Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the week ending May 10, 2019 U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending May 10, 2019, Continue Reading
Analysis: US crude inventories climb 5.43 million barrels on rising imports: EIA
Saudi, Iraq, Colombia, Brazil, and Kuwait lead import surge Strong margins a boon for refiners returning from turnarounds Atlantic Coast gasoline stocks 5.8% below five-year average US crude inventories climbed Continue Reading
Houston Ship Channel reopens for normal traffic
The Houston Ship Channel has reopened to both inbound and outbound traffic after a tanker-tug collision last week, a spokesman for the Joint Information Center of the Unified Response Team Continue Reading
North Dakota oil output totals 1.39 million b/d in March, up 4% on month: state
North Dakota oil production in March totaled 1.39 million b/d, up 4% from February but still below the all-time high earlier in the year, the state’s Department of Mineral Resources Continue Reading
Schlumberger in $400MM Deal to Sell Drilling Assets
Schlumberger is divesting non-core drilling assets to Wellbore Integrity Solutions for $400 million. Schlumberger is selling its businesses and associated assets of DRILCO, Thomas Tools and Fishing & Remedial services Continue Reading
Global Oil Flows At Stake In New Middle East Proxy War
The tensions between Saudi Arabia/UAE and Iran seem to be heading for a new showdown, as the media hype during the weekend has shown. Not only have unknown assailants attacked Continue Reading
The IEA’s Dire Warning For Energy Markets
Global energy investment “stabilised” at just over $1.8 trillion in 2018, ending three years of declines. Higher spending on oil, natural gas and coal was offset by declines in fossil Continue Reading
Rising U.S. oil output helping fill gap left by Iran, Venezuela: IEA
The world will require very little extra oil from OPEC this year as booming U.S. output will offset falling exports from Iran and Venezuela, the International Energy Agency said on Continue Reading
ConocoPhillips will not chase expensive Permian deals, CEO says
ConocoPhillips Chief Executive Officer Ryan Lance on Tuesday repeated a pledge to restrain spending, saying the U.S. oil producer would not be drawn into pricey mergers and acquisitions. ConocoPhillips plans Continue Reading
Apache Bets Big on Permian Gas Liquids | Rigzone
A ride through the Permian Basin’s little-drilled southwest corner looks a bit like the rest of the shale patch. Mesquite dots the dry landscape, and bumpy oilfield roads link well Continue Reading
Drilling Productivity Report June 13th
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
The Star Permian Basin Sends US Shale Production Up, Up And Away
US oil production from the top seven major shale plays is set to reach new record heights in June, according to the US Energy Information Administration’s latest edition of its Continue Reading
Is This The Most Underrated Upstream Player In The Industry?
Beginning in 2016 oil prices bottomed, and began a stop-start recovery that has restored WTI and Brent (two globally recognized bench marks for oil) to about 65-70 percent of their Continue Reading
Global Fossil Fuel Subsidies Hit $5.2 Trillion
The world spent a staggering $4.7 trillion and $5.2 trillion on fossil fuel subsidies in 2015 and 2017, respectively, according to a new report from the International Monetary Fund. That Continue Reading
Debunking The Oil Industry Cash Flow Myth
One of the refrains I often hear about the oil industry — particularly on those focused-on shale and tight oil — is that it collectively doesn’t make any money. There Continue Reading
Bar rises for shale takeovers as Chevron bows out of Anadarko fight
Chevron Chief Executive Michael Wirth’s decision to opt out of a bidding war for Anadarko Petroleum Corp has raised the bar for deals, and dampened expectations that oil majors will Continue Reading
U.S. oil drillers cut rigs for third week in four: Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for the third time in four weeks even as crude production forecasts increase despite some drillers cutting spending. Continue Reading
Oil Inches Higher As Rig Count Continues To Decline
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, keeping Continue Reading
Occidental Petroleum, Anadarko Seal The Deal
Occidental Petroleum and Anadarko yesterday signed a merger agreement putting the final stroke to the biggest deal in oil and gas since Shell’s acquisition of BG Group. Hart Energy quoted Continue Reading
Oilfield services firm Weatherford to file for Chapter 11 bankruptcy
Oilfield services provider Weatherford International Plc, burdened by a heavy debt load and years of losses, said on Friday it would file for Chapter 11 bankruptcy protection. The company, which Continue Reading
The Race For An Oil Spill Solution
The search for ever-better materials to soak up oil from water has recently added a new member to this highly specialized and highly sough-after family: Chinese scientists have invented a Continue Reading
New Colorado environmental law stalls oil investment
New environmental regulations in Colorado have chilled investment in the state’s oil and gas fields as companies grapple with how local officials will respond to a law giving them more Continue Reading
Rystad: U.S. Shale Is Now The World’s Second Cheapest Source Of Oil Supply
U.S. shale oil—which just four years ago was the world’s second most expensive oil resource—is now the second cheapest source of new oil supply globally, just behind the giant onshore Continue Reading
US oil and gas rig count falls 13 on the week to 1,071: Platts Analytics
US oil and gas rigs fell 13 to 1,071 the week ended May 8, S&P Global Platts Analytics said Thursday, resuming what has generally been a six-month downward trend despite Continue Reading
Uncertainty still surrounds Colorado producers following oil, gas overhaul bill
Although Colorado passed a sweeping overhaul of the oil and natural gas permitting process for drilling new wells in the state, and Democratic Governor Jared Polis declared an end to Continue Reading
Schlumberger Subsidiary Cuts Jobs in Permian
Product & Logistics Services is ceasing operations at its Monahans, Texas facility, resulting in the termination of 124 employees. Product & Logistics Services LLC (P&LS), a subsidiary of Schlumberger Limited, Continue Reading
The Shale Boom Is About To Go Bust
The shale industry faces an uncertain future as drillers try to outrun the treadmill of precipitous well declines. For years, companies have deployed an array of drilling techniques to extract Continue Reading
How Total’s CEO pounced on Anadarko’s African energy assets
It took Total’s chief executive and a small group of advisers just days to line up the French energy major’s biggest acquisition in almost two decades when it agreed to Continue Reading
Analysis: US crude stocks decline 3.96 million barrels as imports fall
US crude inventories fell 3.96 million barrels last week, as a decline in imports outpaced lower crude exports and refinery runs, an analysis of Energy Information Administration data showed Wednesday. Continue Reading
Most US Offshore Resources Not Up for Grabs
94 percent of U.S. offshore resources are not available for investment. Ninety-four percent of the United States’ offshore resources are not available for investment. That’s what Eric Oswald, vice president Continue Reading
Occidental CEO Battles Oil-Field Giant to Rule the Permian Basin
Driven by a risk-taking chief executive, Occidental Petroleum Corp. is trying to swallow a competitor close to its own size, outmaneuvering one of the world’s oil giants in the process. Continue Reading
Chevron Keeps Mum on Next Anadarko Move
Chevron is playing its cards close to its chest when it comes what’s next on the Anadarko deal. Chevron is playing its cards close to its chest when it comes Continue Reading
North Dakota’s Triangle Petroleum Files for Bankruptcy
Triangle Petroleum Corp., which has interests in North Dakota’s energy and commercial real-estate markets, filed for bankruptcy Wednesday with a reorganization plan under which bondholder J.P. Morgan Securities LLC will Continue Reading
Oil Production Booms… But Funding Is Drying Up
North America’s energy-focused private equity firms just saw a five-year low in fund closings and the lowest amount of total capital raised for energy investment since early 2016. During the Continue Reading
Should Chevron Walk Away From The Anadarko Deal?
Chevron is arguably the best of the integrated super-major oil companies. For the past 20 years, Chevron has delivered superior returns to shareholders, outperforming the S&P 500 for most of Continue Reading
Short-Term Energy Outlook
Global liquid fuels Brent crude oil spot prices averaged $71 per barrel (b) in April, up $5/b from March 2019 and just below the price in April of last year. Continue Reading
There’s Tremendous Room For Growth In Offshore Oil & Gas
The Offshore Technology Conference (OTC) in Houston, Texas celebrates its 50th birthday this week, begging the question – what will the next 50 years hold for the offshore market? Luckily, Continue Reading
STEO highlights: EIA boosts Brent forecast 11%, sees delayed Iran oil replacement
With US waivers expired, Iranian crude is likely to quickly fade from the world market and, while replacement barrels are coming, they may not arrive for months, the US Energy Continue Reading
Global Economic Growth In Serious Trouble When U.S. Shale Oil Peaks & Declines
The global economy would be in serious trouble if it weren’t for the rapid growth of U.S. shale oil production. Since the 2008 financial crisis, U.S. shale oil production has Continue Reading
EIA raises forecast for 2019, 2020 U.S. crude output growth
U.S. crude oil production is expected to rise by 1.49 million barrels per day (bpd) in 2019 to average 12.45 million bpd, the U.S. Energy Information Administration (EIA) said on Continue Reading
Anadarko says Occidental bid is ‘superior,’ gives Chevron four days to respond
Highlights Chevron, Occidental in bidding war since early April Occidental revises bid Sunday, aggress to deal with Total Dubai — The bidding war between Occidental Petroleum and Chevron to acquire Continue Reading
GOM Decommissioning Scene is Changing
Dismantling an oil and gas platform in the Gulf of Mexico is becoming even more challenging. Hardly an easy proposition to begin with, dismantling an offshore oil and gas platform Continue Reading
Occidental CEO Close to Winning the Bidding War | Rigzone
Occidental Petroleum Corp. Chief Executive Officer Vicki Hollub is on the cusp of winning a David versus Goliath bidding war that has captivated the oil industry. After making a series Continue Reading
Occidental CEO Battles Oil-Field Giant to Rule the Permian Basin
Driven by a risk-taking chief executive, Occidental Petroleum Corp. is trying to swallow a competitor close to its own size, outmaneuvering one of the world’s oil giants in the process. Continue Reading
BP Bets Big On Gulf Of Mexico While Rivals Chase Shale
BP, the biggest oil producer in the U.S. Gulf of Mexico, has just announced that it is expanding the development at one of its fields, unlocking additional production from its Continue Reading
How Trump’s Tweets Are Transforming Oil Markets
You have to hand it to President Trump. He’s increasingly becoming the most indecisive president in U.S. history. His apparent and abrupt about-face on Sunday to increase tariffs on Chinese Continue Reading
U.S. refiners tap Iraq, West Africa and Brazil for scarce crude supplies
U.S. refiners have turned to several lesser-used oil suppliers in the wake of U.S. sanctions that restricted usual providers of widely-used grades as they gear up for peak driving season. Continue Reading
Occidental says its only option was to boost cash piece of Anadarko bid
Occidental Petroleum Corp said on Monday its latest bid to take over Anadarko Petroleum Corp was designed to make sure Anadarko’s board considers its offer superior to one from Chevron Continue Reading
BP to boost Gulf of Mexico spending as shale-focused rivals pull back
BP Plc on Monday announced new production units in the Gulf of Mexico, enhancing its standing as the largest producer there at a time when rival global oil majors are Continue Reading
Oxy Offers 80% Cash For Anadarko
Occidental Petroleum has updated the terms of its bid for Anadarko by saying it will pay 80 percent of the US$38 billion it is offering in cash, negating the need Continue Reading