Oil industry representatives will meet with Interior Secretary David Bernhardt, Energy Secretary Dan Brouillette and White House economic adviser Larry Kudlow Friday to discuss ways the Trump administration can help Continue Reading
Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 64, falling to 664, with the total oil and gas rigs Continue Reading
U.S. shale oil companies have started a lobbying campaign with Washington to take a more aggressive stance against Russia and Saudi Arabia to force them to cut oil production, the Continue Reading
As part of the Coronavirus CARES Act, the $2 trillion fiscal stimulus meant to resuscitate the US economy, Congress allocated $454 billion to help underwrite the special lending programs from Continue Reading
The future of the oil industry, it seems, all depends on who you ask. Many industry insiders and experts are crying armageddon, while others say that United States shale is Continue Reading
Following US President Trump’s earlier tweet that he had discussed oil prices with Saudi Arabia’s Crown Prince, Texas Railroad Commissioner Ryan Sitton reports that he discussed with Russian Energy Minister Continue Reading
Whiting Petroleum Corp filed for Chapter 11 bankruptcy, the U.S. shale producer said on Wednesday, the first publicly traded casualty of crashing crude oil prices that are expected to bite Continue Reading
This year’s dramatic crash in oil prices will probably be blamed by many energy companies for their ultimate demise. But the first wave of U.S. shale producers to file for Continue Reading
Scott Sheffield of Pioneer Natural Resources blamed ExxonMobil for blocking help from the American government for the U.S. shale industry. Exxon’s refusal, Sheffield says, is because the oil major wants Continue Reading
It’s no secret that the growth of U.S. shale oil has been a thorn in the sides of both Saudi Arabia and Russia. They have seen their market shares erode Continue Reading
Earlier this month global oil prices fell more sharply in one day than they have in nearly 30 years. The cause was a snowball effect driven by a series of Continue Reading
Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash. Pioneer Natural Resources Co. and Parsley Energy Continue Reading
U.S. pipeline operators have issued a warning to some oil producers operating in Texas: reduce production rates because storage is filling up, a Texas Railroad Commissioner said in a tweet. Continue Reading
Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash. (Bloomberg) — Two of Continue Reading
As soon as U.S. shale leaves the market, prices will rebound and could reach $60 a barrel, Rosneft’s Igor Sechin said recently. As fate would have it, in what many Continue Reading
The oil industry’s meltdown is accelerating as explorers shut down scores of drilling rigs across the U.S. in response to cratering crude prices and expanding supply gluts. Oil companies idled 40 Continue Reading
Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 44, falling to 728, with the total oil and gas rigs Continue Reading
The collapse in oil prices has left many US oil and gas producers teetering on financial ruin, moving federal and state policymakers to take actions aimed at blunting the impact Continue Reading
Only the old hands at the Coffeyville oil refinery could remember anything like the prices posted this month. The small Kansas plant in the heart of rural America was offering Continue Reading
The riskier end of the energy bond market has lately suffered a sharp blow in response to an epic oil price crash as the coronavirus pandemic and oil price war Continue Reading
Widespread misery was evident in the Dallas Fed’s latest survey , which included responses from 161 energy firms and took place from March 11-19. The quarterly survey offers a window Continue Reading
The riskier end of the energy bond market has lately suffered a sharp blow in response to an epic oil price crash as the coronavirus pandemic and oil price war Continue Reading
Occidental Petroleum Corp., the largest oil producer in the giant Permian Basin, has ceded to activist investor Carl Icahn’s demands and announced deep spending cuts in a bid to survive Continue Reading
The shale revolution that made the US the world’s biggest oil and gas producer and offered the prospect of energy self-sufficiency has run out of steam, as drillers slash spending Continue Reading
Oil companies are already beginning to pare back their activity in the Permian, with cutbacks coming not just from smaller drillers, but also the oil majors . Chevron said on Continue Reading
Schlumberger and Halliburton joined the ranks of oil companies on a spending-cutting spree amid the steep oil price drop. Schlumberger said it would slash its spending by 30 percent less Continue Reading
Highlights Oil prices are plunging on fears of low demand, surging supply Bakken shale operators are sitting on a DUC inventory of ~420 wells How many wells could be brought Continue Reading
Oilfield services firm Halliburton ( HAL.N ) is accelerating its cost-cutting and will significantly reduce spending this year below its original $1.2 billion budget, its finance chief said on Tuesday. Continue Reading
Chevron is cutting both its guidance for shale production from the US Permian Basin and its capital spending this year by 20% in response to the oil price collapse, it Continue Reading
Occidental Petroleum Corp. is cutting salaries for its U.S. employees by up to 30% in a bid to slash expenses, according to an internal email reviewed by The Wall Street Continue Reading
The U.S. is today showing signs of increased desperation as oil prices sink to levels that may pose a threat to the energy independence of the United States by kicking Continue Reading
This month has seen a spectacular oil price crash the likes of which we haven’t seen in decades. The last time we had since a single day oil price drop Continue Reading
Over-supplied markets like the oil market take prices in only one direction, down. We are seeing indications of a historically over-supplied market right now, so we expect continued weakness on Continue Reading
Amid crashing oil prices, oil firms are rushing to cut budgets and exposure to the most prolific shale basin in the United States, the Permian, yet industry bodies expect the Continue Reading
Year on year, the North America rig count is down 251 rigs from last year’s 1,121. The North America rig count is down 97 rigs from the previous week to Continue Reading
One of the most painful busts in the history of crude oil happened just six years ago when a sharp price drop cost 200,000 roughnecks, almost half the entire workforce, Continue Reading
Just weeks ago, Occidental Petroleum Corp. Chief Executive Vicki Hollub sought to reassure investors that her bold bet on U.S. shale oil—a $38 billion deal for rival Anadarko Petroleum Corp.—hadn’t Continue Reading
The U.S. shale industry is burning through cash so fast that even the state of Texas is looking at government rationed production targets. Texas Railroad Commissioner Ryan Sitton laid out Continue Reading
Since 2016, as an informal leader of the 13-strong non-OPEC group, Russia has been instrumental in the pricing of oil as Saudi Arabia, leading producer in the Organization of Petroleum Continue Reading
Oddly named and highly powerful, the Texas Railroad Commission is weighing whether the state should curb crude production for the first time in almost half a century. At issue is Continue Reading
Oil drilling in the Permian Basin plunged to its lowest level since the nadir of the last crude-market slump in early 2016. Explorers idled 13 rigs this week in the most-prolific North Continue Reading
Baker Hughes reported that the number of oil and gas rigs in the US plummeted this week by 20, falling to 722, with the total oil and gas rigs clocking Continue Reading
As crashing oil prices hit U.S. oil and gas companies, one Texas lawmaker is asking the Department of the Interior to reduce the royalties that firms pay for oil and Continue Reading
Shale drillers continue to dramatically scale back their spending, but they’re only moderately reducing their crude production volumes as Texas discusses mandatory cutbacks in oil barrels. Receive daily email alerts, Continue Reading
Treasury Secretary Steven Mnuchin said he will recommend President Donald Trump ask Congress for as much as $20 billion to keep the Strategic Petroleum Reserve full for a decade. “Let’s go out Continue Reading
Texas regulators are considering curtailing oil production in America’s largest oil-producing state, something they haven’t done in decades, people familiar with the matter said. Several oil executives have reached out Continue Reading
With West Texas Intermediate below $30 a barrel and Saudi Arabia’s plans to keep pumping as much as it can for as long as it can, the U.S. oil industry Continue Reading
Conventional wisdom dictates that water and oil do not mix–at least for those of us who are not MIT engineers . But a new discovery could soon turn that clichéd Continue Reading
WTI dropped into the low $20s on Wednesday, and the near-term outlook is grim. Oil lobbyists have pushed Congress for help, and a group of Republican Senators pleaded in a Continue Reading
Following the 2014 Thanksgiving massacre, Saudi Arabia effectively broke up OPEC to try to kill the US shale sector by overproducing oil and sending prices plunging. It failed largely thanks Continue Reading
