Oil Market Optimism Downplays DUCs
Recent oil market buoyancy fails to properly account for a potential drag on the West Texas Intermediate (WTI) benchmark, according to one of Rigzone’s regular market-watchers. Read on to learn Continue Reading
Texas Oil Companies Are Already Preparing To Restart Production
Production restarts in Texas might happen faster than originally thought by the market. The majority of respondents in the Dallas Fed survey replied that oil prices above $35 are sufficient Continue Reading
Oil And Gas Activity Collapses In Q2: Dallas Fed Survey
The Dallas Fed Energy Survey’s Q2 assessment of oil and gas firms in the Eleventh District showed that oil and gas activity deteriorated in Q2, according to oil and gas Continue Reading
Texan Oil Companies Forced To Keep Staff Home As Second Wave Hits
Amid record-breaking additions to the new Covid-19 case count in Texas, oil companies in the state have suspended plans to return staff to offices, Reuters reports . Health officials in Continue Reading
Colorado activists revive anti-fracking ballot initiative
A Colorado environmental group is reviving a push to get an anti-fracking measure on the U.S. state’s November ballot, just two weeks after a prior sponsor said it was halting Continue Reading
U.S. Shale Could Take Years To Recover From The Oil Price Crash
U.S. oil production will probably take more than two and a half years to return to its record 13 million barrels per day. The price crash has led to at Continue Reading
North Dakota Oil Income Crashes By 81%
North Dakota has suffered an 81-percent decline in oil and gas revenues in April. Between March and mid-April, North Dakota oil producers idled some 40 percent of drilling rigs. Oil Continue Reading
US Shale Has a Long Road to Recovery
As oil prices tick up to $40 a barrel following a pandemic-induced plunge, there’s a sense the shale industry is snapping back to life with Continental Resources Inc., EOG Resources Inc. and Continue Reading
Higher Oil Prices Ease Shale Panic, But Challenges Remain For Texas
The COVID-19 crisis has hit the U.S. shale patch hard Some producers think it will take years to recover while others think they may never recover Many oil producers are Continue Reading
Shale Oil Stocks: Investors Question Industry’s Performance
America’s shale revolution grew out of a well-orchestrated dance. For almost a decade, producers wooed investors by touting rosy estimates of how much crude oil they could profitably drill, and Continue Reading
Shale’s Newest Powerhouse, New Mexico, Upended by Oil Shock
As Covid-19 shock waves reverberate across U.S. oil towns, perhaps nowhere is their speed and severity more apparent than in America’s newest shale powerhouse. Just months ago, New Mexico, the third-biggest Continue Reading
U.S. Shale Has Lost $300 Billion In 15 Years
In the 15 years since the first U.S. shale boom, the industry as a whole has failed to return a profit. Deloitte estimates that the coming wave of write-downs could Continue Reading
Oil Shock Upends Shale’s Newest Powerhouse
As Covid-19 shock waves reverberate across U.S. oil towns, perhaps nowhere is their speed and severity more apparent than in America’s newest shale powerhouse. Just months ago, New Mexico, the Continue Reading
US shale companies face $300bn in writedowns in Q2
US shale companies could be forced to write down $3oobn of their assets this year, starting in the second quarter, as operators begin to account for the oil price collapse Continue Reading
Why Big Oil Won’t Be Buying Up Struggling Companies
Don’t expect the oil price rout to trigger a wave of M&A activity any time soon. The last Big Oil M&A wave turned into a disaster for the acquiring companies. Continue Reading
Oil Companies Shutting Off Drilling Rigs Across U.S. Shale
Oil exploration shrank for a 14th straight week in U.S. fields amid weak crude prices and skepticism about a recovery in energy demand. Drillers idled 10 oil rigs in onshore U.S. Continue Reading
Rig Count Plunges For The Fifteenth Straight Week
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 13, to 266. Canada’s overall rig count fell this Continue Reading
Bankruptcy And Write Downs In The Oil Patch
The oil industry continues to struggle with some of the biggest names in the sector being forced to drastically cut costs Chesapeake faces the very real prospect of bankruptcy, having Continue Reading
Oil’s Rally Sparks Concern U.S. Production Returning Too Fast
Oil continued its comeback, buoyed by signs of increasing demand as cities emerge from lockdown. But fears of a second wave of the virus, combined with record-high stockpiles in the Continue Reading
Lower For Longer: A Nightmare Scenario For Oil Producers
Oil producers all over the world are struggling with a slump in demand that has driven the lower-for-longer price forecasts. High-cost producers are between a rock and a hard place Continue Reading
Nearly 85,000 Jobs In U.S. Oilfield Services Lost To Oil Crisis
Nearly 85,000 people in the U.S. oilfield services industry have lost their jobs due to the pandemic-driven oil price crash and demand destruction, Houston-based Petroleum Equipment and Services Association (PESA) Continue Reading
When Will U.S. Shale Rebound To Pre-Pandemic Levels?
The rebalancing of the oil market has been possible, in part, due to the sharp cutbacks in U.S. shale production. But what happens next for the industry? The latest data Continue Reading
THE DESTRUCTION OF THE SHALE OIL INDUSTRY BEGINS: Massive Impairment Write-offs
If the carnage that took place in the U.S. shale oil patch during the first quarter of 2020 is any indication of the financial health of the industry, just wait Continue Reading
US shale oil output to fall to 7.6 million b/d in July, lowest in 2 years: EIA
US shale oil production will slip to 7.632 million b/d in July, down 93,000 b/d from June and the lowest in two years, the US Energy Information Administration said June Continue Reading
OPEC Gets Chance to Gain Upper Hand in Long Battle With Shale
Once the global oil market emerges from the coronavirus crisis, it may be greeted by a surprising change: greater dependence on crude from OPEC. For the time being, the Organization of Continue Reading
Permian Shale Oil Decline Rate 23% In Only Three Months
The U.S. Shale Oil Industry is in serious trouble, even without the negative impacts of the global contagion. While it’s no secret that shale oil wells suffer high decline rates, Continue Reading
Shale Drilling Slump Worsens With Permian Nearing Record Low
Explorers slashed drilling in the world’s biggest shale patch for a 13th straight week as they wrangle with a global pandemic that’s crimping demand for crude and leaving many strapped Continue Reading
U.S. Oil Rigs Dip Below 200 For First Time Since 2005
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 279, with the total oil and gas Continue Reading
North Dakota’s April oil output sinks 15% on month to 1.2 million b/d
North Dakota oil production averaged 1.219 million b/d in April, down about 211,000 b/d or 15% from March, the North Dakota Pipeline Authority said June 12. Receive daily email alerts, Continue Reading
Extraction Gives Execs Bonuses Ahead of Possible Default
Extraction Oil & Gas Inc. plans to pay 16 executives and senior managers a total of $6.7 million in return for staying with the Colorado-based driller ahead of a possible Continue Reading
US oil, gas rig count falls 12 on week to 299, Enverus says, amid shut-in output return
The US oil and gas rig count fell by 12 to 299 on the week, Enverus said June 11, as upstream operators continued taking rigs out of domestic fields as Continue Reading
The Unique Ways Oil Companies Are Looking To Avoid Bankruptcy
Many U.S. shale firms have cruised through the past couple of years by borrowing money and drilling new wells, making the United States the world’s top crude oil producer. The Continue Reading
Is A Shale Comeback On The Horizon?
It’s been a tough year for U.S. shale. Even before the novel coronavirus pandemic pummeled oil markets, the shale revolution had been pronounced dead, with investors shying away from the Continue Reading
Spotlight: US oil and gas companies file for bankruptcy amid depressed prices
The low oil price environment is causing hardship for US operators as NYMEX light, sweet crude trades around $35/b. In reaction to the sharp decline in oil prices, 38 US Continue Reading
U.S. Shale Could Collapse If Oil Prices Don’t Bounce Back
Unless oil prices move back up to the levels before the COVID-19 pandemic, the U.S. shale industry could collapse, the Institute for Economics & Peace, an Australian think-tank, warned in Continue Reading
U.S. Frackers to Zero In on Richest Oil Fields After Coronavirus
The U.S. has more than doubled its crude output over the last decade. Much of the growth is due to the Permian Basin of West Texas and New Mexico. WSJ Continue Reading
U.S. Shale Outperforms Expectations In Q1
Following the publication of the energy industry’s first quarterly results since the Covid-19 outbreak, a Rystad Energy analysis reveals a surprising contrast. While the oilfield service (OFS) market has taken Continue Reading
U.S. Shale Companies Are Turning the Oil Taps Back On
American oil producers are reopening the spigots, complicating the crude market’s recovery. Scores of shale drilling companies turned off wells to reduce output when U.S. oil prices fell to negative territory in Continue Reading
CEOs Bank Big Bonuses As Oil Companies Go Bankrupt
When public oil and gas companies are doing relatively well, many are happy to adopt a pay-for-performance model to reward CEOs and executives. However, the tables are quickly turned when Continue Reading
Will U.S. Shale Ever Return To Its Boom Days?
U.S. shale drillers are bringing back shut in production three months after the onset of the current downturn. But steep decline rates will increasingly take hold, dragging down overall U.S. Continue Reading
Opec output curbs spur US shale to ramp up production
US oil production is set to shoot higher, as shale producers eyeing Opec’s move to support prices are poised to reactivate wells only a few weeks after shutting them. Output could Continue Reading
U.S. Rig Count Crashes Below 300
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 17, falling to 284, with the total oil and Continue Reading
US oil, gas rig count falls 22 to 311, Enverus says, as bottom appears closer
The US oil and gas rig count fell 22 in the week ended June 3 to 311, rig data provider Enervus said, as oil-focused rigs continue to be pulled from Continue Reading
HOW QUICKLY WILL BAKKEN OIL PRODUCTION DECLINE?? Much Faster Than Americans Realize
What goes up, must come down. And, this is most certainly true for the mighty North Dakota Bakken… the second-largest shale oil-producing region in the United States. Even after the Continue Reading
Pioneer Energy Emerges From Chapter 11
Pioneer Energy Services Corp. has emerged from Chapter 11 bankruptcy protection, completing its debt restructuring process and implementing the previously announced reorganization plan. In connection with the restructuring, Pioneer slashed Continue Reading
Traders Ask Why US Inventory Math Does Not Add Up
Oil traders and analysts scrutinizing U.S. inventory data for signs of a market recovery are being confronted by an odd situation. (Bloomberg) — Oil traders and analysts scrutinizing U.S. inventory Continue Reading
Oil’s Rally Encourages U.S. Shale and Complicates Task for OPEC+
As OPEC+ producers head toward a consensus on extending their output curbs, oil’s rally is prompting some U.S. producers to open their taps once again. With U.S. futures rising as Continue Reading
Shale Oil Production Bouncing Back With Prices
Early signs of a shale rebound are becoming evident as crude prices recover. (Bloomberg) — Early signs of a shale rebound are becoming evident as crude prices emerge from their Continue Reading
U.S. Oil Drillers Restart Production As Prices Recover
Shale drillers are bringing some shuttered oil production back online as the glut eases. The total amount of shut-in production in the Bakken stood at 475,000 bpd on May 28, Continue Reading
The Last 6 Oil Rigs In The Centennial State
The oil price crash has forced producers in Colorado to slash their capital expenditure, suspend completion activities, and release rig crews, leaving just six operating rigs in the state as Continue Reading