One Last Warning For The U.S. Shale Patch
Oil price lost 44% of its value late last year. That price collapse was a signal to tight oil companies to stop over-producing. The message will be repeated until action Continue Reading
Oilfield Services Might Not Fully Recover Till 2025
The global oilfield service sector’s recovery from the deepest trough it has ever encountered is not going to happen overnight. Not until 2025, 11 years after the last peak, are Continue Reading
Oil majors rush to dominate U.S. shale as independents scale back
In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles. Continue Reading
Chief aims for Occidental Petroleum to be ‘carbon neutral’
In the Permian Basin of Texas and New Mexico, the racing heart of the US shale oil boom, there is generally not too much soul-searching about the implications for the Continue Reading
Drilling Productivity Report
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
Equinor May be Mulling Eagle Ford Sale
Norway’s biggest oil company has held talks with potential suitors for its stake in the Eagle Ford business. (Bloomberg) — Equinor ASA is considering selling all or some of its Continue Reading
Permian Frac Scene Could Get Busier Soon
The oilfield services sector in the Permian Basin could be getting action-packed. Hydraulic fracturing operations appear to be ramping up in the Permian Basin, suggesting that the region’s oilfield services Continue Reading
Wastewater – private equity’s new black gold in U.S. shale
Mike Christensen strides among rows of gleaming steel tanks, pointing to pipelines that arrive from miles around to this corner of former farmland near Midland, Texas, the heart of the Continue Reading
Oil Prices Shrug As Rig Count Continues To Fall
The the number of active oil and gas rigs in the U.S. fell once again this week according to Baker Hughes, as oil production fell for the first week this Continue Reading
IEA Warns Of Looming Oil Market Deficit
Production outages and Iran and Venezuela will tip the global oil market into a shortage during the second quarter, the International Energy Agency said in the new edition of its Continue Reading
Is shale in late innings as Big Oil comes to bat?
The long-term viability of the U.S. shale boom is uncertain, but the world’s biggest oil companies are making big bets on its success as smaller firms struggle with debt and Continue Reading
U.S. oil rig count falls to lowest since April 2018: Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting Continue Reading
US Has Fourth Straight Week of Rig Count Declines
The U.S. dropped one oil rig this week. The U.S. rig count declined, albeit slightly, this week according to weekly data from Baker Hughes, a GE Company. The nation’s oil Continue Reading
Is shale in late innings as Big Oil comes to bat?
The long-term viability of the U.S. shale boom is uncertain, but the world’s biggest oil companies are making big bets on its success as smaller firms struggle with debt and Continue Reading
North Dakota’s production averages 1.402 million b/d in January, slightly off all-time high
North Dakota’s production for January averaged 1,402,402 b/d of oil, slightly missing the state’s record high set in December, the North Dakota Industrial Commission’s Department of Mineral Resources said Friday. Continue Reading
Exxon Plans for $15 per Barrel Permian Costs
Exxon plans to reduce the cost of pumping Permian oil to about $15 a barrel, a level only seen Middle East oil fields. (Bloomberg) — Exxon Mobil Corp. plans to Continue Reading
OPEC Threatens To Kill U.S. Shale
The Organization of Petroleum Exporting Countries will once again become a nemesis for U.S. shale if the U.S. Congress passes a bill dubbed NOPEC, or No Oil Producing and Exporting Continue Reading
US Slashes Oil Production Forecast
The U.S. government cut its oil production forecast for the first time in six months as drillers scale back in smaller shale plays and the U.S. Gulf of Mexico. While Continue Reading
The EIA Cuts U.S. Oil Output Projections
U.S. crude oil production will continue to set records, but the pace of growth could be slower than what was thought just a month ago, according to the EIA’s latest Continue Reading
Oil Prices To Skyrocket If U.S. Shale Stalls
A collapse of production in Venezuela, aggressive production curtailments from OPEC+, relatively strong demand and an economy humming along – and oil prices are still sharply below the highs seen Continue Reading
Short-Term Energy Outlook
Global liquid fuels Brent crude oil spot prices averaged $64 per barrel (b) in February, up $5/b from January 2019 and about $1/b lower than at the same time last Continue Reading
Marathon Oil Opts for Overlooked Acreage Outside of Permian
The explorer is opting to snap up cheap acreage in overlooked areas like the Louisiana Austin Chalk. (Bloomberg) — Marathon Oil Corp. is mirroring private equity as it looks for Continue Reading
U.S. Supermajors Could Form A New Oil Cartel
The ambitious shale growth plans of the U.S. supermajors could in the future allow them to control so much of U.S. shale oil production that they could also control the Continue Reading
IEA sees U.S. leading global oil supply growth to 2024
The United States will drive global oil supply growth over the next five years, adding another 4 million barrels per day to the country’s already booming output, the International Energy Continue Reading
U.S. oil output could be less volatile as majors boost shale share: IEA
U.S. oil production could become less responsive to crude prices as major oil companies expand operations in the nation’s shale fields, now dominated by smaller producers, International Energy Agency officials Continue Reading
Analysts: Permian Oil Output Set To Double By 2023
Less than a year ago, IHS Markit predicted that “stunning” growth in the Permian would result in the basin doubling its oil production to 5.4 million bpd between 2017 and Continue Reading
Second Wave of U.S. Shale Revolution Is Coming, Says IEA
The U.S. is on track to become a net petroleum exporter by 2021 and will soon after surpassing Russia and rival Saudi Arabia, currently the world’s largest oil exporter, the Continue Reading
CERAWEEK: Growing role of oil majors in shale to blunt impact of price volatility: IEA
US shale oil growth has almost entirely been driven by smaller, independent producers, but major oil companies are accounting for a growing percentage of shale output, a trend the International Continue Reading
Shell on the Prowl for Permian Deals
Royal Dutch Shell Plc is on the hunt for deals to bulk up its position in the Permian Basin, where it lags rivals Exxon Mobil Corp. and Chevron Corp. “We Continue Reading
Uber, Lyft and oil frackers: Tech mirages, not real businesses
Ultimately, businesses must make money for their investors or those businesses are shut down. It’s true that some businesses “make” money by laundering it for people engaged in criminal enterprises. Continue Reading
U.S. Oil Production Is Headed For A Quick Decline
The most recent forecasts published by the US Energy Information Administration show US oil production increasing steadily. The February Short-Term Energy Outlook sees the output from US wells rising from Continue Reading
IEA: U.S. Shale To Seize Market Share In Next Decade
The U.S. shale industry has been responsible for a tidal wave of oil production in recent years, and shale will increasingly dominate the oil market over the next half-decade at Continue Reading
IEA: US to drive global oil supply growth; no peak oil demand in sight
Global oil markets are going through a period of extraordinary change, according to the International Energy Agency’s annual oil market forecast, Oil 2019.The US will drive global oil supply growth Continue Reading
CERAWeek: IEA forecasts surging Permian output to lead US over Russia in oil exports
Fueled by rapid growth in the Permian, US oil production will climb by more than 2.76 million b/d to 13.72 million b/d by 2024 as the US is forecast to Continue Reading
CERAWeek: Spotlight on sanctions, OPEC oil cuts, record US output, and investment in Houston
The global oil market will be watching Houston this week for signals out of the CERAWeek by IHS Markit conference on the path forward on US sanctions on PDVSA, the Continue Reading
Permian Refinery to Apply Lessons from Bakken Project
Meridian Energy Group, Inc., which is building a greenfield refinery in North Dakota to process Bakken crude, reported recently that it will build a similar facility in the Permian Basin. Continue Reading
U.S. oil drillers cut rigs for third week in a row: Baker Hughes
U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months as independent producers follow Continue Reading
US Drops 11 Oil and Gas Rigs
The U.S. scrapped a total of 11 oil and gas rigs this week, according to Baker Hughes, a GE Company. The U.S. scrapped a total of 11 oil and gas Continue Reading
Exxon and Chevron place long-term bet on Permian shale boom
The big oil companies turned up late to the Permian party, but they are making up for lost time. ExxonMobil and Chevron, the two largest US oil groups, this week Continue Reading
US rig count falls 25 on week to 1,085: S&P Global Platts Analytics
Highlights Oil rig count drops by 11 to 856, led by six rig decline in Permian Basin Gas rig count increases by one to 225 New York — The combined Continue Reading
ExxonMobil ups production outlook on Permian, Guyana growth
Highlights Sees 2019 production of 4 million boe/d Permian to account for 40% of growth to 2025 Stabroek reserves estimate now 5.5 billion boe New York — Receive daily email Continue Reading
Permian Still Booming Despite Hurdles
The Permian’s oil pipeline network is expected to grow 60-70 percent in the next five years. The Permian Basin is the energy-producing juggernaut behind the U.S. shale revolution. This vast Continue Reading
Exxon Mobil CEO sets plan to boost spending; shares slide
Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said on Wednesday, and the largest U.S. oil company’s shares fell after he laid out a Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the week ending March 1, 2019 U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending March 1, 2019, Continue Reading
Exxon’s Billions Could Spawn a Permian Monster
Exxon Mobil Corp. took four hours on Wednesday morning to tell investors: “Hold on a bit, we got this.” But investors aren’t in a patient mood with high-spending oil and Continue Reading
The Next Major Flashpoint For U.S. Shale
Colorado is overhauling the laws governing how the oil and gas industry operates in the state. The legislation seeks to put more protections on public health, safety and the environment Continue Reading
Permian Still Booming Despite Hurdles
The Permian’s oil pipeline network is expected to grow 60-70 percent in the next five years. The Permian Basin is the energy-producing juggernaut behind the U.S. shale revolution. This vast Continue Reading
Exxon and Chevron plan for Permian shale boom
ExxonMobil and Chevron have sharply lifted their expectations for production in the Permian Basin, the heartland of the US shale boom, in the first half of the 2020S. In a presentation Continue Reading
Chevron, Exxon Mobil Tighten Their Grip on Fracking
Chevron Corp. and Exxon Mobil Corp. plan to significantly ramp up production in the oil field at the heart of the American fracking boom, the latest sign that the next Continue Reading
Exxon raises output target for top U.S. shale field to 1 million barrels per day by 2024
Exxon Mobil Corp on Tuesday estimated production at its top U.S. shale field would rise to 1 million barrels of oil and gas per day as early as 2024 – Continue Reading