Shale Cuts to Fall on Smaller Drillers as Glut Crushes Market
US shale drillers are engaged in a bitter test of wills as sinking oil prices force the weakest operators to retreat. (Bloomberg) — U.S. shale drillers are engaged in a Continue Reading
Oil Companies Warn Kansas City Fed of Widespread Insolvencies
Almost 40% of oil and natural gas producers face insolvency within the year if crude prices remain near $30 a barrel, according to a new survey by the Federal Reserve Bank Continue Reading
Shale Spending Sinks as Exxon Cuts More Than Double Anyone Else
Exxon Mobil Corp. more than doubled the budget cuts announced by any other shale company on Tuesday amid an historic crude-market crash. In all, nearly three dozen shale explorers have slashed Continue Reading
U.S. Rig Count Could Collapse By 65%
Due to the combined global effect of the Covid-19 pandemic and the ongoing oil price war, the American oil and gas industry is stepping heavily on the brake pedal and Continue Reading
Parsley Says a Texas Output Cut May Not Be Enough
CEO Matt Gallagher said he’d reduce his company’s oil output by 20 percent if others agree to the same deal. (Bloomberg) — Parsley Energy Inc., one of two shale drillers Continue Reading
OPEC Can’t Kill U.S. Shale
OPEC’s strategy in the past has been to alter its oil production in order to bring about market stability. However, the rise of U.S. shale oil forced the cartel to Continue Reading
Texas Wildcatters Warming to Output Limits
Some old-guard Texas oil drillers are urging state regulators to clamp down on crude production to halt a price collapse more severe than any of them have ever lived through. Continue Reading
Chaos and scrambling in the US oil patch as prices plummet
In Montana, a father and son running a small oil business are cutting their salaries in half. In New Mexico, an oil truck driver who supports his family just went Continue Reading
Texas Gets Double Punch From Coronavirus and Oil Shock. ‘There’s No Avoiding This One.’
Texas had one of the best economic records of any U.S. state after the 2008 financial crisis. In this crisis, it faces the prospect of a deep and prolonged downturn. Continue Reading
Billions in Oil Royalties at Stake in Talks After Trump Meeting
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