Four months ago, Congress approved the ambitious and unprecedented Paycheck Protection Program (PPP) as part of the $2 trillion pandemic rescue package, and now we’re starting to see the benefits Continue Reading
The United States shale revolution didn’t just transform West Texas, and it didn’t just transform the energy sector, and it didn’t just transform the entire U.S. economy. It was a Continue Reading
Less than two hours after Kamala Harris was named Joe Biden’s running mate, President Donald Trump had cast the California Democrat as an oil industry and fracking foe. “She is against Continue Reading
US permits for new horizontal drilling in oil basins fell to a 10-year monthly low in July, Rystad Energy reported Tuesday. U.S. permits for new horizontal drilling in oil basins Continue Reading
U.S. shale producers are at a crossroads as they find themselves more efficient than ever. They can keep drilling, and potentially dent oil prices, or use the money to pay Continue Reading
Roughneck job cuts accelerated in July and the outlook may worsen as new Covid-19 cases stifle economic activity, according to the Petroleum Equipment and Services Association. The U.S. oilfield-services sector shed 9,344 Continue Reading
The U.S. oilfield services industry lost another 9,000 jobs in July, up by 43 percent compared to the jobs lost in June, Bloomberg quoted the latest report from the Petroleum Continue Reading
If there was one thing the last oil price crisis proved, it was this: despite the devastation that low oil prices can wreak on an industry, they can also make Continue Reading
Drillers cut exploration in U.S. oil fields to a 15-year low as billions of barrels from old discoveries became worthless and explorers abandoned growth plans. The number of active oil rigs in Continue Reading
1. Gold prices surge – Gold hit a new high this week, closing over $2,000 per troy ounce for the first time. – While a specific reason for the latest Continue Reading
Baker Hughes reported on Friday that the combined oil and gas rig count in the U.S. fell this week by 4, to 247. The total oil and gas rigs are Continue Reading
After slashing capex plans for 2020 and idling rigs by the dozen, U.S. shale drillers are still not ready to return to their default state of perpetual growth. Oil is Continue Reading
The Dakota Access oil pipeline again staved off what would have been an unprecedented shutdown, with judges ruling that the Trump administration has to decide whether the conduit can operate Continue Reading
Continental Resources is bringing back previously shut-in oil production, seeing flow rates in some fields double compared to the rates before the curtailment, the company’s executives said on the Q2 Continue Reading
A US federal appeals court halted on Aug. 5 the pending shutdown of the Dakota Access Pipeline slated for the same date, but the court is still requiring an environmental Continue Reading
America’s most prolific shale drillers are accepting a fate once anathema to an industry obsessed with growth: drilling just to ward off production drops. The pandemic and subsequent plunge in crude Continue Reading
As the US shale boom sent the country’s crude production soaring over the past decade, the oilfield services companies that do everything from drilling producers’ wells and laying pipes to Continue Reading
The global coronavirus pandemic–a true black swan event–has altered the course of the entire oil and gas industry, and not even the mighty US shale industry will emerge unscathed. Employment Continue Reading
America’s most prolific shale drillers are accepting a fate once anathema to an industry obsessed with growth: Drilling just to ward off production drops. The pandemic and subsequent plunge in crude Continue Reading
After more than five years in the making, several producers moved a major regulatory step closer to developing a potential 5,000-well oil and natural gas project on federal land in Continue Reading
More than thirty billion dollars: this is the size of the collective debt of oil and gas companies that filed for bankruptcy protection in the first half of the year. Continue Reading
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
Baker Hughes reported on Friday that the number of oil rigs fell, while the combined oil and gas rig count in the US held steady this week at 251, marking Continue Reading
The number of rotary drilling rigs operating in the United States stood at 251 for the second week in a row, Baker Hughes Co. reported. The number of rotary drilling Continue Reading
The uncertainty surrounding the future operations of Dakota Access, the key pipeline carrying crude out of the Bakken, is stalling oil companies’ plans to invest in bringing back online the Continue Reading
Hess’ Bakken Shale production jumped 39% year on year in the second quarter, and the potential shutdown of a major pipeline that takes oil from the North Dakota field to Continue Reading
Denbury Resources Inc. became the latest debt-laden oil producer to say it will seek bankruptcy and hand ownership to lenders in the aftermath of a pandemic-fueled plunge in crude prices. Continue Reading
General Electric Co. predicted slow gains in operations this year and next after the coronavirus pandemic battered results in the second quarter. The jet-engine division has tracked “early signs of improvement” Continue Reading
The Big Three in the oilfield services industry wrote down $45 billion in assets over the past year as their clients tightened their belts, according to Morgan Stanley, cited by Continue Reading
According to TIPRO’s latest mid-year energy report, Texas has lost over 39,000 direct oil and natural gas jobs in the first half of 2020. According to the Texas Independent Producers Continue Reading
The pandemic has curtailed associated gas production in the Permian basin, temporarily relieving some gas flaring, but the basin could return to record gas production levels by the end of Continue Reading
U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors even before the coronavirus pandemic crushed oil prices and decimated production, are expected Continue Reading
The oilfield has historically been a place where brawny men, and mighty machines came together to bore holes deeply into the earth to wrest stores of oil and gas from Continue Reading
US oil companies have increased production by 1.2m barrels a day over the past six weeks, as they restore wells shut earlier this year and start producing from others they Continue Reading
The current year has been shaping up as the worst in decades for oil and gas mergers as the deep uncertainty surrounding the sector killed Big Oil’s appetite for acquisitions. Continue Reading
Even before the COVID-19 pandemic shook up the oil industry, America was full of defunct oil wells. Tens of thousands, if not hundreds of thousands, or perhaps millions of holes Continue Reading
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
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 2, to 251, marking the twentieth straight loss in Continue Reading
The world’s largest oilfield services provider, Schlumberger ( NYSE:SLB ), reported on Friday a second straight quarterly loss on the back of a dramatic revenue slump in U.S. shale and Continue Reading
Despite a wave of well shut-ins by operators across the Bakken Shale this spring, associated natural gas production looks to rebound sooner than expected, leading to an increase of flows Continue Reading
Another Bakken Shale crude oil pipeline is on the verge of potential closure as a series of governmental and court rulings have threatened the operation of existing pipeline systems. The Continue Reading
The number of rotary drilling rigs operating in the United States fell to 251 this week, Baker Hughes Co. reported Friday. The number of rotary drilling rigs operating in the Continue Reading
U.S. fracking is set for its first monthly rise this year, according to a new Rystad Energy analysis. U.S. fracking is set for its first monthly rise this year, according Continue Reading
A growing number of banks are restricting access to funding to the U.S. shale industry in the wake of the oil price crash, although the aversion to lending more capital Continue Reading
The Covid-19 downturn has caused a shocking decline in new fracking operations in the US, with monthly numbers plunging to a bottom of just 325 wells in June. A Rystad Continue Reading
Despite the fact that U.S. shale producers have brought back a quarter of the output they had curtailed, production is set for a new slump after the summer as new Continue Reading
The US oil and gas rig count rose by six to 294 on the week, rig data provider Enverus said July 23, marking the second consecutive week of increases after Continue Reading
The federal government should take steps against Saudi Arabia and Russia’s dumping of oil on the American market during the Covid-19 crisis, the chairman of the Texas Railroad Commission has Continue Reading
The Odessa Development Corporation (ODC) launched this week ‘The Permian Fuels America’ task force to protect the U.S. industry from oil market manipulation initiated by other countries, convince refiners to Continue Reading
Way back in January (it’s been a long year) Hallburton was already souring on shale. Way before the novel coronavirus put the final nail in the coffin of the West Continue Reading
