Category: Shale Oil

The Covid-19 pandemic and the low oil-price environment it has created continues to affect global energy markets and activity levels by oil and gas producers. New fracking jobs in the Continue Reading

Producers are already restarting oil wells in North Dakota as prices come off record lows, but talk of a recovery is premature, said the state’s energy regulator. The historic price rout Continue Reading

The total US oil and gas rig count fell 29 to 369 on the week, rig data provider Enverus said Thursday, marking the ninth straight week of double-digit declines as Continue Reading

Gross U.S. production cuts could reach two million barrels per day in June, according to Rystad Energy. Gross U.S. production cuts, including liquids, could reach two million barrels per day Continue Reading

While much of the United States—including Texas—is taking steps to reopen the economy, oil and gas jobs are still on a downward spiral, with oil and gas jobs in Texas Continue Reading

The Trump administration claims that the U.S. is “transitioning to greatness,” and that energy companies are going to see “massive gains.” U.S. Secretary of Energy Dan Brouillette says there is Continue Reading

Gross U.S. production cuts could reach two million barrels per day in June, according to Rystad Energy. Gross U.S. production cuts, including liquids, could reach two million barrels per day Continue Reading

Some drillers in the biggest North American oil field are reopening wells shut in response to the pandemic-driven price collapse, according to pipeline giant Energy Transfer LP. In the Permian Basin’s Continue Reading

The big oil production curtailment in the U.S. shale patch continues as more companies announced on Monday output reductions to protect their balance sheets in the face of unsustainably low Continue Reading

The Covid-19 pandemic has caused the largest horizontal rig count collapse ever recorded in the US, a Rystad Energy analysis of Baker Hughes data shows. The total horizontal oil rig Continue Reading

Bakken Shale powerhouse Continental Resources has shut in 70% of its May oil production, roughly 136,500 b/d, owing to low crude prices caused by the global coronavirus pandemic, the company Continue Reading

The question regarding whether we have reached peak oil demand is a pressing concern for U.S. upstream activity. U.S. tight oil’s current cost structure, which generally requires ~$50/barrel WTI to Continue Reading

Oil well shut-ins are the new black. Everyone, especially in the U.S. shale patch, seems to be shutting in wells in response to what is shaping up to be the Continue Reading

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 34, falling to 374, with the total oil and Continue Reading

Approximately 984 employees were affected. As a result of the dramatic downturn in business sparked by the coronavirus and OPEC+ policy, Halliburton has announced another group layoff this week, according Continue Reading

The group is carving out ways to secure, strengthen, and stimulate North Dakota’s energy future. North Dakota’s Department of Mineral Resources has established a Bakken Restart Task Force to help Continue Reading

With thousands of oil wells choking back or completely shutting off production, companies already are looking ahead to what may prove to be an even bigger challenge: turning wells back on. U.S. Continue Reading

The United States is on track to cut 1.7 million barrels of oil production per day, according to Reuters calculations of state and company data shared on Thursday. It was Continue Reading

Apache Corp became the latest oil major to report a negative net result for the first quarter, booking a loss of $4.5 billion, or $11.86 per share for the period. Continue Reading

 The US oil and gas rig count fell 34 to a total of 398 in the week ended May 6, as Permian basin drilling activity continued to decline, rig data Continue Reading

Highlights Bakken output expected to decline Charters VLCCs to store Bakken Defers Payara activities in Guyana New York — Hess is expanding its 2020 spending cuts in response to low Continue Reading

U.S. oil prices slumped into negative territory less than a month ago as storage space fills up fast. And yet it appears that some producers are ready to start drilling Continue Reading

It might sound like a headline about Canada’s oil industry or Venezuela’s, but even the most prolific basins in the U.S. shale patch are crumbling under the weight of low Continue Reading

The associated natural gas production declines across US plays due to the crude price collapse and the coronavirus pandemic are starting to hit the SCOOP/STACK in Oklahoma, driving basis prices Continue Reading

The numbers are in: We now know just how badly the country’s top oil drillers were hit by the coronavirus-fueled downturn. Three of the four biggest U.S. oil and gas producers posted Continue Reading

Some shale producers said all they need is $30 oil to consider bringing back curtailed crude output. (Bloomberg) — A pair of prominent shale producers said all they need is Continue Reading

Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a Continue Reading

A lame-duck Texas regulator who proposed mandatory oil-output cuts said the effort is “dead” a day before the biggest U.S. crude-producing state was set to vote on the measure. Texas Railroad Continue Reading

With North Dakota Bakken oil production down more than 30%, the death of the mighty shale region has begun. There is no way for the companies producing shale oil in Continue Reading

Turns out shutting an oil well is easy, in many cases, it can be done with a few taps on an iPhone. Figuring out which to shut, and for how Continue Reading

Chevron is currently running five rigs in the Permian basin, the company’s chairman and CEO, Mike Wirth, revealed in a recent Bloomberg television interview. Chevron is currently running five rigs Continue Reading

On the same day OPEC-style oil quotas in Texas were pronounced dead on arrival, shale drillers disclosed more supply cuts. (Bloomberg) — On the same day OPEC-style oil quotas in Continue Reading

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 57, falling to 408, with the total oil and Continue Reading

American shale explorers are rapidly crimping production in the country’s most prolific oil fields as the worst price crash in history threatens the industry’s survival. Three of the biggest oil Continue Reading

Oil-output cuts across the U.S. have stemmed the freefall in prices. But whether the recent recovery is sustained will depend partly on whether producers make good on their commitments. Exxon Mobil Continue Reading

The US oil and gas rig count fell 59 to 432 during the week ended April 29, rig data provider Enverus said Thursday, as upstream players continued to idle oil Continue Reading

In just over a month, scores of drilling rigs have been dismantled and tucked away in storage yards. Pump jacks, those piston pumps that lift crude out of the ground, Continue Reading

U.S. shale oil producers have so far held up admirably, hanging on for dear life amidst the biggest oil demand collapse in history. American producers continued to pump at record Continue Reading

The United States shale revolution is over. Production in the Permian Basin, which spreads across West Texas and Southeast New Mexico, has been slowing for months, but the novel coronavirus Continue Reading

After Continental Resources suspended drilling in North Dakota and started shutting in operating wells, now another company has followed: Oasis Petroleum. Reuters quotes unnamed sources that said the company has Continue Reading

North Dakota regulators will hear testimony May 20 on whether oil production at current low prices amounts to wasting natural resources, potentially setting the stage for output restrictions, like those Continue Reading

It’s the latest example of an oil and gas deal running into snags amid the unprecedented plunge in crude prices. (Bloomberg) — Continental Resources Inc. is being sued by a Continue Reading

Whiting Petroleum, a major oil and gas producer in the Bakken Shale and Denver-Julesburg Basin, announced Monday it had filed a Chapter 11 plan, as the decimated global demand for Continue Reading

A few weeks before the summer driving season begins, U.S. gasoline consumption has plummeted to levels last seen in the late 1960s, due to the lockdowns to contain the spreading Continue Reading

In a stunning news release, Continental Resources, the largest shale producer in the Bakken, is shutting in most of its production in the region. That is one hell of a Continue Reading

The fallout from sub-zero oil prices is accelerating the slump in U.S. crude exploration to a pace never seen before. Drilling in onshore American fields fell the most in 14 years this Continue Reading

Asking Opec to help save the US oil sector was not part of Donald Trump’s vision of “American energy dominance”. The US president’s role in brokering a deal between Saudi Continue Reading