Current estimates by the U.S. Energy Information Administration (EIA) show that U.S. crude oil production growth in 2019 should basically offset the new production cut that OPEC and partners agreed Continue Reading
Record-breaking North Dakota oil production is expected to level off early next year, but the output peak could still be years away, state regulators and analysts said. Receive daily email Continue Reading
We’re getting into the zone where US shale producers stop making money. We’re getting into the zone where U.S. shale producers stop making money, John Kilduff, founding partner of Again Continue Reading
Even before the latest oil price plunge that sent WTI Crude prices to below $50 a barrel, analysts had expected the explosive growth in the U.S. shale patch to cool Continue Reading
We’re getting into the zone where US shale producers stop making money. We’re getting into the zone where U.S. shale producers stop making money, John Kilduff, founding partner of Again Continue Reading
U.S. oil production will continue to grow at a rapid pace until 2025, while Venezuela’s crude output is set for further declines, Fatih Birol, the Executive Director of the International Continue Reading
Can the U.S. shale boom continue if WTI stays mired below $50 per barrel? Much has been made about the dramatic cost reductions that shale drillers have implemented over the Continue Reading
Surging U.S. crude oil production will offset OPEC’s output cuts aimed at rebalancing the market as soon as the end of next year – undercutting the group’s efforts as shale Continue Reading
The U.S.’s biggest oil field may be about to pump the brakes if crude keeps plunging. Just 10 weeks ago, the Permian Basin was on course to grow almost 1 Continue Reading
The plunge in U.S. oil prices has wells in some parts of the Permian Basin below break-even levels, threatening to put the brakes on the record flow from the prolific Continue Reading
US shale oil production is expected to rise 134,000 b/d month on month in January to 8.166 million b/d, the US Energy Information Administration said Monday. January’s expected growth is 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
The OPEC+ cuts still are not doing very much to boost oil prices, dashing hopes for many U.S. shale producers. With companies in the process of formulating their budgets for Continue Reading
Exxon Mobil Corp. has overtaken rivals to become the most active driller in the Permian Basin. (Bloomberg) — Exxon Mobil Corp. has overtaken rivals to become the most active driller Continue Reading
U.S. energy firms cut oil rigs for a second week in a row this week, prolonging a move by drillers over the past month to reduce the number of active Continue Reading
North Dakota’s oil output averaged over 1.39 million b/d in October, up nearly 32,600 b/d from September and another monthly production record, the North Dakota Pipeline Authority reported Friday. The Continue Reading
Occidental Petroleum Corp. will look for ways to cut costs other than dropping rigs, in response to the recent slump in oil prices, according to Chief Executive Officer Vicki Hollub. Continue Reading
US drillers cut four rigs this week. For the second week in a row, the U.S. dropped oil rigs, according to weekly data compiled by Baker Hughes, a GE Company. Continue Reading
Pumpjacks taken out of production temporarily stand idle at a Hess site while new wells are fracked near Williston, North Dakota November 12, 2014. REUTERS/Andrew Cullen/File Photo HOUSTON (Reuters) – Continue Reading
US propane inventories showed the largest draw of the season so far as total demand rose to 2.6 million barrels in the week ended December 7, Energy Information Administration data Continue Reading
Big oil is investing more in U.S. shale, not less, after the recent tumble in crude prices. (Bloomberg) — Big Oil is investing more in U.S. shale, not less, after Continue Reading
It’s the time of the year when oil companies start announcing their budgets for next year and besides a steady albeit guarded optimism, one thing stands out: oil majors are Continue Reading
Layoffs are on the horizon for hundreds of oil and gas workers in Texas. A few hundred oil and gas workers will find themselves without jobs near the start of Continue Reading
This week the United States Geological Survey (USGS) announced a groundbreaking oil and gas discovery in West Texas’ Permian Basin. According to the organization’s recent press release , a whopping Continue Reading
Saudi Arabia’s energy minister Khalid Al-Falih said Friday that US oil and natural gas producers were “breathing a sigh of relief” over the planned production cut announced Friday, but analysts Continue Reading
Chevron Corp. raised its spending budget for the first time since 2014 even as crude prices plummet, doubling down on U.S. shale. The world’s third-largest oil producer by market value will Continue Reading
(Reuters) – U.S. drillers this week cut oil rigs by the most in over two year even as record production has turned the United States into a net oil exporter Continue Reading
Baker Hughes reported a 1-rig decrease for oil and gas in the United States this week—a loss in rigs for the second week in a row, with a 10-rig decrease Continue Reading
For the first time in four years, Chevron will spend more in 2019 than in the current year, with total spending at US$20 billion, the company said in a statement Continue Reading
US drillers cut 10 rigs this week. The U.S. dropped 10 oil rigs this week, according to weekly data compiled by Baker Hughes, a GE Company (BHGE). This week’s drop Continue Reading
Chevron raises its spending budget for the first time since 2014. (Bloomberg) — Chevron Corp. raised its spending budget for the first time since 2014 even as crude prices plummet, Continue Reading
U.S. shale producers cheered OPEC’s decision to trim output, a move that sent crude prices higher on Friday, closing at levels that oil executives said would keep their profits flowing. Continue Reading
U.S. drillers this week cut oil rigs by the most in over two year even as record production has turned the United States into a net oil exporter for the Continue Reading
The U.S. Geological Survey has revised the technically recoverable reserves in the Wolfcamp Basin, in the Permian shale play, to 46.3 billion barrels of crude and 281 trillion cu ft Continue Reading
While U.S. President Donald Trump continues to call on OPEC to keep oil prices low, because “The World does not want to see, or need, higher oil prices!”, one corner Continue Reading
New federal study estimates undiscovered, technically recoverable resources in Wolfcamp shale and Bone Spring Formation in Permian’s Delaware Basin. The Wolfcamp shale and overlying Bone Spring Formation in the Delaware Continue Reading
The recent nosedive in crude oil prices came just as shale producers had started delivering healthy returns after years of heavy spending to boost production and market share. The shift Continue Reading
Every once in a while, a new technological development shakes up a conservative sector. In the oil and gas industry, the shale revolution has changed the business in multiple ways. Continue Reading
The explosive production growth in the U.S. shale patch has surprised even the most optimistic forecasters, but the huge jumps in output belies and obscures the financial state of the Continue Reading
Schlumberger, the world’s largest oilfield services provider, warned on Tuesday that its fourth-quarter North America revenues will likely decline 15 percent sequentially on steeper-than-expected price declines in hydraulic fracturing. The Continue Reading
U.S. oil prices traded below $50 last week and closed Monday at $52.95. What Does ‘Break-Even’ Mean? Most fracking operations need an oil price above $50 a barrel for robust Continue Reading
The North American fracking market — already expected to be a downer for the holidays — is turning out to be even worse than expected, according to the world’s biggest Continue Reading
Just as the U.S. shale patch is drafting spending budgets for 2019, oil prices have tumbled 25 percent from four-year highs in early October to just above $50 a barrel Continue Reading
U.S. energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth consecutive month, even though oil prices this week Continue Reading
Baker Hughes reported a 3-rig decrease for oil and gas in the United States this week. The total number of active oil and gas drilling rigs now stands at 1,076 Continue Reading
The U.S. added two oil rigs this week, bringing the total number to 887, according to weekly data compiled by Baker Hughes, a GE Company. This week’s count makes three Continue Reading
Jupiter Energy Group has launched its 90-day open season for binding shipper commitments on the Jupiter Pipeline Jupiter Energy Group has launched its 90-day open season for binding shipper commitments Continue Reading
To the east, the Gulf of Mexico stretches out, blue-green and sparkling. To the west and north, flounder and trout meander in a chain of bays. People flock here to Continue Reading
Prices below $60/b are hurting US shale producers and potentially strengthening OPEC’s hand to introduce tighter quotas and output cuts when the group and its allies meet next week, according Continue Reading
The US rig count dropped by 25 on the week to 1,183 for the period ended November 28, posting small reductions in most of the eight large domestic oil and Continue Reading
