Why Oil Majors Are Going All-In On U.S. Shale
Chevron sold off much of its assets in the North Sea, no longer viewing the region as a high priority. Ithaca Energy, backed by Israel-based Delek, agreed to buy Chevron Continue Reading
Analysis: US gasoline stocks rise as implied demand stumbles
US gasoline inventories climbed 2.2 million barrels last week to 230.94 million barrels despite a drop in production, suggesting lower demand, data released by the Energy Information Administration showed Thursday. Continue Reading
Floods Threaten America’s Largest Oil Hub | OilPrice.com
Major flooding in the Midwest has interfered with crude oil flows from the country’s main storage hub in Cushing, Oklahoma, temporarily pushing prices higher, Reuters reports. “Flooding seems to have impacted distribution Continue Reading
Only 10% Of U.S. Shale Drillers Have A Positive Cash Flow
Nine in ten US shale oil companies are burning cash, according to Rystad Energy. Rystad has studied the financial performance of 40 dedicated US shale oil companies, focusing on cash Continue Reading
US Shale Companies are Burning through Cash
About nine in 10 U.S. shale companies are tremendously overspending, according to new analysis by Rystad Energy. Just about 10 percent of U.S. shale companies had a positive cash flow Continue Reading
Shale Drillers Keep On Falling Into The Same Trap
Despite the hype of lower breakeven prices , and despite the hype around longer laterals, energy digitalization, and other technological breakthroughs, most shale companies are still not profitable. In fact, Continue Reading
Occidental to sell parts of Anadarko after debt-fueled acquisition
Occidental Petroleum snatched up some of the richest shale oilfields in Texas when it beat out rival Chevron Corp in a bidding war to acquire Anadarko Petroleum. It also quadrupled Continue Reading
As North Dakota oil soars, so does waste of natural gas
North Dakota oil drillers are falling far short of the state’s goals to limit the burning of excess natural gas at wellheads, five years after the state adopted the rules Continue Reading
Texas Oil, Gas in Expansion Mode Despite Flat Activity
Texas oil and gas operators are proving they can produce more crude with fewer resources, according to the Texas Petro Index. Texas crude oil production continues to break records in Continue Reading
Exxon, Others Leading High-Impact Drilling Rebound
High-impact drilling is rebounding amid a changing competitive landscape. Large oil and gas companies are commanding a greater role in high-impact exploration, but a lack of depth in the quality Continue Reading
Schlumberger Suffers Credit Hit
Schlumberger had its debt rating lowered by S&P Global Inc. (Bloomberg) — Schlumberger Ltd. had its debt rating lowered by S&P Global Inc. as belt-tightening in the U.S. shale patch Continue Reading
Small shale companies under pressure, says Fed official
Independent shale drillers in the US are facing pressure to either expand or be acquired, Robert Kaplan, president of the Federal Reserve Bank of Dallas, has said. Despite the classic “wildcatting” Continue Reading
The Biggest Losers In The Shale Slowdown
Schlumberger saw its debt rating downgraded by S&P due to the unfolding slowdown in drilling by U.S. shale companies. The largest oilfield service company in the world has seen its Continue Reading
Is The Oil Glut Coming Back?
Oil had its worst week of the year, and the plunge in prices have renewed concerns about the global economy , oil demand and a stubborn crude oil surplus. Oil Continue Reading
This Oilfield Service Player Is Looking To Make A Comeback
Introduction The collapse of deepwater drilling in the Gulf of Mexico, (GoM) beginning in 2014, with no real recovery yet in sight, has spread a lot of misery around the Continue Reading
U.S. oil drillers cut rigs for third week in a row: Baker Hughes
(Reuters) – U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as weaker oil prices encourage drillers to follow through Continue Reading
US Drillers Drop Five Rigs
The U.S. dropped five oil rigs and gained one gas rig for a net loss of four rigs this week. The U.S. dropped oil rigs for the third week in Continue Reading
Producing More with Less Cash and a Flat Rig Count
Senior economist for the Dallas Fed shares how oil and gas companies can spend less money, keep the rig count flat and grow production. How can oil and gas companies Continue Reading
Buffett’s Betting on Oil, and He’s Rarely Wrong
Sunset in the Permian Basin, the world’s #1 producing oilfield and the big prize in the Occidental/Anadarko deal. Getty I’ve long been a believer that there’s always opportunity in the Continue Reading
Shell starts production at giant Appomattox field in Gulf of Mexico
Royal Dutch Shell has started producing oil and gas at its Appomattox deep water platform in the Gulf of Mexico, one of the largest projects launched in the basin in Continue Reading
BP eyes US Gulf frontier exploration after years of focusing on tiebacks: executive
After years of pursuing a strategy of mostly tiebacks in the deepwater Gulf of Mexico during the recent industry downturn, BP said it will also now begin adding frontier exploration, Continue Reading
The Next Permian Takeover Target
Wood Mackenzie outlines the next most likely takeover targets in the Permian right now. The next most likely takeover target in the Permian right now is Endeavor Energy Resources, according Continue Reading
Shell Begins First-Ever Jurassic Oil Production In Gulf Of Mexico
Royal Dutch Shell said on Thursday that it had started oil production at its Appomattox floating production system months ahead of schedule, opening a new frontier in the deepwater U.S. Continue Reading
Seadrill considers selling non-core assets to reduce debt-CFO
Offshore drilling contractor Seadrill is considering selling non-core assets, including its 15.7% stake in oil service firm Archer, to reduce its liabilities, the firm’s outgoing chief financial officer said on Continue Reading
Analysis: US crude inventories jump on higher production, lower refinery runs
US crude inventories climbed 4.74 million barrels last week to 476.78 million barrels, with higher production and lower refinery runs helping to offset a decline in imports, US Energy Information Continue Reading
IEA cuts oil-demand forecast, but sees market tightening on Iran
Global oil demand will grow more slowly than previously thought following an economic lull in Asia, the International Energy Agency said, while warning that supplies stand to tighten due to Continue Reading
U.S. crude stocks highest since July 2017 on weak refining demand: EIA
U.S. crude oil inventories rose unexpectedly last week, hitting their highest levels since July 2017, due to weak refinery output, particularly in the Midwest, the Energy Information Administration said on Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the week ending May 17, 2019 U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending May 17, 2019, Continue Reading
Natural Gas Prices In The Permian Flip Negative Again
Natural gas prices at the Waha hub in West Texas are negative again this week, for the first time since plunging to an all-time low of minus $4.28 per million Continue Reading
Occidental To Remove CO2 From Air, Use It To Boost Oil Recovery In The Permian
A subsidiary of Occidental and Canadian clean energy company Carbon Engineering are teaming up to build the world’s biggest Direct Air Capture (DAC) and sequestration facility in the Permian that Continue Reading
Top 2019 US Oil Stock Has No Permian Stake
This year’s top-performing U.S. oil producer doesn’t have any operations in the world’s fastest-growing shale play. (Bloomberg) — This year’s top-performing U.S. oil producer doesn’t have any operations in the Continue Reading
The Myth Of Cheap Shale Oil
The breakeven cost of producing oil from U.S. shale is roughly the same as non-shale, despite the tidal wave of investment into the sector. According to the Federal Reserve Bank Continue Reading
EIA tight oil estimates
The US Energy Information Administration publishes Tight Oil Production Estimates by Play each month (can be found at link above.) I noticed this month that the estimates seemed different than Continue Reading
SEA OF RED: Majority Of U.S. Shale Companies Took A Beating Q1 2019
The overwhelming majority of U.S. shale companies were hit hard due to lower oil prices in the first quarter of the year. Just about every shale company that I keep Continue Reading
Diamondback’s Rattler Raises $665MM
Rattler Midstream Partners LP raised $665 million in the biggest energy initial public offering of the year, pricing an increased number of shares in the middle of its targeted range. Continue Reading
Offshore Oilfield Service Growth Likely to Halve
The annual growth rate in the global offshore oilfield services market will likely be halved after 2022, according to Rystad Energy. The annual growth rate in the global offshore oilfield Continue Reading
U.S. Shale Oil Production Set To Grow 16% This Year
US shale operators are on course to increase oil production significantly in 2019. The growth in US onshore production from the first quarter through the fourth quarter could come in Continue Reading
Steady crude runs should weigh on US crude supplies: survey
Highlights US crude stocks seen falling 2 million barrels Refinery runs likely rose 0.5 percentage points Analysts see distillate draw, gasoline build New York — US commercial crude stocks are Continue Reading
Oil Rises But Some Drillers Are Filing For A Second Bankruptcy
Not everyone in the shale patch is profiting from the higher oil prices this year, the continuously rising oil production in the Permian, and the record U.S. crude output. While Continue Reading
What The Market Is Overlooking In The Occidental Deal
Occidental Petroleum, (NYSE: OXY), lit up the Permian sky, with its mid-April announcement that it was going to call and raise Chevron’s (NYSE:CVX) bid for Anadarko Petroleum, (NYSE: APC). Almost Continue Reading
U.S. Oil Rig Count Dips To 14-Month Low
The the number of active oil and gas rigs fell again in the United States this week according to Baker Hughes, after a string of losses in the weeks prior, Continue Reading
Exxon’s Permian Production to Yield $64B for New Mexico
ExxonMobil Corp.’s development of its Permian resources could yield $64B for the state of New Mexico, according to a study conducted for the company. ExxonMobil Corp.’s development of its Permian Continue Reading
US Has Net Loss of One Rig
The U.S. dropped three oil rigs and added two gas rigs for a net loss of one rig this week. The U.S. dropped three oil rigs and added two gas Continue Reading
Surge of New Permian Basin Oil to Feed Global Supply
Exports of the Permian Basin’s newest kind of oil are set to jump as production surges, exceeding the appetite of U.S. refiners. Sales of the new grade, known as West Continue Reading
No, The Oil Glut Hasn’t Disappeared
Global oil demand may be a bit lower this year than previously thought, weighed down by weaker consumption rates in emerging markets. The International Energy Agency lowered its demand growth projection Continue Reading
US oil and gas rig count falls by six on the week to 1,065: Platts Analytics
Houston — The US oil and natural gas rig count fell by six to 1,065 week on week Thursday, continuing a steady decrease that has been a trend for the Continue Reading
Howard Energy Completes Permian Growth Projects
San Antonio, TX-based Howard Energy has completed several midstream infrastructure projects in the Permian Basin’s Delaware Basin. Howard Energy Partners (HEP) has completed construction on its crude oil and natural Continue Reading
US oil: Occidental’s $56bn gamble on finding value in shale
When Vicki Hollub stood up to speak at Occidental Petroleum’s annual meeting last Friday, she knew she was facing a skeptical audience. After three years as chief executive, she had Continue Reading
Surge of New Permian Basin Oil to Feed Global Supply
Exports of the Permian Basin’s newest kind of oil are set to jump as production surges, exceeding the appetite of U.S. refiners. Sales of the new grade, known as West Continue Reading
U.S. crude stockpiles rise unexpectedly to highest since 2017: EIA
U.S. crude oil stockpiles rose unexpectedly last week, climbing to their highest since 2017 amid a release from the national emergency reserve, while gasoline inventories decreased more than forecast, the Continue Reading