U.S. crude oil production rose 241,000 barrels per day (bpd), or 2.1 percent, in March to 11.905 million bpd, just below its record high, the Energy Information Administration (EIA) said Continue Reading
The the number of active oil and gas rigs rose slightly in the United States this week according to Baker Hughes, after a string of losses in the weeks prior, Continue Reading
A proposed pipeline expansion connecting Natural Gas Pipeline Company of America’s existing system to the Waha Hub in the Permian Basin of West Texas cleared a key regulatory hurdle Friday Continue Reading
The U.S. added three oil rigs and lost two gas rigs for a net gain of one rig this week. Following three consecutive weeks of declines, the U.S. added three Continue Reading
Marathon Oil Corporation (NYSE: MRO) has completed its divestiture of its Kurdistan assets on Friday, according to company press release , as it seeks to divest nearly all its oil Continue Reading
Occidental Petroleum Corp’s activist investor Carl Icahn has filed a lawsuit against the company over what it called its “misguided” pact to buy Anadarko Petroleum Corp, and may seek a Continue Reading
Oil-directed rigs fall by seven to 849 Gas rigs fall by two to 210 Permian production climbing Houston — US oil and natural gas rigs fell by 13 to 1,061 Continue Reading
Chevron sold off much of its assets in the North Sea, no longer viewing the region as a high priority. Ithaca Energy, backed by Israel-based Delek, agreed to buy Chevron Continue Reading
Major flooding in the Midwest has interfered with crude oil flows from the country’s main storage hub in Cushing, Oklahoma, temporarily pushing prices higher, Reuters reports. “Flooding seems to have impacted distribution Continue Reading
Nine in ten US shale oil companies are burning cash, according to Rystad Energy. Rystad has studied the financial performance of 40 dedicated US shale oil companies, focusing on cash Continue Reading
About nine in 10 U.S. shale companies are tremendously overspending, according to new analysis by Rystad Energy. Just about 10 percent of U.S. shale companies had a positive cash flow Continue Reading
Despite the hype of lower breakeven prices , and despite the hype around longer laterals, energy digitalization, and other technological breakthroughs, most shale companies are still not profitable. In fact, Continue Reading
Occidental Petroleum snatched up some of the richest shale oilfields in Texas when it beat out rival Chevron Corp in a bidding war to acquire Anadarko Petroleum. It also quadrupled Continue Reading
North Dakota oil drillers are falling far short of the state’s goals to limit the burning of excess natural gas at wellheads, five years after the state adopted the rules Continue Reading
Texas oil and gas operators are proving they can produce more crude with fewer resources, according to the Texas Petro Index. Texas crude oil production continues to break records in Continue Reading
Schlumberger had its debt rating lowered by S&P Global Inc. (Bloomberg) — Schlumberger Ltd. had its debt rating lowered by S&P Global Inc. as belt-tightening in the U.S. shale patch Continue Reading
Independent shale drillers in the US are facing pressure to either expand or be acquired, Robert Kaplan, president of the Federal Reserve Bank of Dallas, has said. Despite the classic “wildcatting” Continue Reading
Schlumberger saw its debt rating downgraded by S&P due to the unfolding slowdown in drilling by U.S. shale companies. The largest oilfield service company in the world has seen its Continue Reading
Introduction The collapse of deepwater drilling in the Gulf of Mexico, (GoM) beginning in 2014, with no real recovery yet in sight, has spread a lot of misery around the Continue Reading
(Reuters) – U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as weaker oil prices encourage drillers to follow through Continue Reading
The U.S. dropped five oil rigs and gained one gas rig for a net loss of four rigs this week. The U.S. dropped oil rigs for the third week in Continue Reading
Senior economist for the Dallas Fed shares how oil and gas companies can spend less money, keep the rig count flat and grow production. How can oil and gas companies Continue Reading
Sunset in the Permian Basin, the world’s #1 producing oilfield and the big prize in the Occidental/Anadarko deal. Getty I’ve long been a believer that there’s always opportunity in the Continue Reading
Wood Mackenzie outlines the next most likely takeover targets in the Permian right now. The next most likely takeover target in the Permian right now is Endeavor Energy Resources, according Continue Reading
US crude inventories climbed 4.74 million barrels last week to 476.78 million barrels, with higher production and lower refinery runs helping to offset a decline in imports, US Energy Information Continue Reading
U.S. crude oil inventories rose unexpectedly last week, hitting their highest levels since July 2017, due to weak refinery output, particularly in the Midwest, the Energy Information Administration said on Continue Reading
Summary of Weekly Petroleum Data for the week ending May 17, 2019 U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending May 17, 2019, Continue Reading
Natural gas prices at the Waha hub in West Texas are negative again this week, for the first time since plunging to an all-time low of minus $4.28 per million Continue Reading
A subsidiary of Occidental and Canadian clean energy company Carbon Engineering are teaming up to build the world’s biggest Direct Air Capture (DAC) and sequestration facility in the Permian that Continue Reading
This year’s top-performing U.S. oil producer doesn’t have any operations in the world’s fastest-growing shale play. (Bloomberg) — This year’s top-performing U.S. oil producer doesn’t have any operations in the Continue Reading
The breakeven cost of producing oil from U.S. shale is roughly the same as non-shale, despite the tidal wave of investment into the sector. According to the Federal Reserve Bank Continue Reading
The US Energy Information Administration publishes Tight Oil Production Estimates by Play each month (can be found at link above.) I noticed this month that the estimates seemed different than Continue Reading
The overwhelming majority of U.S. shale companies were hit hard due to lower oil prices in the first quarter of the year. Just about every shale company that I keep Continue Reading
Rattler Midstream Partners LP raised $665 million in the biggest energy initial public offering of the year, pricing an increased number of shares in the middle of its targeted range. Continue Reading
US shale operators are on course to increase oil production significantly in 2019. The growth in US onshore production from the first quarter through the fourth quarter could come in Continue Reading
Not everyone in the shale patch is profiting from the higher oil prices this year, the continuously rising oil production in the Permian, and the record U.S. crude output. While Continue Reading
Occidental Petroleum, (NYSE: OXY), lit up the Permian sky, with its mid-April announcement that it was going to call and raise Chevron’s (NYSE:CVX) bid for Anadarko Petroleum, (NYSE: APC). Almost Continue Reading
The the number of active oil and gas rigs fell again in the United States this week according to Baker Hughes, after a string of losses in the weeks prior, Continue Reading
ExxonMobil Corp.’s development of its Permian resources could yield $64B for the state of New Mexico, according to a study conducted for the company. ExxonMobil Corp.’s development of its Permian Continue Reading
The U.S. dropped three oil rigs and added two gas rigs for a net loss of one rig this week. The U.S. dropped three oil rigs and added two gas Continue Reading
Exports of the Permian Basin’s newest kind of oil are set to jump as production surges, exceeding the appetite of U.S. refiners. Sales of the new grade, known as West Continue Reading
Houston — The US oil and natural gas rig count fell by six to 1,065 week on week Thursday, continuing a steady decrease that has been a trend for the Continue Reading
San Antonio, TX-based Howard Energy has completed several midstream infrastructure projects in the Permian Basin’s Delaware Basin. Howard Energy Partners (HEP) has completed construction on its crude oil and natural Continue Reading
When Vicki Hollub stood up to speak at Occidental Petroleum’s annual meeting last Friday, she knew she was facing a skeptical audience. After three years as chief executive, she had Continue Reading
Exports of the Permian Basin’s newest kind of oil are set to jump as production surges, exceeding the appetite of U.S. refiners. Sales of the new grade, known as West Continue Reading
U.S. crude oil stockpiles rose unexpectedly last week, climbing to their highest since 2017 amid a release from the national emergency reserve, while gasoline inventories decreased more than forecast, the Continue Reading
North Dakota oil production in March totaled 1.39 million b/d, up 4% from February but still below the all-time high earlier in the year, the state’s Department of Mineral Resources Continue Reading
Schlumberger is divesting non-core drilling assets to Wellbore Integrity Solutions for $400 million. Schlumberger is selling its businesses and associated assets of DRILCO, Thomas Tools and Fishing & Remedial services Continue Reading
The world will require very little extra oil from OPEC this year as booming U.S. output will offset falling exports from Iran and Venezuela, the International Energy Agency said on Continue Reading
ConocoPhillips Chief Executive Officer Ryan Lance on Tuesday repeated a pledge to restrain spending, saying the U.S. oil producer would not be drawn into pricey mergers and acquisitions. ConocoPhillips plans Continue Reading
