Shale Cuts to Fall on Smaller Drillers as Glut Crushes Market
US shale drillers are engaged in a bitter test of wills as sinking oil prices force the weakest operators to retreat. (Bloomberg) — U.S. shale drillers are engaged in a Continue Reading
Oil Companies Warn Kansas City Fed of Widespread Insolvencies
Almost 40% of oil and natural gas producers face insolvency within the year if crude prices remain near $30 a barrel, according to a new survey by the Federal Reserve Bank Continue Reading
Shale Spending Sinks as Exxon Cuts More Than Double Anyone Else
Exxon Mobil Corp. more than doubled the budget cuts announced by any other shale company on Tuesday amid an historic crude-market crash. In all, nearly three dozen shale explorers have slashed Continue Reading
U.S. Rig Count Could Collapse By 65%
Due to the combined global effect of the Covid-19 pandemic and the ongoing oil price war, the American oil and gas industry is stepping heavily on the brake pedal and Continue Reading
Parsley Says a Texas Output Cut May Not Be Enough
CEO Matt Gallagher said he’d reduce his company’s oil output by 20 percent if others agree to the same deal. (Bloomberg) — Parsley Energy Inc., one of two shale drillers Continue Reading
OPEC Can’t Kill U.S. Shale
OPEC’s strategy in the past has been to alter its oil production in order to bring about market stability. However, the rise of U.S. shale oil forced the cartel to Continue Reading
Texas Wildcatters Warming to Output Limits
Some old-guard Texas oil drillers are urging state regulators to clamp down on crude production to halt a price collapse more severe than any of them have ever lived through. Continue Reading
Chaos and scrambling in the US oil patch as prices plummet
In Montana, a father and son running a small oil business are cutting their salaries in half. In New Mexico, an oil truck driver who supports his family just went Continue Reading
Texas Gets Double Punch From Coronavirus and Oil Shock. ‘There’s No Avoiding This One.’
Texas had one of the best economic records of any U.S. state after the 2008 financial crisis. In this crisis, it faces the prospect of a deep and prolonged downturn. Continue Reading
Billions in Oil Royalties at Stake in Talks After Trump Meeting
Oil industry representatives will meet with Interior Secretary David Bernhardt, Energy Secretary Dan Brouillette and White House economic adviser Larry Kudlow Friday to discuss ways the Trump administration can help Continue Reading
The Largest Rig Count Collapse In 5 Years
Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 64, falling to 664, with the total oil and gas rigs Continue Reading
U.S. Shale Ready To Fire Back In The Oil Price War
U.S. shale oil companies have started a lobbying campaign with Washington to take a more aggressive stance against Russia and Saudi Arabia to force them to cut oil production, the Continue Reading
Mnuchin: Struggling Shale Firms Should Seek Help From The Fed
As part of the Coronavirus CARES Act, the $2 trillion fiscal stimulus meant to resuscitate the US economy, Congress allocated $454 billion to help underwrite the special lending programs from Continue Reading
Why U.S. Shale Will Survive The Oil Price War
The future of the oil industry, it seems, all depends on who you ask. Many industry insiders and experts are crying armageddon, while others say that United States shale is Continue Reading
Texas Oil Rep To Discuss 10 Million Barrel Per Day Cut With Russia
Following US President Trump’s earlier tweet that he had discussed oil prices with Saudi Arabia’s Crown Prince, Texas Railroad Commissioner Ryan Sitton reports that he discussed with Russian Energy Minister Continue Reading
U.S. shale company Whiting becomes first major bankruptcy of oil-price crash
Whiting Petroleum Corp filed for Chapter 11 bankruptcy, the U.S. shale producer said on Wednesday, the first publicly traded casualty of crashing crude oil prices that are expected to bite Continue Reading
First Few Shale Bankruptcies Probably Would Have Happened Anyway
This year’s dramatic crash in oil prices will probably be blamed by many energy companies for their ultimate demise. But the first wave of U.S. shale producers to file for Continue Reading
Oil Giants Turn On Each Other As Crude Prices Plummet
Scott Sheffield of Pioneer Natural Resources blamed ExxonMobil for blocking help from the American government for the U.S. shale industry. Exxon’s refusal, Sheffield says, is because the oil major wants Continue Reading
The U.S. Can’t Afford To Let Shale Fail
It’s no secret that the growth of U.S. shale oil has been a thorn in the sides of both Saudi Arabia and Russia. They have seen their market shares erode Continue Reading
Shale’s Comeback Could Be Better And Bigger Than Ever Before
Earlier this month global oil prices fell more sharply in one day than they have in nearly 30 years. The cause was a snowball effect driven by a series of Continue Reading
Two Shale Drillers Back Plan to Curb Output After Oil’s Crash
Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash. Pioneer Natural Resources Co. and Parsley Energy Continue Reading
Pipeline Operators In Texas Urge Producers To Stop Pumping
U.S. pipeline operators have issued a warning to some oil producers operating in Texas: reduce production rates because storage is filling up, a Texas Railroad Commissioner said in a tweet. Continue Reading
Oil CEOs Back Plan to Cut Texas Output
Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash. (Bloomberg) — Two of Continue Reading
Russia’s Plan To Bankrupt U.S. Shale Could Send Oil To $60
As soon as U.S. shale leaves the market, prices will rebound and could reach $60 a barrel, Rosneft’s Igor Sechin said recently. As fate would have it, in what many Continue Reading
Oil-Industry Collapse Accelerates as Scores of Rigs Go Dark
The oil industry’s meltdown is accelerating as explorers shut down scores of drilling rigs across the U.S. in response to cratering crude prices and expanding supply gluts. Oil companies idled 40 Continue Reading
Rig Count Crashes Most In 4 Years As Oil Shock Rocks U.S. Shale
Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 44, falling to 728, with the total oil and gas rigs Continue Reading
With oil prices down, some federal, state efforts to aid producers stumble
The collapse in oil prices has left many US oil and gas producers teetering on financial ruin, moving federal and state policymakers to take actions aimed at blunting the impact Continue Reading
Oil Braces for Biggest Idling of Wells Since 1986
Only the old hands at the Coffeyville oil refinery could remember anything like the prices posted this month. The small Kansas plant in the heart of rural America was offering Continue Reading
A Wave Of Downgrades Has Hit The U.S. Oil Patch
The riskier end of the energy bond market has lately suffered a sharp blow in response to an epic oil price crash as the coronavirus pandemic and oil price war Continue Reading
Is This The Beginning Of The End For Texas Oil?
Widespread misery was evident in the Dallas Fed’s latest survey , which included responses from 161 energy firms and took place from March 11-19. The quarterly survey offers a window Continue Reading
A Wave Of Downgrades Has Hit The U.S. Oil Patch
The riskier end of the energy bond market has lately suffered a sharp blow in response to an epic oil price crash as the coronavirus pandemic and oil price war Continue Reading
Occidental Petroleum Reaches Truce With Activist Investor Carl Icahn
Occidental Petroleum Corp., the largest oil producer in the giant Permian Basin, has ceded to activist investor Carl Icahn’s demands and announced deep spending cuts in a bid to survive Continue Reading
US shale bust wrecks hopes for energy independence
The shale revolution that made the US the world’s biggest oil and gas producer and offered the prospect of energy self-sufficiency has run out of steam, as drillers slash spending Continue Reading
The Permian Boom Is Going Bust
Oil companies are already beginning to pare back their activity in the Permian, with cutbacks coming not just from smaller drillers, but also the oil majors . Chevron said on Continue Reading
Schlumberger, Halliburton Announce Hefty Spending Cuts
Schlumberger and Halliburton joined the ranks of oil companies on a spending-cutting spree amid the steep oil price drop. Schlumberger said it would slash its spending by 30 percent less Continue Reading
Spotlight: Bakken new well profitability challenged by low oil prices
Highlights Oil prices are plunging on fears of low demand, surging supply Bakken shale operators are sitting on a DUC inventory of ~420 wells How many wells could be brought Continue Reading
Halliburton to ‘significantly’ cut 2020 capex below $1.2 billion budget
Oilfield services firm Halliburton ( HAL.N ) is accelerating its cost-cutting and will significantly reduce spending this year below its original $1.2 billion budget, its finance chief said on Tuesday. Continue Reading
Chevron cuts 2020 Permian production, capex guidance by 20%
Chevron is cutting both its guidance for shale production from the US Permian Basin and its capital spending this year by 20% in response to the oil price collapse, it Continue Reading
Occidental Petroleum Cuts Pay for Staff, Executives
Occidental Petroleum Corp. is cutting salaries for its U.S. employees by up to 30% in a bid to slash expenses, according to an internal email reviewed by The Wall Street Continue Reading
How Far Will Trump Go To Save U.S. Shale
The U.S. is today showing signs of increased desperation as oil prices sink to levels that may pose a threat to the energy independence of the United States by kicking Continue Reading
What Happens If U.S. Shale Goes Bust?
This month has seen a spectacular oil price crash the likes of which we haven’t seen in decades. The last time we had since a single day oil price drop Continue Reading
The Boldest Permian Plays To Watch As The Oil Market Circles The Drain
Over-supplied markets like the oil market take prices in only one direction, down. We are seeing indications of a historically over-supplied market right now, so we expect continued weakness on Continue Reading
US Oil Turns Its Back On The Permian As Prices Crash
Amid crashing oil prices, oil firms are rushing to cut budgets and exposure to the most prolific shale basin in the United States, the Permian, yet industry bodies expect the Continue Reading
Permian Still Accounts for More Than Half of US Rigs
Year on year, the North America rig count is down 251 rigs from last year’s 1,121. The North America rig count is down 97 rigs from the previous week to Continue Reading
Tens of Thousands Are Getting Laid Off in U.S. Shale Patch
One of the most painful busts in the history of crude oil happened just six years ago when a sharp price drop cost 200,000 roughnecks, almost half the entire workforce, Continue Reading
Coronavirus and Oil-Price Plunge Buries Shale and Occidental’s Big Bet
Just weeks ago, Occidental Petroleum Corp. Chief Executive Vicki Hollub sought to reassure investors that her bold bet on U.S. shale oil—a $38 billion deal for rival Anadarko Petroleum Corp.—hadn’t Continue Reading
Not Even Higher Oil Prices Can Save U.S. Shale
The U.S. shale industry is burning through cash so fast that even the state of Texas is looking at government rationed production targets. Texas Railroad Commissioner Ryan Sitton laid out Continue Reading
Do Saudi Arabia And Russia Really Want To Kill U.S. Shale?
Since 2016, as an informal leader of the 13-strong non-OPEC group, Russia has been instrumental in the pricing of oil as Saudi Arabia, leading producer in the Organization of Petroleum Continue Reading
Why the Texas Railroad Commission Could Play Role of OPEC
Oddly named and highly powerful, the Texas Railroad Commission is weighing whether the state should curb crude production for the first time in almost half a century. At issue is Continue Reading
Permian Oil Drilling Slumps to Worst Since Depths of Last Crash
Oil drilling in the Permian Basin plunged to its lowest level since the nadir of the last crude-market slump in early 2016. Explorers idled 13 rigs this week in the most-prolific North Continue Reading