Exporting US Shale Boom Has Changed Oil Forever
The shale boom has turned the U.S. into the world’s largest oil producer and has moved it ever closer to ending dependence on Middle East oil. (Bloomberg) — Five years Continue Reading
Oil, Gas Rigs Increase For Seventh Straight Week
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 9 to 360. The oil and gas rig count has risen Continue Reading
Permian Basin- The Death of Tight Oil Has Been Greatly Exaggerated
The future of tight oil output in the US will depend in large part on future development of Permian Basin resources in Texas and New Mexico. I have developed nine Continue Reading
Baker Hughes Reveals 67 Additional Rigs
The number of rotary drilling rigs operating in the US and Canada rose by 67 this week, Baker Hughes reported Friday. The number of rotary drilling rigs operating in the Continue Reading
US oil, gas rig count slips by 1 to 406; Permian posts 6-rig loss
The US oil and gas rig count slipped by one to 406 in the week ending Jan. 6, rig data provider Enverus said, with the Permian Basin posting a six-rig Continue Reading
Shale CEOs Urge Production Restraint
The new boss of Devon Energy said he won’t let this week’s rally in oil prices tempt him to return to the days of rampant production growth at any cost. Continue Reading
U.S. Banks Don’t Want To Be Forced To Lend Money To Oil & Gas
U.S. banks want to continue choosing whether to lend money to the oil and gas industry according to risk and reputation management practices, asking a regulator not to proceed with Continue Reading
US crude inventories move sharply lower amid strong exports, rising refinery utilization
US crude oil inventories saw their largest decline since July in the week ended Jan. 1 on the back of strong exports and rising refinery demand, US Energy Information Administration Continue Reading
Shale Needs More to Boom Again
Don’t count on America’s shale industry to boom once again in response to $50 per barrel oil and Saudi Arabia’s plan to throttle back its own oil production. (Bloomberg) — Continue Reading
Default warning as US energy sector’s financial woes persist
Defaults by US oil and gas producers are set to outstrip all other sectors again in 2021 as an industry battered by this year’s price crash faces yet more pain, Continue Reading
Should Oil Markets Brace for A U.S. Shale Comeback?
The 2020 crisis put an abrupt end to the growth in U.S. crude oil production, which had just hit 13 million barrels per day (bpd) before oil prices and demand Continue Reading
Permian Highway enters service, brightening gas market outlook for West Texas
Kinder Morgan on Jan. 4 said its Permian Highway Pipeline has begun full commercial service, bringing West Texas producers long-awaited new gas transmission capacity and a potential lift to prices. Continue Reading
US oil, gas rigs fall six to 407, ending 2020 50% lower year on year: Enverus
The US oil and gas rig count fell by six to 407 in the week ended Dec. 30 as 2020 ended with activity down slightly more than 50% from the Continue Reading
Texas Deepwater Oil Terminal Achieves VLCC Milestone
L.P. Buckeye Partners, L.P. (NYSE: BPL) reported Wednesday that crude oil export operations have begun at the second deepwater dock at its South Texas Gateway (STG) Terminal, which sits at Continue Reading
U.S. energy execs see capital spending rising in 2021 – Dallas Fed survey
About half of U.S. energy company executives polled by the Federal Reserve Bank of Dallas expect their firms to increase capital spending in 2021, and another quarter of respondents see Continue Reading
Oil Drilling in U.S. Ends Fraught 2020 at Pre-Shale Levels
The crisis that enveloped the oil industry in 2020 can be measured in various ways, but in the U.S. there may be no better single gauge than the tally of Continue Reading
Oilfield Service Giants Are Expanding Beyond Oil Tech
The oilfield services sector is usually the one to suffer the most during an oil and gas industry downturn. This last crisis has been no exception in most respects. Drilling Continue Reading
Despite current macro conditions, Permian Basin has plenty of life
Any centenarian expects to be questioned about her longevity, and that’s especially true of the US’ biggest, most prolific oil reservoir. And like human centenarians, the Permian Basin’s long life Continue Reading
2020 Was One of the Worst-Ever Years for Oil Write-Downs – WSJ
The pandemic has triggered the largest revision to the value of the oil industry’s assets in at least a decade, as companies sour on costly projects amid the prospect of Continue Reading
North Dakota’s shale prospects look bleak after the gold rush
Almost a decade ago, Clint Hacker traded the Arizona sunshine for the subzero temperatures of the North Dakota winter, migrating north along with thousands of others to join in a Continue Reading
Oil, Gas Rigs Increase For Fifth Week In A Row
Baker Hughes reported on Wednesday that the number of oil and gas rigs in the United States rose by 2 to 348. The oil and gas rig count has risen Continue Reading
The Worst May Be Over For U.S. Oil
More than 40 oil and gas companies in the United States filed for bankruptcy protection in the first eleven months of this year, according to Haynes & Boone’s latest report Continue Reading
FEATURE: Lower Permian gas production, higher prices promise shift in 2021 flows
A steep drop in Permian gas production this year is driving a significant shift in regional flow dynamics that’s likely to endure into 2021 as higher West Texas gas prices Continue Reading
America’s Key Oil Hub Sees Inventories Declining
Cushing, the home of the ‘black gold rush’ and the world’s largest onshore oil storage hub is once again reducing its oil stockpiles as an increase in demand looks set Continue Reading
Diamondback to Expand Permian Position via $1.4B Deals
The acquisitions are a bet by Midland, Texas-based Diamondback on the resilience of the shale sector. (Bloomberg) — Diamondback Energy Inc. rounded off a tumultuous year for the U.S. shale Continue Reading
Will 2021 Be a Quieter Year for Energy Bankruptcies?
Better days may be ahead for energy companies after a busy year of bankruptcies, with the coronavirus pandemic culling the weakest borrowers and investors pricing in a sharp economic recovery Continue Reading
Oil, Gas Rigs Increase For Fourth Week In A Row
Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 5 to 263. The total number of active oil and gas rigs increased Continue Reading
US oil, gas rig count rises by 10 to 414 as producers try to hold output: Enverus
US oil and gas rigs rose by 10 to 414 in the week ending Dec. 16, rig data provider Enverus said, as operators continue to replace production setbacks earlier in Continue Reading
Baker Hughes Rig Counts Mixed for US and Canada
The total counts of rotary drilling rigs operating in the US and Canada moved in opposite directions this week, Baker Hughes reported Friday. The total counts of rotary drilling rigs Continue Reading
U.S. Shale Patch Reduced Breakeven Costs By 20% This Year
Pressured by plunging oil prices and the need to adjust to the lower oil demand, U.S. oil producers have slashed costs and managed to bring down their average breakeven costs Continue Reading
Bankruptcy Hit U.S. Oil Producers To Lose Quarter Of Production In 2021
As Chapter 11 filings by US E&Ps continue to pile up, onshore oil production from companies that filed for bankruptcy in the last two years is set to decrease by Continue Reading
North America posts 45 upstream bankruptcies in 2020: report
A total 45 bankruptcies in the North American E&P patch were filed in 2020, the second-highest number since oil prices abruptly plummeted to the $50/b level six years ago, Haynes Continue Reading
Will Biden Seal The Fate Of The U.S. Shale Patch?
t’s a tale as old as time: there’s a new sheriff in town, and the first item on the agenda is wiping out or otherwise undermining the policies of the Continue Reading
Permian Drillers May Face Freshwater Shortages
New Mexico’s State Land Office is putting an end to the commercial sale of fresh water for oil and gas developments to protect the state’s scarce freshwater resources. Effective December Continue Reading
North Dakota’s Oil Production Won’t Rebound Until 2022
Crude oil production in North Dakota, home to the Bakken shale, is not expected to recover to pre-pandemic levels until late into 2022 due to the demand loss and the Continue Reading
Total US shale production projected to fall in January as DUCs decline: EIA
US shale volumes and new well productivity per rig are both expected to fall month-over-month in January as the industry enters the winter season and the number of drilled, but Continue Reading
Drilling Productivity Report
View full article at www.eia.gov
Rig Count Sees Largest One-Week Increase Since January
Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 12 to 338. The total number of active oil and gas rigs increased Continue Reading
Texas Regulator Banned From Waiving Environmental Rules
The Texas Railroad Commission has been banned from enforcing a string of environmental rule waivers after a judge ruled the agency had failed to provide the public with adequate advance Continue Reading
How Texas Could Bounce Back From The Oil Price Crash
Just a decade ago West Texas was the very image of a thriving industry. Bobbing pumpjacks dotted the landscape as boomtowns like Midland exploded in a flurry of economic activity Continue Reading
The Companies That Could Benefit From A Major Pipeline Shortage
The pandemic-inflicted oil demand crash and price collapse did not spare any segment of the oil industry. U.S. drillers and refiners cut oil and fuel production after demand plunged, while Continue Reading
How Accurate Are Shale Drilling Profitability Claims?
Rigzone panelists offer their views on what to watch in the oil and gas markets this week. (The views and opinions expressed in this article are those of the attributed Continue Reading
Shale Executives See Little Chance Of Significant Growth
Crude oil production in the United States has been on the rise , topping 10.86 million bpd in September—the highest since May. Still, it’s a lot lower than it was Continue Reading
Oil Rig Count Rises To Highest Level Since Mid-May
Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 5 to 246—the highest number of rigs since mid-May. The total number of Continue Reading
Chevron Slashes Spending Plans as Coronavirus Hammers Oil Demand
An abundance of fossil fuels combined with advances in technology to harness wind and solar power has sent energy prices crashing around the world. WSJ explains how it all happened Continue Reading
Will Falling Drilling Costs Fuel A U.S. Shale Rebound?
Even though the U.S. shale patch has further reduced its break-evens over the past year, the decline in drilling costs alone may not be sufficient to help producers to lift Continue Reading
Oil Major Chevron Slashes Spending Plans Following COVID Crisis
Chevron Corporation is reducing its capital and exploratory budget for the next five years by billions of U.S. dollars compared to previous guidance as it looks to save its dividend Continue Reading
The Death Of U.S. Shale Has Been Greatly Exaggerated
The current year marks the 15th anniversary of the U.S. shale boom, a period in which fracking technology across such states as Texas, Colorado, New Mexico, North Dakota, and Wyoming Continue Reading
Summary of Weekly Petroleum Data for the week ending November 27, 2020
Summary of Weekly Petroleum Data for the week ending November 27, 2020 U.S. crude oil imports averaged 5.4 million barrels per day last week, up by 171,000 thousand barrels per Continue Reading
US refined product inventories climb as demand tests multimonth lows
US refined product inventories climbed in the week ended Nov. 27 as the pandemic blunted demand during the typically travel-heavy US Thanksgiving Day holiday weekend. Receive daily email alerts, subscriber Continue Reading