil storage to max out in months as coronavirus crushes demand
The world could run out of oil storage capacity within months, according to the biggest energy traders, as the coronavirus pandemic crushes demand for fuel at the same time as Continue Reading
Fujairah data: Oil product stocks rise 8% on signs of weakening demand
Oil product stocks in the Middle Eastern hub of Fujairah rose 8% week on week to 23.302 million barrels on Monday, with all categories showing increases as efforts to contain Continue Reading
Permian oil producers continue to slash budgets 25% or more on recession fears
Concho Resources and other Permian Basin crude producers have continued to slash their capital budgets by 25% or more as fears of a pandemic-triggered global recession have taken hold. Receive Continue Reading
Oil Crash Is Bad News for Regional Banks That Went Big on Energy
Lenders are bracing for loan losses and depressed earnings from an oil crash that is bruising the North American energy industry. U.S. and Canadian banks have more than $100 billion Continue Reading
Drilling Productivity Report
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
$30 Oil Won’t Keep U.S. Shale From Setting Production Record
Despite the low oil prices that brought on by the combination of the coronavirus pandemic’s migration to the United States and the oil price war between Russia and Saudi Arabia, Continue Reading
World Heads for Biggest Ever Surplus: IHS Markit
After a dizzying drop in demand and an about-face in Saudi Arabian production policy, global oil markets face the possibility of the biggest crude surplus ever recorded, according to IHS Markit. Continue Reading
How Saudi Arabia Delivered A Blow to U.S. Shale Companies At The Worst Possible Moment
Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance, and economics. Saudi Arabia recently announced that it was engaging in a full-on price Continue Reading
Big Oil Is Literally Burning Cash In The Permian
Global oil giants are facing ever-increasing public pressure and higher levels of scrutiny over their responsibility to curb harmful greenhouse emissions. Yet, in the sprawling oilfields of Texas, New Mexico Continue Reading
Few U.S. shale firms can withstand prolonged oil price war
For the last five years, U.S. shale oil producers have been battling suppliers for lower costs and running equipment and crews hard to drive drilling costs down by about $20 Continue Reading
Billion-Barrel Oil Flood From OPEC Fight to Strain World’s Tanks
The oil-price war between Saudi Arabia and Russia is set to unleash the biggest flood of crude ever seen, perhaps more than the world can even store. As producers ramp up Continue Reading
Prepare For Bankruptcies, Layoffs And A Drilling Slowdown
Oil prices have fallen nearly 50 percent since the start of the year and the short-term outlook isn’t looking very promising as OPEC and Russia continue to boost supply. It Continue Reading
In a Texas Oil Town, Pain but No Panic as Prices Crash
Leaner days are back in the oil patch of South Texas. Once-busy roads are empty except for the workers repairing the potholes from the damage done by truck traffic in Continue Reading
Rig Count Inches Lower In Dramatic Week For Oil
Baker Hughes reported that the number of oil and gas rigs in the US fell this week by 1 to 792, with the total oil and gas rigs clocking in Continue Reading
US to buy ‘large quantities’ of crude to ‘fill up’ SPR: Trump
The US government will take advantage of low oil prices and buy “large quantities” of crude to fill the Strategic Petroleum Reserve, President Donald Trump said Friday. “We’re going to Continue Reading
Four more producers line up to slash capex, activity in wake of low oil prices
Four more E&P producers have joined the lineup of oil companies that are slashing 2020 capital budgets and cutting back activity, as oil prices hover at low levels not seen Continue Reading
US to Buy Large Quantities of Oil for Reserve
President Donald Trump has directed the U.S. Energy Department to buy “large quantities” of oil for the government’s strategic petroleum reserve following this week’s crash in oil prices. “We’re going Continue Reading
US looks at buying oil in bid to save American shale producers
The Trump administration intends to buy tens of millions of barrels of oil for storage in the caverns of the US Strategic Petroleum Reserve, using a safeguard against fuel shortfalls Continue Reading
Coronavirus fallout could be the ‘nail in the coffin’ for smaller oil companies
At the State of the Union in February, President Trump boasted that his administration’s deregulatory agenda had made the U.S. “energy independent.” It was a dubious claim at the time, Continue Reading
Oil Markets Point to a Lasting Glut of Crude
Energy markets are flashing a warning: The world is swimming in crude oil, and the glut won’t drain away any time soon. Twin shocks—the coronavirus pandemic and the breakdown of Continue Reading
Eight days that shook the oil market — and the world
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, summoned his counterparts in Opec to the Park Hyatt hotel in Vienna for crisis talks last Thursday evening. Earlier that day, the oil Continue Reading
Exclusive: U.S. shale urges service firms offer ‘at least’ 25% price cuts – executives, letter
U.S. shale producers are seeking sharp service costs cuts to deal with plummeting prices and shrinking demand, according to executives and a letter sent to top providers, driving home the Continue Reading
The Great U.S. Shale Decline Has Already Begun
U.S. shale companies are moving quickly to ax their budgets, hoping to staunch the bleeding as the oil market continues to melt down. It has only been a few days Continue Reading
US Oil Output to Dip for the First Time Since 2016
US oil output will average 12.7 million barrels a day in 2021, down from an expected 13 million barrels this year. (Bloomberg) — The world’s biggest oil producer will see Continue Reading
U.S. Discusses Buying Oil For SPR To Help Shale Drillers
Oil industry representatives have pitched for discussion to the U.S. Administration the idea that Washington buy cheap crude oil to replenish the Strategic Petroleum Reserve, which would also remove millions Continue Reading
Why Fracking Will Never Be Banned In The U.S.
Several democratic presidential candidates have proposed fracking bans, but oil companies have room to breathe easily knowing that killing off fracking in the US is a bit too big of Continue Reading
Will Trump Bail U.S. Shale Out?
The White House is considering a rescue package for the U.S. shale industry, although the idea is getting pushback from so many sides that it faces challenging odds of passing Continue Reading
US Oil Output to Dip for the First Time Since 2016
The world’s biggest oil producer will see a drop in output next year as a result of the dramatic collapse in prices that’s already forcing drillers to cut back on Continue Reading
Monthly US oil production to peak next month: EIA
US oil output to average 12.99 mil b/d in 2020, 12.66 mil b/d in 2021 WTI forecast cut to $38.19/b in 2020, $50.36/b in 2021 Brent forecast cut to $43.30/b Continue Reading
STEO snapshot: EIA slashes oil price, demand, supply projections
The recent oil-price collapse led the US Energy Information Administration Wednesday to cut its forecast for global oil demand 50% from earlier this year, drop some oil price projections by Continue Reading
US crude exports, Permian production expected to fall: Port of Corpus Christi CEO
US crude exports and Permian Basin production may soon see notable declines as the plunge in oil prices triggers a painful but possibly short-lived downturn, said Port of Corpus Christi Continue Reading
Summary of Weekly Petroleum Data for the week ending March 6, 2020
U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending March 6, 2020 which was 5,000 barrels per day more than the previous week’s average. Continue Reading