U.S. Rig Count Falls For 18th Week In A Row
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 258, marking the eighteenth loss in the Continue Reading
An Ugly Week For U.S. Shale
This week was an ugly one for American shale: Several pipeline projects–both those existing and in the works–took severe hits that will have a profound effect on the shale industry Continue Reading
Baker Hughes Shows Mixed Rig Counts
The number of rotary rigs operating in the U.S. decreased over the past week but increased in Canada, Baker Hughes Co. reported Friday. The number of rotary rigs operating in Continue Reading
This Is What It Looks Like When a Texas Oil Boom Busts
When an oil bust takes hold in West Texas, no one is spared: Drilling rigs collect dust, barber chairs sit empty, students drop out of school and lines swell at Continue Reading
More Curtailed US Oil Production Coming Back Online
Houston-based Noble Energy plans to bring back by the end of July most of the oil production it had curtailed in the second quarter in response to the plunge in Continue Reading
North American Oil And Gas Companies Continue To Go Bankrupt At $40 Oil
The rash of oil and gas bankruptcies in North America is set to continue for the remainder of 2020, a report by Haynes and Boone cited by Reuters shows. After Continue Reading
US oil, gas rig counts fall by 6 to 279 on week, Permian loses more: Enverus
The US oil and natural gas rig count dropped by six rigs on the week to 279, rig data provider Enverus said, as domestic plays continued largely stabilizing without yet Continue Reading
Texas Oil, Gas Drilling Permits Fell By A Third
The number of oil and gas drilling permits in Texas fell by a third in June from a year earlier, the state’s oil and gas regulator body said on Tuesday. Continue Reading
Nearly 94,000 OFS Job Losses Tied to COVID-19
The U.S. OFS job count fell 12.3 percent from February to June of this year, based on BLS data. The tally of oilfield services and equipment (OFS) sector job losses Continue Reading
Pending Dakota Access oil pipe shutdown could mean extended well shut-ins
A recent US appeals court judge’s order to shut the 570,000 b/d Dakota Access oil pipeline for a year starting next month could result in extended curtailments of shut-in wells Continue Reading
Why The Bakken May Not Come Back
The Bakken shale is already declining because of financial struggles and the oil market downturn, but the potential shuttering of the Dakota Access pipeline could close off the possibility of Continue Reading
Pending Dakota Access oil pipe shutdown could mean extended well shut-ins
A recent US appeals court judge’s order to shut the 570,000 b/d Dakota Access oil pipeline for a year starting next month could result in extended curtailments of shut-in wells Continue Reading
ET Confident Dakota Access Pipeline Will Not Shut
Energy Transfer is confident that once the law and full record are fully considered the Dakota Access Pipeline will not be shut down. Energy Transfer has stated that it is Continue Reading
$40 Could Be Magic Number for Some Oil Players
Here is a preview of issues to watch this week in the oil and gas markets. The $40 per barrel level for West Texas Intermediate crude oil could trigger an Continue Reading
Behind Oil’s Rise Is a Historic Drop in U.S. Crude Output
The coronavirus pandemic has stalled factories and shut down business around the world, causing a historic drop in oil demand just as production was reaching new highs. WSJ explains the Continue Reading
High Quality Oil And Gas Assets Should Drive An M&A Recovery
The oil price collapse has taken its toll on mergers and acquisitions (M&A) across the U.S. oil and gas industry as companies preserve cash in these highly uncertain times. The Continue Reading
Baker Hughes Rig Count Shows US Decrease
Baker Hughes Co. reported Thursday that the U.S. rotary rig count decreased by two drilling units this week. Baker Hughes Co. reported Thursday that the U.S. rotary rig count decreased Continue Reading
U.S. Shale Needs To Rethink Its Strategy To Survive
U.S. shale is hurting. While the entire global energy industry has been hit hard by the novel coronavirus pandemic and its disastrous effect on oil prices and oil demand, West Continue Reading
Oil Rig Count Collapse Beginning To Slow
Baker Hughes reported on Thursday that the number of oil and gas rigs in the US fell again this week, by 2, to 263, showing the second small loss in Continue Reading
U.S. Shale Scrambles For Credit With Oil At $40
U.S. oil and gas companies are scrambling for credit, with lenders tightening their purse strings as oil prices continue to sit below $40 per barrel. Oil and gas lenders have Continue Reading
US oil, gas rig count falls 6 to 285 as industry begins to stabilize
After consecutive weeks of single-digit declines, the US oil and gas rig count may have essentially reached its long-awaited bottom. The US oil and gas rig count fell by six Continue Reading
$40 Oil Isn’t Enough To Prevent A Wave Of Shale Bankruptcies
The coronavirus pandemic and the oil price collapse are accelerating the pace of bankruptcy filings in the U.S. shale patch this year. The number of filings had already started to Continue Reading
Crude-by-rail flows from US Midwest to West Coast fall 28% on month in April: EIA
Crude-by-rail shipments from the US Midwest to the West Coast fell 28% month on month to 157,000 b/d in April amid lower refining runs and plunging North Dakota oil production, Continue Reading
Chesapeake’s Collapse Is Latest in Long Line of Shale Busts
The shale bust has reached a grim milestone by claiming the pioneer of America’s drilling renaissance. But Chesapeake Energy Corp., which filed for bankruptcy protection on Sunday, is just the latest Continue Reading
How The Fed Bailed Out U.S. Oil And Gas
The Trump administration has taken dozens of actions during the Covid-19 pandemic to benefit the oil and gas industry, such as opening new lands for leasing, watering down environmental protections, Continue Reading
30% Of U.S. Shale Drillers Could Go Under
U.S. shale was one of the big losers of the Saudi-Russian price war that many saw as a war on U.S. shale. Producers scrambled to stay afloat as prices sank Continue Reading
Has The Rig Count Collapse Finally Bottomed Out?
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 1. Canada’s overall rig count fell this week by Continue Reading
Oil Market Optimism Downplays DUCs
Recent oil market buoyancy fails to properly account for a potential drag on the West Texas Intermediate (WTI) benchmark, according to one of Rigzone’s regular market-watchers. Read on to learn Continue Reading
Texas Oil Companies Are Already Preparing To Restart Production
Production restarts in Texas might happen faster than originally thought by the market. The majority of respondents in the Dallas Fed survey replied that oil prices above $35 are sufficient Continue Reading
Oil And Gas Activity Collapses In Q2: Dallas Fed Survey
The Dallas Fed Energy Survey’s Q2 assessment of oil and gas firms in the Eleventh District showed that oil and gas activity deteriorated in Q2, according to oil and gas Continue Reading
Texan Oil Companies Forced To Keep Staff Home As Second Wave Hits
Amid record-breaking additions to the new Covid-19 case count in Texas, oil companies in the state have suspended plans to return staff to offices, Reuters reports . Health officials in Continue Reading
Colorado activists revive anti-fracking ballot initiative
A Colorado environmental group is reviving a push to get an anti-fracking measure on the U.S. state’s November ballot, just two weeks after a prior sponsor said it was halting Continue Reading
U.S. Shale Could Take Years To Recover From The Oil Price Crash
U.S. oil production will probably take more than two and a half years to return to its record 13 million barrels per day. The price crash has led to at Continue Reading
North Dakota Oil Income Crashes By 81%
North Dakota has suffered an 81-percent decline in oil and gas revenues in April. Between March and mid-April, North Dakota oil producers idled some 40 percent of drilling rigs. Oil Continue Reading
US Shale Has a Long Road to Recovery
As oil prices tick up to $40 a barrel following a pandemic-induced plunge, there’s a sense the shale industry is snapping back to life with Continental Resources Inc., EOG Resources Inc. and Continue Reading
Higher Oil Prices Ease Shale Panic, But Challenges Remain For Texas
The COVID-19 crisis has hit the U.S. shale patch hard Some producers think it will take years to recover while others think they may never recover Many oil producers are Continue Reading
Shale Oil Stocks: Investors Question Industry’s Performance
America’s shale revolution grew out of a well-orchestrated dance. For almost a decade, producers wooed investors by touting rosy estimates of how much crude oil they could profitably drill, and Continue Reading
Shale’s Newest Powerhouse, New Mexico, Upended by Oil Shock
As Covid-19 shock waves reverberate across U.S. oil towns, perhaps nowhere is their speed and severity more apparent than in America’s newest shale powerhouse. Just months ago, New Mexico, the third-biggest Continue Reading
U.S. Shale Has Lost $300 Billion In 15 Years
In the 15 years since the first U.S. shale boom, the industry as a whole has failed to return a profit. Deloitte estimates that the coming wave of write-downs could Continue Reading
Oil Shock Upends Shale’s Newest Powerhouse
As Covid-19 shock waves reverberate across U.S. oil towns, perhaps nowhere is their speed and severity more apparent than in America’s newest shale powerhouse. Just months ago, New Mexico, the Continue Reading
US shale companies face $300bn in writedowns in Q2
US shale companies could be forced to write down $3oobn of their assets this year, starting in the second quarter, as operators begin to account for the oil price collapse Continue Reading
Why Big Oil Won’t Be Buying Up Struggling Companies
Don’t expect the oil price rout to trigger a wave of M&A activity any time soon. The last Big Oil M&A wave turned into a disaster for the acquiring companies. Continue Reading
Oil Companies Shutting Off Drilling Rigs Across U.S. Shale
Oil exploration shrank for a 14th straight week in U.S. fields amid weak crude prices and skepticism about a recovery in energy demand. Drillers idled 10 oil rigs in onshore U.S. Continue Reading
Rig Count Plunges For The Fifteenth Straight Week
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 13, to 266. Canada’s overall rig count fell this Continue Reading
Bankruptcy And Write Downs In The Oil Patch
The oil industry continues to struggle with some of the biggest names in the sector being forced to drastically cut costs Chesapeake faces the very real prospect of bankruptcy, having Continue Reading
Oil’s Rally Sparks Concern U.S. Production Returning Too Fast
Oil continued its comeback, buoyed by signs of increasing demand as cities emerge from lockdown. But fears of a second wave of the virus, combined with record-high stockpiles in the Continue Reading
Lower For Longer: A Nightmare Scenario For Oil Producers
Oil producers all over the world are struggling with a slump in demand that has driven the lower-for-longer price forecasts. High-cost producers are between a rock and a hard place Continue Reading
Nearly 85,000 Jobs In U.S. Oilfield Services Lost To Oil Crisis
Nearly 85,000 people in the U.S. oilfield services industry have lost their jobs due to the pandemic-driven oil price crash and demand destruction, Houston-based Petroleum Equipment and Services Association (PESA) Continue Reading
When Will U.S. Shale Rebound To Pre-Pandemic Levels?
The rebalancing of the oil market has been possible, in part, due to the sharp cutbacks in U.S. shale production. But what happens next for the industry? The latest data Continue Reading
THE DESTRUCTION OF THE SHALE OIL INDUSTRY BEGINS: Massive Impairment Write-offs
If the carnage that took place in the U.S. shale oil patch during the first quarter of 2020 is any indication of the financial health of the industry, just wait Continue Reading