Rallying oil prices are testing once again the U.S. shale patch’s resolve to spend within their means and prioritize profitability over production growth. U.S oil prices above $55 a barrel Continue Reading
In late 2019, as various candidates jockeyed to win the Democratic nomination for president, Elizabeth Warren made the statement that she would “ban fracking everywhere.” It was just the kind Continue Reading
For years, environmental advocates have argued petroleum producers pay too little for the privilege of drilling on federally controlled lands — under rates originally set in the 1920s. Now President Continue Reading
Smaller, slower and more profitable. These are the watchwords for Chesapeake Energy as it emerges from bankruptcy. Free of the colossal liabilities that sank it as the pandemic slashed global Continue Reading
Gas flaring in the largest U.S. shale plays has been in the spotlight since the shale revolution started. Pressure from society and ESG investors have recently turned up the heat Continue Reading
Texas Governor Greg Abbott announced that he has issued an executive order relating to the protection of Texas’ energy industry from federal overreach. Texas Governor Greg Abbott announced that he Continue Reading
The U.S. oil industry has a message to President Joe Biden’s recent climate executive orders involving the oil and gas sector—restricting America’s oil production would increase its reliance on foreign Continue Reading
U.S. oil prices above $50 a barrel are helping the shale patch to generate more cash flow, especially after the massive capital spending cuts last year. But higher prices are Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 6 to 384. The oil and gas rig count has risen Continue Reading
Lance Wilbanks was looking forward to a rebirth for his trucking company, which saw its business hauling drilling rigs across southeastern New Mexico drop from around two dozen a month Continue Reading
Republican senators from oil-producing states introduced legislation on Thursday that would block the Biden administration’s order pausing new oil and gas leasing on federal lands. The bill, introduced by Senator Continue Reading
President Joe Biden’s new moratorium on oil and gas lease sales will indefinitely postpone all lease sales previously scheduled under the Trump administration for both onshore acreage and for parcels Continue Reading
The oil industry is emerging as a primary target of President Biden’s climate policy, setting the stage for a confrontation that could shape the future of the energy sector. The president is Continue Reading
The combined debt of North American E&P and oilfield service companies that filed for Chapter 11 bankruptcy protection last year jumped to $102 billion, surpassing the $100 billion mark for Continue Reading
As much as 40% of the natural gas that’s expected to be flared in the Permian Basin in 2025 could be avoided at no cost to drillers if regulators abandoned Continue Reading
The moratorium on new oil and gas leases on federal lands and waters that President Biden is expected to announce Jan. 27 would hurt US production and pick winners and Continue Reading
US shale producers, suddenly enjoying a rare period of profitability thanks to rising oil prices, are starting to worry that “bad actors” in the sector will spoil the rally with Continue Reading
President Biden is poised to impose a moratorium on new federal oil and gas leasing Wednesday, according to three individuals briefed on the matter who spoke on the condition of anonymity because the Continue Reading
The number of drilled but uncompleted wells (DUCs) that accumulated at the height of the pandemic has already subsided to pre-Covid-19 levels in the US, a Rystad Energy analysis shows. Continue Reading
President Biden on Wednesday will direct federal agencies to determine how expansive a ban on new oil and gas leasing on federal land should be, part of a suite of Continue Reading
Oil stocks tumbled following yesterday’s one-two punch of Biden energy news, when first we learned that the Interior Department enacted a 60-day moratorium on issuing oil and gas leases that Continue Reading
The companies that carry out the oil industry’s grunt work have signaled that the worst crash in decades is over but cautioned that the sector was still many months away Continue Reading
The largest oilfield services provider, Schlumberger ( NYSE: SLB ), reported on Friday better-than-expected earnings for the fourth quarter and, like its rivals Halliburton and Baker Hughes, expects spending and Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 to 378. The oil and gas rig count has risen Continue Reading
Last year was tough for the global oil industry as the COVID-19 pandemic and an ongoing oil supply glut rocked petroleum-dependent emerging economies, notably in South America, to their core. Continue Reading
U.S. President Joe Biden’s promised ban on new oil and gas drilling on federal lands would take years to shut off production from top shale drillers because they already have Continue Reading
Oilfield services provider Baker Hughes ( NYSE: BKR ) booked its first quarterly net profit since oil prices crashed in March, reporting on Thursday a net income of $653 million Continue Reading
The US oil and gas rig count rose by six to 430 in the week ending Jan. 20, rig data provider Enverus said, as indicators ahead of the quarterly round Continue Reading
The US Interior Department on Jan. 20 put new oil and gas lease sales and permits on federal lands and waters on hold for 60 days, according to an order Continue Reading
U.S. shale changed global oil markets. It shook the foundations of OPEC as the one single swing producer group. And last year, it crumbled under the weight of the pandemic Continue Reading
The Abu Dhabi National Oil Company (ADNOC) is looking to form partnerships with companies from the United States to develop unconventional oil resources in the United Arab Emirates (UAE), Reuters Continue Reading
NOTE: The Drilling Productivity Report (DPR) rig productivity metric new-well oil/natural gas production per rig can become unstable during periods of rapid decreases or increases in the number of active rigs and well completions. Continue Reading
US well completions activity should help to drive oilfield services growth in 2021, with more activity seen in Latin America and Asia as well, Halliburton’s CEO said on an earnings Continue Reading
Halliburton Co on Tuesday predicted a recovery in the global oil and gas industry from the second quarter after the oilfield services provider beat profit estimates on cost cuts and Continue Reading
Shareholders have approved ConocoPhillips’ acquisition of Concho Resources. PHOTO SOURCE: ConocoPhillips ConocoPhillips (NYSE: COP) reported Friday that it has completed its acquisition of Concho Resources (NYSE: CXO), with shareholders of Continue Reading
OPEC was formed in 1960 by founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. For a brief period, the petroleum cartel became the dominant force behind world oil prices Continue Reading
Oil prices fell back on Friday morning as demand fears grow, but OPEC has predicted an increase in U.S. shale production at current price levels. With 2021 shaping up to Continue Reading
Having soared in recent days, rising 21% YTD on the back of the gamma squeeze discussed yesterday, and coupled with a barrage of analyst upgrades, most recently from Barclays and Continue Reading
The Securities and Exchange Commission launched an investigation of Exxon Mobil Corp. XOM -4.81% after an employee filed a whistleblower complaint last fall alleging that the energy giant overvalued one of its most important oil Continue Reading
The U.S. oil rig count increased for the eigth consecutive week as drillers capitalize on higher oil prices Baker Hughes reported on Friday that the number of oil and gas Continue Reading
U.S. shale oil companies are hedging against future price drops as West Texas Intermediate enjoys a rebound above $50 a barrel, Reuters has reported , citing unnamed sources in the Continue Reading
North Dakota oil production was essentially flat month on month in November, falling just 0.5% to 1.224 million b/d, the state’s Department of Mineral Resources said Jan. 15 in releasing Continue Reading
The total US oil and gas rig count leaped by 18 to 424 in the week ending Jan. 13, rig data provider Enverus said, with the Permian seeing its largest Continue Reading
OPEC, and especially OPEC+, has always seemed to be at odds with the U.S. shale industry. From the drastic oil embargos of the ‘70s to the all-out oil price war Continue Reading
Halliburton Co. reported Thursday that it has deployed the industry’s first successful electric grid-powered hydraulic fracturing operation. “Electric fracturing aligns with our goal to provide the industry with lower-carbon-intensive solutions Continue Reading
WTI is back above $50 a barrel, and things are looking up for the battered U.S. oil industry. Yet, although the worst may be behind drillers, they still face a Continue Reading
One of the things that had the oil industry worried about a Biden administration was his opposition to fracking, and his promise to ban it on federal lands on his Continue Reading
Deal making among oil and gas producers was at its highest for the year in the fourth quarter of 2020 as the pandemic-driven fallout in commodity prices spurred a wave Continue Reading
The Republican legislators in North Dakota proposed a new $1.1 billion bonding package for infrastructure projects, planning to use proceeds from oil and gas to pay off part of the Continue Reading
The U.S. removed the ban on American crude oil exports to countries other than Canada in 2015, unleashing a new force on the global oil market to be reckoned with. Continue Reading
