Articles by: Oil & Gas 360

Source: Haynes & Boone

Replay: Weekly Energy Tracker Call (3/31/20)

Oil and Gas 360


Replay: Weekly Energy Tracker Call (3/31/20)

 

Haynes and Boone, AEGIS and EnerCom welcome you to a weekly series of webex meetings to discuss business and legal issues erupting in the oil and gas world, including …

Source: Reuters

Benchmark Brent’s record $10 discount gives oil market reality check

Reuters


LONDON – U.S. President Donald Trump’s confidence he can get a deal to limit a global oil glut has driven world crude futures higher.

But he cannot talk up the underlying physical market that shows the full extent of …

Source: CNBC

Saudi Arabia’s big oil gamble will hurt the kingdom — but it’ll likely pay off

CNBC


April is going to be a hellish month for the oil industry.

Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi …

Crashing oil prices and equity market volatility grind energy deals to a halt at less than $1B in M&A, total Q1 upstream deal value falls to historic low

Crashing oil prices and equity market volatility grind energy deals to a halt at less than $1B in M&A, total Q1 upstream deal value falls to historic low

 

ENVERUS


Austin, Texas (April 2, 2020) – Enverus, the leading oil & gas SaaS and data analytics company, has released its Q1 summary of M&A activity, which revealed a substantial collapse as oil prices plunged to 18-year lows. Only …

Source: Reuters

Shale-well frackers grind to a halt as oil prices collapse

Reuters


DENVER  – Once the fastest growing – and most controversial – oilfield services in the U.S. shale boom, fracking is getting hammered as oil prices near a two-decade low and producers stop completing new wells.

Fracking companies, which pump …

Source: CNBC

Trump tells CNBC he spoke to Putin, MBS and expects Saudis, Russia to announce 10 million barrel cut

CNBC


President Donald Trump expects Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed Bin Salman to announce a deal on a production cut, the president said to CNBC.

The president is expecting a cut of 10 million …

Source: Reuters

Whiting Petroleum is just the ‘first domino’ to fall in US shale wipeout, strategist says

CNBC


Wednesday’s Chapter 11 bankruptcy filing for Colorado-based Whiting Petroleum is a grim omen of things to come, experts say, as oil prices face historic collapse amid the coronavirus crisis and the Saudi-Russia oil price war.

The company is the …

Weekly Gas Storage: Inventories decrease by  19 Bcf

Weekly Gas Storage: Inventories decrease by 19 Bcf

Natural Gas Inventories as of March 27, 2020

The EIA has released its natural gas inventory report, showing a net decrease of 19 Bcf as of March 27, 2020.

Working gas in storage was 1,986 Bcf as of Friday, March …

Source: Haynes & Boone

Replay: Weekly Energy Tracker Call (3/31/20)

Oil and Gas 360


Replay: Weekly Energy Tracker Call (3/31/20)

Haynes and Boone, AEGIS and EnerCom welcome you to a weekly series of webex meetings to discuss business and legal issues erupting in the oil and gas world, including bankruptcy …

Source: Reuters

Saudi Arabia and Russia signal readiness to cooperate on oil

Reuters


DUBAI/MOSCOW  – Saudi Arabia and Russia signalled on Thursday they were ready to cooperate to help stabilise the oil market after calls with U.S. President Donald Trump to discuss the slump in prices triggered by the end of a …

Source: CNBC

GOP senator calls on Saudis to end its oil price war, says ‘Americans died’ protecting the kingdom

CNBC


America’s strategic relationship with Saudi Arabia may permanently change if Riyadh does not end its latest oil price war, Sen. Dan Sullivan told CNBC on Wednesday.

“The Saudis have really brought in a supply shock at exactly the wrong

Source: Reuters

Oilfield spending to fall 21% as producers slash outlays: report

Reuters


Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and …

Source: CNBC

Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn

CNBC


Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world’s most powerful crude producers start to ramp up their output.

The coronavirus pandemic …

Source: CNBC

5 charts that explain the Saudi Arabia-Russia oil price war so far

CNBC


Two of the world’s largest oil producers — Saudi Arabia and Russia — are set to increase production dramatically this month, after an agreement between OPEC and its allies to lower output expired at the end of March.

OPEC+

Source: Reuters

Russia, U.S. hold energy talks, as Trump complains about oil cheaper than water

Reuters


WASHINGTON/MOSCOW (Reuters) – U.S and Russian energy officials held rare talks about oil after crude prices crashed to levels last seen about two decades ago, while President Donald Trump said oil that was cheaper “than water” was hurting the …

April 1, 2020 - 11:30 am Closing Bell Story‎, Commodity Pricing
Source: Reuters

Oil falls towards $25 as oversupply fears mount with U.S. inventory rise

Reuters


LONDON – Oil fell towards $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns.

Pledges of …

Whiting Petroleum Corporation reaches agreement in principle with certain of its noteholders to pursue consensual financial restructuring

Whiting Petroleum Corporation reaches agreement in principle with certain of its noteholders to pursue consensual financial restructuring

Whiting Petroleum


Commences Chapter 11 Reorganizational Process to Right-Size Capital Structure

DENVER–(BUSINESS WIRE)–Apr. 1, 2020– Whiting Petroleum Corporation (NYSE: WLL) and certain subsidiaries (collectively, “Whiting” or the “Company”) today announced that they had commenced voluntary Chapter 11 cases …

John Fox, Founder, former Chairman and CEO of MarkWest Energy Partners, issues open letter to the board of directors of Marathon Petroleum Corporation supporting recent decisions and the appointment of Michael Hennigan as CEO

John Fox, Founder, former Chairman and CEO of MarkWest Energy Partners, issues open letter to the board of directors of Marathon Petroleum Corporation supporting recent decisions and the appointment of Michael Hennigan as CEO

PR Newswire


DENVERMarch 30, 2020 /PRNewswire/ — John M. Fox, beneficial owner of 1,427,826 common units of MPLX LP and 62,583 shares of Marathon Petroleum Company, today released the following open letter to the board of directors of …

March 31, 2020 - 3:00 pm Closing Bell Story‎, Energy News, People
Source:Reuters

U.S.-Saudi oil alliance idea born at White House, put on back burner for now

Reuters


WASHINGTON  – Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said …

Source: Reuters

Oil retreats from session highs, one day after sinking to 18-year lows

CNBC


Oil prices rose on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilizing energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.

U.S.

Source: Reuters

TC Energy to start work on Keystone XL pipeline after Alberta commits $1.1 billion

Reuters


TC Energy Corp said on Tuesday it would proceed with the construction of the long-delayed $8 billion Keystone XL pipeline project after securing a $1.1 billion equity investment from the Alberta government, extending a lifeline to Canada’s oil sands …

March 31, 2020 - 12:30 pm Canada News, Crude Oil News, Energy News, Pipeline News
Source: Houston Chronicle

Parsley, Pioneer ask state regulators for emergency meeting on production cuts

Houston Chronicle


Parsley Energy and Pioneer Natural Resources, two of the most active oil companies in Texas, on Monday asked the Railroad Commission to hold an emergency meeting and order production cuts at a time when record low crude prices …

Source: CNBC

Goldman on how the ‘largest economic shock of our lifetimes’ will permanently alter energy markets

CNBC


The coronavirus pandemic will likely be a “game-changer” for energy markets, according to analysts at Goldman Sachs, with carbon-based industries such as oil thought to be sitting “in the cross-hairs.”

A global health crisis has meant countries around …

Source: Reuters

Column: Hedge funds trim short oil positions as prices hit crisis point

Reuters


LONDON – Hedge funds began trimming short positions in petroleum last week as crude oil prices fell to crisis levels for some producers and refiners and traders started to anticipate shutdowns at oilfields and refineries.

Extreme high and low …

Source:
CNBC

Ted Cruz, other senators, warn Saudis to stop using oil in ‘economic warfare’ against the US

CNBC


Sen. Ted Cruz told CNBC on Monday he and eight other GOP senators recently ripped into the Saudi ambassador in a conference call over the oil price war with Russia that has threatened to put American producers out of …

Source: Houston Chronicle

Pipeline operators ask oil companies to stop production as storage fills up

Houston Chronicle


A new problem attributed to the coronavirus pandemic is slowly brewing out in the oil patch.

Pipeline operators with full storage tanks are asking some Texas oil companies to stop production as the ongoing price war between Russia …

Source: Reuters

Trump to speak with Putin, criticizes Russian-Saudi oil price war as ‘crazy’

Reuters


WASHINGTON – President Donald Trump said on Monday he planned to speak with Russian President Vladimir Putin and said Saudi Arabia and Russia “both went crazy” in their oil-price war, a battle begun just as the spread of the …

Source: Houston Chronicle

Energy Transfer to proceed with Lake Charles LNG alone after Shell exits project

Houston Chronicle


Dallas pipeline operator Energy Transfer will proceed with the proposed Lake Charles LNG export terminal alone after European oil major Shell has decided to exit the multibillion project.

Shell announced Monday that company will continue to support Energy …

March 30, 2020 - 10:30 am Closing Bell Story‎, Energy News, LNG
Source: Reuters

U.S. crude dips below $20 as lockdowns wipe out demand

Reuters


LONDON – Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could …

Exxon May Crush Bailout Hopes for Suffering Fracking Companies

Exxon May Crush Bailout Hopes for Suffering Fracking Companies

DESMOG

Oil & Gas 360 Publishers Note: Justin Mikulka has written an outstanding opinion piece of current issues surrounding the oil companies dire straights. The key takeaway:" “What happens?” Sheffield said. “As you know there's about 74 public independents, there’s