IEA Warns Of A Looming Oil Glut Ahead Of OPEC Meeting
Strong oil supply growth from non-OPEC countries puts a lot of pressure on OPEC and its Russia-led partners to act, and they will hopefully make the right decision for themselves Continue Reading
US on its Way to Energy Independence
The US will have a primary energy surplus by first quarter 2020, according to Rystad Energy. In just a few months, the U.S. will be fully energy independent and by Continue Reading
Why The Latest Shale Bust Is Different
In 2019 through third quarter, 32 oil and gas drillers have filed for bankruptcy, according to Haynes and Boone . Since the end of September, a gaggle of other oil Continue Reading
Permian Basin, Bakken/Three Forks and Eagle Ford Net Volume
In the discussion here I use the term net volume to refer to the volume of prospective rock that might be developed to produce tight oil. For each bench of Continue Reading
Most Energy Will Come From Fossil Fuels, Even In 2040
Which is more plausible: flying taxis, wind turbine arrays stretching miles into the ocean, and a solar roof on every house–or a scorched-earth, flooded post-Apocalyptic world? We have no way of Continue Reading
US Gulf Set for Record 2020 With Oil Production
The U.S. Gulf of Mexico is positioned for another year of record oil production in 2020, according to Rystad Energy. The U.S. Gulf of Mexico is positioned for another year Continue Reading
Shale Drillers’ Latest Problems: Hog Manure and Chicken Guts
It isn’t just Appalachian shale drillers that are swamping the natural-gas market. Chicken slaughterhouses, pig farms, expired yogurt and leftover bits from your last meal are contributing to the glut. Continue Reading
99 Oil Rigs Gone And Counting: Rig Count Falls Again
The US oil and gas rig count continued to fall this week, according to Baker Hughes, falling another 3 rigs for the week, according to Baker Hughes. For oil rigs, Continue Reading
Gulf Of Mexico Oil Output Set For Another Record Year
Despite massive cuts in investment the US Gulf of Mexico is set for another year of record oil production in 2020, according to Rystad Energy. Most of the supply growth Continue Reading
US Frac Sand Supplier Cuts 10% of Workforce
Frac sand supplier U.S. Silica Holdings, Inc. has cut 230 employees as it grapples with the current challenges in its energy markets. Frac sand supplier U.S. Silica Holdings, Inc. has Continue Reading
U.S. Regulators Race To Save $20 Billion Of Oil & Gas Resources
The U.S. federal agencies regulating offshore leases are considering granting royalty relief to new oil and gas drilling in shallow waters in the Gulf of Mexico, in a bid to Continue Reading
Billionaire Fracking Brothers Hit Hard by Permian Holdings
Two brothers hit pay dirt during the shale boom when they sold their Texas fracking company in 2011 for $3.5 billion. But many of their more recent investments in the Continue Reading
Has U.S. Shale Seen Its Profits Peak?
For the U.S. shale industry, the third quarter was more of the same: new record highs in oil production, but another quarter of negative cash flow. A sample of 38 Continue Reading
U.S. Fracking Sector Spills More Red Ink — Again Cash Flow Remains Disappointing to Debt, Equity Investors
North American energy companies kept the oil and gas flowing last quarter, but once again failed to produce cash flows to match. A cross-section of 38 publicly traded oil and Continue Reading
Putin Calls U.S. Shale “Barbaric”
Vladimir Putin has spent his week cozying up to the Organization of Petroleum Exporting Countries (OPEC) and dissing the United States’ oil industry, dismissing shale oil production as a “barbaric” Continue Reading
Producers delay boosting Vaca Muerta output until political outlook becomes more clear
Highlights ExxonMobil, Shell, Tecpetrol say resource quality is unquestioned The challenge is above the ground; poor conditions Incoming government being watched for policy direction Buenos Aires — Three leading oil Continue Reading
Fracking Under Fire In California
California Governor Gavin Newsom just dealt a blow to the oil industry, placing a temporary moratorium on new fracking permits in the state until scientists complete an independent review of Continue Reading
US agencies to push pipeline standards, Arctic drilling revisions in 2020: agenda
Agenda highlights priorities for fiscal 2020 Biofuels volumes, LNG-by-rail rule included Washington — The Trump administration in 2020 plans to work on updating oil spill response requirements and pipeline standards, Continue Reading
More Bad News For Oil As The API Reports A Large Crude Build
The American Petroleum Institute (API) has estimated a crude oil inventory build of 5.954 barrels for the week ending November 14, compared to analyst expectations of a 1.543-million-barrel build—a huge Continue Reading
This Texas Oil Town Sees Strongest Salary Growth In US
Driven by the U.S. shale boom in the Permian basin, personal income in Midland County, Texas, grew by the highest percentage—17.5 percent—of all metropolitan counties in the United States last Continue Reading
North Dakota September oil output falls to 1.44 million b/d: state agency
North Dakota’s oil output fell to 1.44 million b/d in September, down about 37,000 b/d from August’s record-setting average, the North Dakota Pipeline Authority reported Tuesday. In an interview with Continue Reading
California Bans High-Pressure Steam Oil Wells
California intensified its battle against fossil fuels by halting new permits for a key production technique following leaks at a Chevron Corp. facility in an area that has pumped crude Continue Reading
Is Big Oil Wasting Its Time in The US Shale Patch?
Growth in the U.S. shale industry is dramatically slowing down, with cash-strapped drillers slashing spending and scrapping rigs. At the same time, the oil majors are consolidating their position and Continue Reading
ConocoPhillips Unveils its 10-Year Operational Plan
ConocoPhillips revealed its 10-year plan on Tuesday, which exhibits a commitment to capital discipline while providing higher returns to shareholders. ConocoPhillips revealed its 10-year plan on Tuesday, which includes free 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
US EIA boosts November shale oil output forecast to over 9.08 million b/d
Permian to lead growth with 4.73 million b/d next month Eagle Ford production to continue decline Washington — Despite expectations of a drilling slowdown, the US Energy Information Administration on Continue Reading
U.S. Shale Producers Slash Spending Once Again
For a second consecutive year, U.S. shale producers are finding themselves cutting capital spending for the following year, as investors continue to demand returns from the frenzied drilling over the Continue Reading
The First Sign Of A Consolidation Wave In U.S. Shale
Fund manager Paulson & Co. Inc, a shareholder of Callon Petroleum, is dropping its opposition to a merger between Callon and Carrizo Oil & Gas that could be the start Continue Reading
Megamerger Could Create The Next Deepwater Oil Giant
Commenting on unconfirmed reports that leading offshore contractors Saipem and Subsea 7 are considering a merger, Audun Martinsen, head of oilfield service research at Rystad Energy, said: “Subsea 7 made Continue Reading
Why Banning Fossil Fuel Investment Is A Huge Mistake
Activist global warming strategies have now caused the European Investment Bank to ban its fossil fuel project funding. After more than a year of internal and external lobbying by several Continue Reading
Short-Term Energy Outlook
Global liquid fuels Brent crude oil spot prices averaged $60 per barrel (b) in October, down $3/b from September and down $21/b from October 2018. EIA forecasts Brent spot prices Continue Reading
The U.S. Shale Industry Hit A Brick Wall In 2019
The Great U.S. Shale Industry Machine is finally running out of steam. What looked very promising for the shale industry in 2018 seems incredibly bleak this year. And, if the Continue Reading
US Drops Eleven Oil, Gas Rigs
The U.S. dropped 10 oil rigs and one gas rig for a net loss of 11 rigs this week, according to data from Baker Hughes Company. For the fifth week Continue Reading
US Shale Operators Show ‘Impressive Execution’ in 2019
U.S. shale companies are set to grow their 2019 oil production by 16%, thanks to impressive execution. While there’s been much discussion this year around whether the U.S. shale boom Continue Reading
US Boosts Oil Output Forecast
The pioneers of the U.S. shale boom are warning of a slowdown in oil production growth, but it appears the U.S. government doesn’t agree. (Bloomberg) — The pioneers of the Continue Reading
U.S. Shale Growth To Flatline Within 2 Years
Earlier this summer, it seemed that U.S. shale oil growth was beginning to slow. But then production growth picked back up headed into the fall, and is presently at 12.6 Continue Reading
Listen: North Dakota’s record oil growth to be upended by flaring rules
On today’s Platts Capitol Crude, Lynn Helms, director of the North Dakota Department of Mineral Resources , says Bakken oil output will continue to break records into 2020, but enforcement Continue Reading
US Rig Count Continues its Decline
The nation dropped seven oil rigs while the number of gas rigs remained flat. The U.S. dropped seven oil rigs this week, while the number of gas rigs remained flat, Continue Reading
The Rig Count Collapse Is Far From Over
The US oil and gas rig count fell again this week, according to Baker Hughes, continuing the downward trend with a drop of 5 rigs for the week, according to Continue Reading
Repsol buys Equinor’s Eagle Ford shale stake for $325 million
Spain’s Repsol has agreed to buy Equinor’s equity position in US Eagle Ford shale basin for $325 million in a deal giving it 100% control and operatorship of the shale Continue Reading
Argentina delays Vaca Muerta gas pipeline project due to financial crisis
Financial crisis has made borrowing rates ‘unreasonable’ At least four groups are eyeing the project More pipeline capacity is needed to further develop Vaca Muerta gas Mar del Plata, Argentina Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the week ending November 1, 2019 U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending November 1, 2019, Continue Reading
US Daily Oil Output Growth Could Fall from 440K to Nil
Welcome to the new era of moderation for shale producers. IHS Markit predicts that growth in U.S. oil production is heading for a “major slowdown,” falling from 440,000 barrels per Continue Reading
Shale Oil Pioneers Say the Boom is Ending
Two shale pioneers think the days of relentless production growth from US unconventional oil fields are ending. (Bloomberg) — The days of relentless production growth from U.S. shale oil fields Continue Reading
The Drilling Frenzy Is Over For U.S. Shale
A few high-profile shale executives say the glory days of shale drilling are over. In a round of earnings calls, the financial results were mixed. A few companies beat earnings Continue Reading
TROUBLE AT MIGHTY EXXONMOBIL: Record Number Of Shale Wells While Permian Oil Production Remains Flat
There’s trouble brewing in the U.S. largest oil company while most investors remain in the dark. ExxonMobil added a record number of wells in the Permian during the first three Continue Reading
The U.S. Oil Industry Just Did Something It Hasn’t Done In 40 Years
The first trade surplus in petroleum in more than forty years helped the U.S. post a lower trade deficit in September compared to August, but overall U.S. exports and imports Continue Reading
Geopolitics hurting oil, gas growth, delaying climate efforts: economists
Nationalist politics hinder climate goals US shale success delays energy transition by a decade Stranded assets concerns changing output priorities Denver — Current geopolitics may be hurting future oil and Continue Reading
A Wave Of Unprofitable Oil Is About To Hit The Market
The massive wave of investment that went into offshore oil projects earlier this decade may produce a lot of oil, but profits might not materialize. Earlier this decade, between 2010 Continue Reading
The No.1 Oil Hotspot For 2020
The Middle East is oil. In fact, it’s a staggering 800+ billion barrels of oil, or nearly half of the world’s reserves. But there’s nothing left to discover. Forget the Continue Reading