Category: Shale Oil

Baker Hughes reported that the number of oil and gas rigs in the US plummeted this week by 20, falling to 722, with the total oil and gas rigs clocking Continue Reading

As crashing oil prices hit U.S. oil and gas companies, one Texas lawmaker is asking the Department of the Interior to reduce the royalties that firms pay for oil and Continue Reading

Shale drillers continue to dramatically scale back their spending, but they’re only moderately reducing their crude production volumes as Texas discusses mandatory cutbacks in oil barrels. Receive daily email alerts, Continue Reading

Texas regulators are considering curtailing oil production in America’s largest oil-producing state, something they haven’t done in decades, people familiar with the matter said. Several oil executives have reached out Continue Reading

Conventional wisdom dictates that water and oil do not mix–at least for those of us who are not MIT engineers . But a new discovery could soon turn that clichéd Continue Reading

Following the 2014 Thanksgiving massacre, Saudi Arabia effectively broke up OPEC to try to kill the US shale sector by overproducing oil and sending prices plunging. It failed largely thanks Continue Reading

The Latest on action in the financial markets (all times local): 10:45 a.m. Halliburton will institute a mandatory furlough for 3,500 employees in Houston, Texas, beginning next week amid falling Continue Reading

Faced with declining demand and potentially months of oil prices below most Bakken breakeven prices, the North Dakota Industrial Commission next week will consider new rules aimed at preventing operators Continue Reading

The latest crash in oil prices is threatening to push $140 billion of investment-grade energy debt over the edge into junk. Despite the modest recovery after 2016, oil prices have been Continue Reading

Concho Resources and other Permian Basin crude producers have continued to slash their capital budgets by 25% or more as fears of a pandemic-triggered global recession have taken hold. Receive Continue Reading

Lenders are bracing for loan losses and depressed earnings from an oil crash that is bruising the North American energy industry. U.S. and Canadian banks have more than $100 billion 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

Despite the low oil prices that brought on by the combination of the coronavirus pandemic’s migration to the United States and the oil price war between Russia and Saudi Arabia, Continue Reading

Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance, and economics. Saudi Arabia recently announced that it was engaging in a full-on price Continue Reading

Global oil giants are facing ever-increasing public pressure and higher levels of scrutiny over their responsibility to curb harmful greenhouse emissions. Yet, in the sprawling oilfields of Texas, New Mexico Continue Reading

For the last five years, U.S. shale oil producers have been battling suppliers for lower costs and running equipment and crews hard to drive drilling costs down by about $20 Continue Reading

Leaner days are back in the oil patch of South Texas. Once-busy roads are empty except for the workers repairing the potholes from the damage done by truck traffic in Continue Reading

Baker Hughes reported that the number of oil and gas rigs in the US fell this week by 1 to 792, with the total oil and gas rigs clocking in Continue Reading

Four more E&P producers have joined the lineup of oil companies that are slashing 2020 capital budgets and cutting back activity, as oil prices hover at low levels not seen Continue Reading

President Donald Trump has directed the U.S. Energy Department to buy “large quantities” of oil for the government’s strategic petroleum reserve following this week’s crash in oil prices. “We’re going Continue Reading

U.S. shale producers are seeking sharp service costs cuts to deal with plummeting prices and shrinking demand, according to executives and a letter sent to top providers, driving home the Continue Reading

U.S. shale companies are moving quickly to ax their budgets, hoping to staunch the bleeding as the oil market continues to melt down. It has only been a few days Continue Reading

US oil output will average 12.7 million barrels a day in 2021, down from an expected 13 million barrels this year. (Bloomberg) — The world’s biggest oil producer will see Continue Reading

Oil industry representatives have pitched for discussion to the U.S. Administration the idea that Washington buy cheap crude oil to replenish the Strategic Petroleum Reserve, which would also remove millions Continue Reading

Several democratic presidential candidates have proposed fracking bans, but oil companies have room to breathe easily knowing that killing off fracking in the US is a bit too big of Continue Reading

The White House is considering a rescue package for the U.S. shale industry, although the idea is getting pushback from so many sides that it faces challenging odds of passing Continue Reading

US oil output to average 12.99 mil b/d in 2020, 12.66 mil b/d in 2021 WTI forecast cut to $38.19/b in 2020, $50.36/b in 2021 Brent forecast cut to $43.30/b Continue Reading

US crude exports and Permian Basin production may soon see notable declines as the plunge in oil prices triggers a painful but possibly short-lived downturn, said Port of Corpus Christi Continue Reading

A court-ordered sale of one-time shale high-flyer Alta Mesa Resources Inc fell through due to a lack of financing on Monday, according to court filings, a day when oil prices Continue Reading

The White House is strongly considering pushing federal assistance for oil and natural gas producers hit by plummeting oil prices amid the coronavirus outbreak, as industry officials close to the administration Continue Reading

From Indian tycoon Anil Agarwal’s metals and mining company to American shale explorers, the historic crash in oil prices has left energy companies that loaded up on debt vulnerable. With a global Continue Reading

Occidental Petroleum Corp ( OXY.N ) on Tuesday became the latest to join a growing list of hard-pressed North American oil producers slashing spending and drilling after crude prices slumped Continue Reading

Most shale oil wells drilled in the United States are unprofitable at current oil prices, Rystad Energy has warned. The Norwegian consultancy said, as quoted by Bloomberg, that drilling new Continue Reading

U.S. shale growth is about to decline, becoming an immediate victim of the Saudi-Russian price war. Saudi Aramco said that it would increase oil production to 12.3 million barrels per Continue Reading

In the wake of one of history’s largest oil price declines in a single day, a Rystad Energy impact analysis shows that US drilled but uncompleted wells (DUCs) will be Continue Reading

America’s shale producers already had a profitability problem. It just got a lot worse. At a stroke, Saudi Arabia and Russia and their battle for market share have made almost all U.S. shale Continue Reading

It’s one for the history books. Oil opened on Monday down roughly 25 percent , the sharpest decline in decades, and broader financial markets fell so precipitously that the circuit Continue Reading

On Friday, the oil market’s worst fears came true: OPEC+ failed to agree on how to deal with the coronavirus’ effect on oil demand, sending oil prices plunging. But with Continue Reading

The world has become accustomed to ever-increasing production from U.S. shale reservoirs. As you can see in the chart in the next section production from these tight reservoirs has increased Continue Reading