Chevron Down to 5 Permian Rigs
Chevron is currently running five rigs in the Permian basin, the company’s chairman and CEO, Mike Wirth, revealed in a recent Bloomberg television interview. Chevron is currently running five rigs Continue Reading
Permian Drillers Slash Output Themselves
On the same day OPEC-style oil quotas in Texas were pronounced dead on arrival, shale drillers disclosed more supply cuts. (Bloomberg) — On the same day OPEC-style oil quotas in Continue Reading
Federal Reserve Extends Lifeline To Ailing U.S. Oil Industry
The Federal Reserve made some changes to its Main Street Lending Program according to a Thursday press release by the central bank that will now extend a much-needed lifeline to Continue Reading
U.S. Rig Count Falls By Nearly 50% In Seven Weeks Of Crisis
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 57, falling to 408, with the total oil and Continue Reading
The Great Shale Shut-In Has Begun, Making Good on Trump’s Pledge
American shale explorers are rapidly crimping production in the country’s most prolific oil fields as the worst price crash in history threatens the industry’s survival. Three of the biggest oil Continue Reading
Oil Market Showing Signs of Life as Producers Plan Output Cuts
Oil-output cuts across the U.S. have stemmed the freefall in prices. But whether the recent recovery is sustained will depend partly on whether producers make good on their commitments. Exxon Mobil Continue Reading
Analysis: US oil, gas rig count falls 59 to 432 as oil collapse extends
The US oil and gas rig count fell 59 to 432 during the week ended April 29, rig data provider Enverus said Thursday, as upstream players continued to idle oil Continue Reading
Permian Basin’s Methane Problems Worsen When the Flames Go Out
The orange flames that dot the Permian Basin have sparked criticism from investment bankers and shale pioneers who say the energy industry is wasting a valuable resource by burning off Continue Reading
‘This Feels Very Different’
In just over a month, scores of drilling rigs have been dismantled and tucked away in storage yards. Pump jacks, those piston pumps that lift crude out of the ground, Continue Reading
The Wave Of Shale Well Closures Has Finally Begun
U.S. shale oil producers have so far held up admirably, hanging on for dear life amidst the biggest oil demand collapse in history. American producers continued to pump at record Continue Reading