The Trump administration is considering paying U.S. oil producers to leave crude in the ground to help alleviate a glut that has caused prices to plummet and pushed some drillers Continue Reading
One of the biggest Texas shale explorers warned it will halt all drilling if the state imposes OPEC-style production caps, raising the stakes in a debate over a contentious proposal to Continue Reading
Texas energy regulators began debating Tuesday whether the state should impose 20% crude oil output cuts on producers to help stabilize prices amid the global coronavirus pandemic. The issue is Continue Reading
Any argument that the Texas Railroad Commission (RRC) should not even consider proration is simply misinformed. That’s what RRC commissioner Ryan Sitton believes, according to a statement posted on the Continue Reading
Oil and gas production in the United States has peaked and is already in decline. The latest data from the EIA’s Drilling Productivity Report sees widespread production declines across all Continue Reading
Baker Hughes Co. said it is pursuing a restructuring plan that will result in about $1.8 billion in charges and expects to book a roughly $15 billion goodwill impairment charge Continue Reading
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
US shale oil production will fall to 8.53 million b/d in May, down 183,000 b/d from April, with declines seen in every major basin, the Energy Information Administration said Monday. Continue Reading
Baker Hughes said Monday it will report a $15 billion impairment charge, larger than the company’s current market capitalization value, as the decimated oilfield services sector adjusts to demand collapse Continue Reading
The U.S. is only in the FIRST STAGE of the country’s oil demand destruction. Since the nationwide shutdown announced by the U.S. Government in mid-March, domestic oil demand has fallen Continue Reading
