Category: Shale Oil

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 64, falling to 465, with the total oil and Continue Reading

Continental Resources has stopped drilling operations and shut in most of its wells in North Dakota, Reuters reports , citing sources familiar with the situation, who also added that the Continue Reading

Continental Resources – the largest producer in the Bakken – has shut in production, sounding alarms across the entire U.S. shale patch. It has also notified several of its clients Continue Reading

Contentious regulatory issues in Colorado have taken a back seat in the Denver-Julesburg Basin as companies slash activity under the weight of weak oil prices, which could provide a boost Continue Reading

Whiting Petroleum Corp., the shale driller that went bankrupt at the start of this month, formalized a restructuring deal that would cut more than $2.3 billion of debt and hand Continue Reading

Fears of running out of storage capacity drove oil prices down over $40 in single day, forcing sellers to pay their buyers to take the product, and these fears were Continue Reading

 The US oil and gas rig count fell 76 week on week to 491, rig data provider Enverus said Thursday, a few days after oil prices plunged below zero and Continue Reading

This week the near term price for crude oil fell to -$37.68 per barrel. This was driven by the expiration of the May futures contract on the 21st of April Continue Reading

An historic crash in crude prices is driving U.S. shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% Continue Reading

Free oil won’t last. But it may linger long enough to persuade some creditors of bankrupt energy drillers to freeze their court fights awhile so they don’t wind up running Continue Reading

A historic crash in crude prices is driving U.S. shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% Continue Reading

U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads and a dual supply/demand shock in the worst Continue Reading

The Texas Railroad Commission adjourned a webcast public meeting Tuesday without voting on whether to implement prorationing the state’s production, instead deferring a decision until next month. Receive daily email Continue Reading

Halliburton Co. is cutting spending, salaries and jobs as the fracking behemoth navigates what is shaping up to be the worst-ever oil bust. The company set full-year 2020 capital outlays at Continue Reading

U.S. oilfield services giant Halliburton ( HAL.N ) on Monday reported a $1 billion first-quarter loss on charges and outlined the largest budget cut yet among top energy companies as Continue Reading

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 73, falling to 529, with the total oil and Continue Reading

Industry leading oilfield service firm Schlumberger sees North American producers cutting their capital spending by 40% in 2020 compared to roughly 15% cutbacks internationally as independent shale firms move more Continue Reading

The finances of the oil and gas industry are so dismal that the major banks that have funded the money-losing fracking boom are now exploring taking the unusual step of Continue Reading

Rystad Energy had been projecting an increase in US shale production of 650,000 bpd by the end of this year, but recent developments have caused it to take a more Continue Reading

The furlough program and part-time work status actions impacted more than 30 percent of the company’s US workforce. Noble Energy Inc. Chairman and CEO David L. Stover says the company’s Continue Reading

No one is feeling the pain of an oil collapse more than the shale producers. Except, perhaps, their suppliers. Take Stacy Locke, chief executive officer for Pioneer Energy Services Corp. Continue Reading

ConocoPhillips said Thursday it will cut back its 2020 spending and production volumes more dramatically, slicing its capital spending by 35% and removing a total of 225,000 boe/d from its Continue Reading

The American Petroleum Institute (API) has urged the Texas Railroad Commission (RRC) to avoid intervening in oil markets. “U.S. producers in Texas and across the country have already reduced production Continue Reading

Only weeks ago, scores of rating agencies sounded the alarm that the coronavirus credit crunch would set in motion a wave of corporate bankruptcies that would make the 2008 credit Continue Reading

OPEC may have reached a deal to cut 10 million bpd, but for many U.S. shale producers, it is too little, far too late. Much ado has been made about Continue Reading

OPEC+ and large producers such as Canada, Norway, Mexico and Brazil came to an output cut agreement this weekend, but a coordinated output reduction in the United States isn’t likely Continue Reading

Enterprise Products Partners is opening the northbound capacity of its Seaway pipeline, offering U.S. oil producers struggling to place their oil near the Gulf Coast to ship their barrels to Continue Reading

The Trump administration is considering paying U.S. oil producers to leave crude in the ground to help alleviate a glut that has caused prices to plummet and pushed some drillers Continue Reading

One of the biggest Texas shale explorers warned it will halt all drilling if the state imposes OPEC-style production caps, raising the stakes in a debate over a contentious proposal to Continue Reading

Texas energy regulators began debating Tuesday whether the state should impose 20% crude oil output cuts on producers to help stabilize prices amid the global coronavirus pandemic. The issue is Continue Reading

Any argument that the Texas Railroad Commission (RRC) should not even consider proration is simply misinformed. That’s what RRC commissioner Ryan Sitton believes, according to a statement posted on the Continue Reading

Oil and gas production in the United States has peaked and is already in decline. The latest data from the EIA’s Drilling Productivity Report sees widespread production declines across all Continue Reading

Baker Hughes Co. said it is pursuing a restructuring plan that will result in about $1.8 billion in charges and expects to book a roughly $15 billion goodwill impairment charge Continue Reading

The Drilling Productivity Report uses recent data on the total number of drilling rigs in operation along with estimates of drilling productivity and estimated changes in production from existing oil Continue Reading

US shale oil production will fall to 8.53 million b/d in May, down 183,000 b/d from April, with declines seen in every major basin, the Energy Information Administration said Monday. Continue Reading

Baker Hughes said Monday it will report a $15 billion impairment charge, larger than the company’s current market capitalization value, as the decimated oilfield services sector adjusts to demand collapse Continue Reading

The U.S. is only in the FIRST STAGE of the country’s oil demand destruction. Since the nationwide shutdown announced by the U.S. Government in mid-March, domestic oil demand has fallen Continue Reading

With crude prices plummeting to 20 year lows and a local industry in shambles, Texas oil regulators are contemplating the unthinkable : cutting statewide oil production for the first time Continue Reading

The EIA expects U.S. shale oil production to drop next month to 8.526 million barrels per day in the seven most prolific shale basins in the United States, according to Continue Reading

With crude prices plummeting to 20-year lows and tens of thousands of oil workers already laid off, the Texas agency that oversees the oil and gas industry will meet Tuesday Continue Reading

President Donald Trump said the “big Oil Deal” sealed on Sunday will save hundreds of thousands of American jobs. But the agreement he brokered depends on a sharp downturn in Continue Reading

Baker Hughes reported on Thursday that the number of oil and gas rigs in the US fell again this week by 62, falling to 602, with the total oil and Continue Reading

Among the world’s biggest oil producers, state-run giants in China and Russia don’t need a bailout in the traditional sense. Oil industry giants in the United States aren’t likely to Continue Reading

Occidental Petroleum is opposing a Texas-wide mandated production cut, but it is asking the U.S. Administration for federal financial assistance for the U.S. oil industry which can’t make any money Continue Reading