Russia’s Plan To Bankrupt U.S. Shale Could Send Oil To $60
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
Oil-Industry Collapse Accelerates as Scores of Rigs Go Dark
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
Rig Count Crashes Most In 4 Years As Oil Shock Rocks U.S. Shale
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
With oil prices down, some federal, state efforts to aid producers stumble
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
Oil Braces for Biggest Idling of Wells Since 1986
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
A Wave Of Downgrades Has Hit The U.S. Oil Patch
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
Is This The Beginning Of The End For Texas Oil?
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
A Wave Of Downgrades Has Hit The U.S. Oil Patch
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 Reaches Truce With Activist Investor Carl Icahn
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
US shale bust wrecks hopes for energy independence
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
The Permian Boom Is Going Bust
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, Halliburton Announce Hefty Spending Cuts
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
Spotlight: Bakken new well profitability challenged by low oil prices
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
Halliburton to ‘significantly’ cut 2020 capex below $1.2 billion budget
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 cuts 2020 Permian production, capex guidance by 20%
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 Cuts Pay for Staff, Executives
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
How Far Will Trump Go To Save U.S. Shale
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
What Happens If U.S. Shale Goes Bust?
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
The Boldest Permian Plays To Watch As The Oil Market Circles The Drain
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
US Oil Turns Its Back On The Permian As Prices Crash
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
Permian Still Accounts for More Than Half of US Rigs
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
Tens of Thousands Are Getting Laid Off in U.S. Shale Patch
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
Coronavirus and Oil-Price Plunge Buries Shale and Occidental’s Big Bet
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
Not Even Higher Oil Prices Can Save U.S. Shale
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
Do Saudi Arabia And Russia Really Want To Kill U.S. Shale?
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
Why the Texas Railroad Commission Could Play Role of OPEC
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
Permian Oil Drilling Slumps to Worst Since Depths of Last Crash
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
Rig Count Plummets As Oil Price War Rages On
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
Texas Lawmaker Calls For Oil & Gas Royalty Cuts
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 slow to scale back volumes as Texas discusses mandatory production cuts
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
Mnuchin Calls for U.S. to Buy as Much as $20 Billion in Oil
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 Weighs Curtailing Oil Production for First Time in Decades
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
U.S. Oil Industry Could End Up Losing More Than 200,000 Jobs
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
How ‘Smart Water’ Could Revolutionize Shale
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
Saudi ‘Shock And Awe’ Is Crushing Shale Drillers
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
The Texas Shale Patch Is Considering The Unthinkable
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
The Latest: Halliburton furloughs workers as oil prices sink
The Latest on action in the financial markets (all times local): 10:45 a.m. Halliburton will institute a mandatory furlough for 3,500 employees in Houston, Texas, beginning next week amid falling Continue Reading
North Dakota weighs plan to keep some Bakken crude off market
Faced with declining demand and potentially months of oil prices below most Bakken breakeven prices, the North Dakota Industrial Commission next week will consider new rules aimed at preventing operators Continue Reading
Big Shale Borrowers on Fast Track to Junk
The latest crash in oil prices is threatening to push $140 billion of investment-grade energy debt over the edge into junk. Despite the modest recovery after 2016, oil prices have been Continue Reading
Permian oil producers continue to slash budgets 25% or more on recession fears
Concho Resources and other Permian Basin crude producers have continued to slash their capital budgets by 25% or more as fears of a pandemic-triggered global recession have taken hold. Receive Continue Reading
Oil Crash Is Bad News for Regional Banks That Went Big on Energy
Lenders are bracing for loan losses and depressed earnings from an oil crash that is bruising the North American energy industry. U.S. and Canadian banks have more than $100 billion 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
$30 Oil Won’t Keep U.S. Shale From Setting Production Record
Despite the low oil prices that brought on by the combination of the coronavirus pandemic’s migration to the United States and the oil price war between Russia and Saudi Arabia, Continue Reading
How Saudi Arabia Delivered A Blow to U.S. Shale Companies At The Worst Possible Moment
Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance, and economics. Saudi Arabia recently announced that it was engaging in a full-on price Continue Reading
Big Oil Is Literally Burning Cash In The Permian
Global oil giants are facing ever-increasing public pressure and higher levels of scrutiny over their responsibility to curb harmful greenhouse emissions. Yet, in the sprawling oilfields of Texas, New Mexico Continue Reading
Few U.S. shale firms can withstand prolonged oil price war
For the last five years, U.S. shale oil producers have been battling suppliers for lower costs and running equipment and crews hard to drive drilling costs down by about $20 Continue Reading
Prepare For Bankruptcies, Layoffs And A Drilling Slowdown
Oil prices have fallen nearly 50 percent since the start of the year and the short-term outlook isn’t looking very promising as OPEC and Russia continue to boost supply. It Continue Reading
In a Texas Oil Town, Pain but No Panic as Prices Crash
Leaner days are back in the oil patch of South Texas. Once-busy roads are empty except for the workers repairing the potholes from the damage done by truck traffic in Continue Reading
Rig Count Inches Lower In Dramatic Week For Oil
Baker Hughes reported that the number of oil and gas rigs in the US fell this week by 1 to 792, with the total oil and gas rigs clocking in Continue Reading
US to buy ‘large quantities’ of crude to ‘fill up’ SPR: Trump
The US government will take advantage of low oil prices and buy “large quantities” of crude to fill the Strategic Petroleum Reserve, President Donald Trump said Friday. “We’re going to Continue Reading