In retrospect, 2019 was another strong year for offshore exploration and production companies. Free cash flow remained strong and telltale signs have emerged that we are entering a new offshore Continue Reading
This edition of the Short-Term Energy Outlook is the first to include forecasts for 2021. EIA forecasts Brent crude oil spot prices will average $65 per barrel (b) in 2020 and $68/b Continue Reading
Slowing U.S. crude oil production growth will likely lead to a new wave of consolidation across the U.S. shale patch, where the big players will acquire the ‘smaller guys’, shale Continue Reading
Over the past five years, has the industry and its investors mistaken a massive structural change for a simple cyclical event? (Bloomberg) — Such is the extent of the shakeout Continue Reading
Since taking flight in 2008, the American shale oil revolution has probably been the biggest energy story since the end of World War II. U.S. crude oil production has leaped Continue Reading
In December 2019, American oil major Chevron announced a major write-down of some $11 billion in the value of its assets, including its gas holdings in the Appalachia region, a Continue Reading
In just 12 days, Occidental Petroleum Corp pulled off one of the biggest hedges against falling oil prices ever placed by a U.S. energy company. It characterized the transaction as Continue Reading
Global oil markets will remain well supplied this year, with a possible overhang of some 1 million bpd, the head of the International Energy Agency, Fatih Bitol, told Reuters. “Non-OPEC Continue Reading
Summary of Weekly Petroleum Data for the week ending January 3, 2020 U.S. crude oil refinery inputs averaged 16.9 million barrels per day during the week ending January 3, 2020, Continue Reading
2020 is starting off with two weeks of rig losses, according to Baker Hughes, with the US oil and gas rig count falling by 15 rigs for the week. The Continue Reading
The dramatic jump in productivity seen in the early days of the US shale oil boom may be waning, but is likely not over, according to analysts, who expect efficiencies, Continue Reading
Relatively clean and flexible, natural gas has been described as “the champagne of hydrocarbons.” Lately, though, energy companies are treating it about as sparingly as a team that just won Continue Reading
The U.S. dropped a total of 15 oil and gas rigs this week, according to data from Baker Hughes Company. The U.S. dropped a total of 15 rigs this week, Continue Reading
Minister says ‘2020 will be very good’ Not worried about Russia’s OPEC+ commitment US producers facing financial challenges US shale production will be flat or even declining by 2021, and Continue Reading
Planet-heating pollution from the U.S. oil, gas, and petrochemical industries could rise about 30% by 2025 compared with 2018 because of additional drilling and 157 new or expanded projects “fueled Continue Reading
Operational production costs in the oil and gas industry have fallen across the globe, with the United Kingdom emerging as a cost-cutting powerhouse among global offshore regions . A Rystad Continue Reading
Apache Corp. is shuttering its San Antonio office, resulting in the layoffs of 272 employees, the company said in a notice sent to the Texas Workforce Commission this week. The Continue Reading
Direct oil and natural gas employment in the Permian basin totaled 87,603 people in 2019, according to a new report from TIPRO. Direct oil and natural gas employment in the Continue Reading
Two major U.S. oil producers, Occidental Petroleum and Apache Corporation, have started slashing jobs this week as they look to cut costs in the slowdown of the U.S. shale production Continue Reading
This is the year when shale drillers are finally going to deliver solid returns to investors that have grown weary of the industry’s decade-long cash burn, the head of explorer Continue Reading
Investors, pension funds and companies need to get ahead of the financial risk from climate change, as many fossil fuel assets risk becoming worthless. “We can’t have a financial sector Continue Reading
The insanity continues in the North Dakota Bakken, as the shale industry is flaring nearly 20% of its natural gas production. That is one hell of a lot of natural Continue Reading
ExxonMobil Corp.’s subsidiary XTO Energy, Inc. has entered into a long-term gas gathering and processing agreement with private midstream company Outrigger Energy II under which Outrigger will build a cryogenic Continue Reading
The ongoing growth of fracking in the U.S., plus the related buildout of pipelines, refineries and petrochemical plants, will release the equivalent of 50 new coal-fired power plants over the Continue Reading
Last April, Colorado Governor Jared Polis (D) said, “…it is our hope that the oil and gas wars that have enveloped our state are over,” but the conflict appears far Continue Reading
A group of Barclays shareholders coordinated by responsible investment lobby group ShareAction want the bank to phase out financing fossil fuels, stepping up pressure on one of Europe’s biggest funders Continue Reading
U.S. shale producers have boosted their hedges to lock in higher oil prices for their production this year and next as oil prices shot up following the heightened tension in Continue Reading
The U.S. Gulf of Mexico made history in August as it exceeded oil production of 2MMbopd, according to the U.S. Bureau of Safety and Environmental Enforcement. The U.S. Gulf of Continue Reading
Repsol has drilled oil wells in Libya Benjamin Lowy/Getty Images The world’s appetite for oil could peak within five years, according to one of Europe’s biggest oil and gas firms Continue Reading
Not counting the decade’s largest acquisition deal, the $57-billion Occidental takeover of Anadarko, 2019 saw only $39 billion in oil and gas deals. But if the $11 billion deals in Continue Reading
Alta Mesa Resources, Inc., the Houston-based energy company that filed bankruptcy in September 2019 , has received a $310 million bid for its assets from joint venture BCE-Mach III LLC. Continue Reading
The industry’s advance beyond the rig count indicating production growth has complicated things for forecasters. Every Friday, the Baker Hughes oil and natural gas rig count gets released. This is Continue Reading
It’s the start of a new year and a new decade, and the oil market is as unpredictable as ever. Will OPEC+ extend its cuts? Will U.S. shale finally grind Continue Reading
U.S. drilling activity continued to contract in the fourth quarter, and the sense of gloom among shale drillers in Texas remains palpable. The latest data from the Dallas Federal Reserve Continue Reading
Concern about global oil demand and OPEC+ production cuts are now part of the oil price landscape and few expect any surprises coming from these directions. There is, however, a Continue Reading
2020 is starting off with more rig losses, according to Baker Hughes, with the US oil and gas rig count falling by 9 rigs for the week. The total oil Continue Reading
Oil markets may be underestimating the risks to US production and export growth from the upcoming 2020 US presidential election, analysts told S&P Global Platts. Analysts expect that if a Continue Reading
Five new oil pipelines are set to open in the Permian Basin through 2021, expanding a gap between production and takeaway capacity. (Bloomberg) — It’s gone from a dearth to Continue Reading
The U.S. closed out the first week of the new year dropping a total of nine rigs, according to data from Baker Hughes Company. The number of oil rigs declined Continue Reading
Oil prices are the highest they have been in months, but that likely will not tempt most US upstream companies into spending more for 2020, according to two US shale Continue Reading
U.S. oil output continued to increase in October 2019. Production reached a new high of 12,655 kb/d. The output of all tight oil basins was 8,165 kb/d in November and Continue Reading
Vastly slower U.S. oil growth this year and the prospect of a plateau for the world’s top oil producer have signaled a new and unfamiliar era of self-restraint for the Continue Reading
U.S. Oil Production Is Competing Against Decline All of the oil production data for the US states comes from the EIAʼs Petroleum Supply Monthly. In addition, information from other EIA offices Continue Reading
The value of U.S. oil and gas mergers and acquisitions reached a five-year peak of $96 billion in 2019 on the back of competing bids for Anadarko Petroleum, energy data Continue Reading
There was a time when natural gas was a welcomed byproduct of crude oil drilling, and drillers in the prolific Permian basin enjoyed this consolation prize–at least when natural gas Continue Reading
Newpark, ( NR ) is an oddity in the oilfield service space. It is an independent- meaning it’s not part of a big conglomerate service company, mud and completion fluids Continue Reading
The bill is coming due for the shale industry’s price war with OPEC. North American oil-and-gas companies have more than $200 billion of debt maturing over the next four years, Continue Reading
I close out every year with a story on how my annual predictions fared, followed by what I felt were the top energy stories of the year. I then open Continue Reading
The shale energy revolution was not a feat of Big Oil. Independent exploration and production companies run by little-known executives fracked their way to a stunning rise in US oil Continue Reading
Shale drilling does not produce as much oil and gas as the industry promised, raising questions about the productivity, profitability and, ultimately, the longevity of the fracking boom. The Wall Continue Reading
