Crude Oil News

Source: Houston Chronicle

Apache makes deeper cuts while its Permian Basin rig count goes to zero

Houston Chronicle


Houston oil company Apache Corp. is making deeper budget cuts while its Permian Basin rig count has declined to zero.

Apache reported Friday that the company has cut $1.3 billion from this year’s capital spending budget, reducing the …

Source: Reuters

Falling Latam demand deprives U.S. refiners of top customers

Reuters


MEXICO CITY/NEW YORK  – Latin American demand for refined products is rapidly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their main export destination.

The crisis has nearly shut down worldwide air travel and fuel demand, …

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

CNBC


Oil & Gas 360 Editor’s Note: Excellent CNBC Fast Money Interview with Scott Sheffield, CEO, Pioneer Natural Resources. Scott talks about several key points:

  • He has asked President Trump to get involved with the price war between Russia and
Source: Houston Chronicle

The oil glut is filling up the world’s supertankers fast

Houston Chronicle


The world’s oil tankers are being filled with crude at a record pace as the options to store a glut on land rapidly diminish, one of the industry’s largest owners said.

A combination of surging production from key …

Column: Global oil storage to fill rapidly as consumption plunges – Kemp

Column: Global oil storage to fill rapidly as consumption plunges – Kemp

Reuters


LONDON  – Global oil storage is filling up rapidly as the coronavirus pandemic reduces consumption by tens of millions of barrels per day (bpd) while leading oil producers have yet to rein in their crude output.

No comprehensive data …

Source: Houston Chronicle

Oil pain spreads beyond Permian to small towns across America

Houston Chronicle


The oil market turmoil sparked by Saudi Arabia and Russia is threatening U.S. jobs even in Cut Bank, Montana, and Magnolia, Arkansas — relatively obscure communities in the world of energy.

In such places, mom-and-pop outfits run so-called …

U.S. rig count decreased by 44 this week, at 728

U.S. rig count decreased by 44 this week, at 728

This week’s Baker Hughes rig count shows that U.S. had a decrease of 44 over last week, resulting in a total count of 728 rigs. Canada had a decrease of 44 over last week, resulting in a total Canadian count …

Source: Reuters

Calls mount for new OPEC+ deal as oil prices and demand slide

Reuters


MOSCOW/DUBAI/LONDON  – Oil producers need to resume cooperation in an effort to stabilize the global market, Russian and OPEC officials said, as the industry reels from a demand and price collapse caused by the coronavirus pandemic and an emerging …

Centennial resource development announces leadership changes

Centennial resource development announces leadership changes

Centennial Resource Development


DENVER, March 27, 2020 (GLOBE NEWSWIRE) — Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced it is implementing its previously announced leadership transition plan in light of the fact that Mark G. Papa …

The 360 Digital Closing Bell Week Lookback – 3/27/2020

The 360 Digital Closing Bell Week Lookback – 3/27/2020

The 360 Digital Bell Week Lookback Report. Michael Tanner, the Host of the closing bell, Covers what happened during this week; the good the bad and the homely. 

Some of the key takeaways this week: 

  • 10 Million reduction in demand 
Offshore workforce cut by 40% due to Covid-19.

Almost 40% of the North Sea workforce has been cut as operators attempt to wrestle with the growing coronavirus crisis.

EnergyVoice

 


Trevor Stapleton, Oil and Gas UK’s HSE director, said more than 4,000 crew and staff have been stood down over the last few weeks as offshore firms look to move to a skeleton staff. The North Sea averaged …

March 27, 2020 - 6:53 am Crude Oil News, Energy News, International, Offshore
Source: Houston Chronicle

Record 5.0-magnitude earthquake hits near Permian Basin town

Houston Chronicle


A record-setting 5.0-magnitude earthquake hit near the Permian Basin town of Orla, Texas, on Thursday morning.

U.S. Geological Survey officials say the quake occurred at 10:16 a.m. about 16 miles southwest of Orla in a rural area off …

Source: Reuters

Should President Trump take immediate executive action on Russian, Saudi & OPEC oil imports?

Oil & Gas 360


Should President Trump Take Immediate Executive Action on Russian, Saudi & OPEC Oil Imports?

Yes. This is a “Just Do It” moment for President Trump.

On March 17th I co-authored and article with Daniel Turner …

Source: Reuters

Global oil refiners to deepen output cuts as coronavirus destroys demand

Reuters


SINGAPORE/NEW DELHI/SEOUL/HOUSTON – Oil refiners from Texas to Thailand are bracing for deeper output cuts, bruised by an unprecedented demand shock as more countries lock down and restrict travel to contain the spread of the coronavirus.

Global fuel demand …

Source: Houston Chronicle

U.S. Halts Plan to Buy Crude Amid Uncertainty Over Funding

Houston Chronicle


The Trump administration halted plans to start buying oil to top up the nation’s emergency stockpile after failing to win funding from Congress, throwing a wrench in its most tangible efforts to help struggling drillers cope with the …

Source: Houston Chronicle

Drilling rig operators make budget cuts ahead of rig count plummet

Houston Chronicle


Three of the largest drilling rig operators in Texas are making budget cuts and bracing for the worst as a global supply glut of crude oil and falling demand due to the coronavirus pandemic are expected to cause …

March 26, 2020 - 1:30 pm Crude Oil News, Energy News, Oilfield Services
Source: Houston Chronicle

Exclusive: Capital One got CFTC waiver after oil price plunge increased swap exposure – sources

Reuters


WASHINGTON/NEW YORK – U.S. lender Capital One Financial Corp got a waiver from the Commodity Futures Trading Commission (CFTC) after plunging oil prices increased the bank’s derivatives exposure above a key regulatory threshold, according to two sources with knowledge …

Source: Houston Chronicle

Oxy enacts pay cuts amid deeper budget cuts

Houston Chronicle


Houston exploration and production company Occidental Petroleum is enacting across pay cuts after making a second round of budget cuts as crude oil prices remain stuck at record lows.

Occidental plans to cut $2.5 billion from its capital …

Source: Reuters

Shell, other oil companies seek less Saudi crude in April due to weaker demand -sources

Reuters


Several European and Nordic oil refiners are taking less crude from Saudi Arabia in April, industry sources said, suggesting a lack of demand for the extra supplies the country has offered as it seeks to boost market share.

The …

Source: Houston Chronicle

U.S. calls on Saudis to halt plan to unleash record oil supply

Houston Chronicle


The Trump administration is pressing Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia sent crude prices crashing to their lowest levels in almost two decades.

While its status …

Exclusive 360 Energy Expert Network Video Interview: The Port of Corpus Christi seen trouble before, and is open for business.

Exclusive 360 Energy Expert Network Video Interview: The Port of Corpus Christi seen trouble before, and is open for business.

The Port of Corpus Christi in the western Gulf of Mexico is one of key components in the life blood for imports and exports in the United States. They the 2nd in tonnage,  and the largest port in revenue in

Murphy Oil Corporation Announces Temporary Medical Leave of the Chief Executive Officer

Murphy Oil Corporation Announces Temporary Medical Leave of the Chief Executive Officer


EL DORADO, Ark.–(BUSINESS WIRE)–Mar. 25, 2020– Murphy Oil Corporation (NYSE: MUR) today announced that Roger W. Jenkins, President and Chief Executive Officer has, pending test results, a presumptive diagnosis of COVID-19, and has taken a temporary medical
March 26, 2020 - 7:00 am Closing Bell Story‎, Crude Oil News, Energy News, People
Africa Oil’s Annual General and Special Meeting of Shareholders to Be Held on April 21, 2020

Africa Oil’s Annual General and Special Meeting of Shareholders to Be Held on April 21, 2020

VANCOUVERMarch 25, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to announce that its Annual General and Special Meeting of Shareholders will be held on Tuesday, April 21, 2020

Source: Reuters

Oil prices rise on stimulus package, fuel demand sinks

Reuters


NEW YORK  – U.S. crude prices rose slightly on Wednesday, bolstered by progress on a massive pending U.S. economic stimulus package, but government data shows the coronavirus pandemic started to hurt U.S. fuel demand last week.

Demand for oil …

Source: Houston Chronicle

U.S. intervenes in Saudi-Russia oil war with call for restraint

Houston Chronicle


The U.S. made its most direct intervention yet in the oil price war between Saudi Arabia and Russia, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.

Secretary of State …

Source: dallasfed.org

U.S. energy sector cutting spending, jobs amid pandemic: Dallas Fed survey

Reuters


The U.S. energy sector is slashing capital spending and jobs as business activity plunged and the outlook has turned “extremely pessimistic” amid the coronavirus pandemic, a survey by the Dallas Federal Reserve Bank of oil and gas companies showed …

Source: Houston Chronicle

Stocks jump, heading for first back-to-back gain in 6 weeks

Houston Chronicle


NEW YORK (AP) — Stocks are adding to their gains Wednesday as Congress moves closer to passing a $2 trillion package to help the economy deal with damage caused by the coronavirus.

The S&P 500 was up 4.7% …

Source: Reuters

‘Astonishing’: Trump EPA backs down on biofuel waivers in blow to U.S. refiners

Reuters


The Trump administration has decided not to appeal a court ruling that would sharply reduce its use of waivers exempting refineries from the nation’s biofuels regulation, cheering the corn lobby but drawing anger from oil refiners.

The administration had …

March 25, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Regulatory
Source: Houston Chronicle

Fracking giants warn shale crash will be faster this time

Houston Chronicle


Two of the world’s biggest oilfield service companies are warning of a bigger shale crash than the one that hit the U.S. and Canada just five years ago.

While the decline in North American drilling rigs could approach …

Source: Reuters

Oil prices fall as demand woes eclipse U.S. stimulus

Reuters


LONDON  – Oil prices fell on Wednesday as faltering fuel demand because of the coronavirus pandemic outweighed a massive pending U.S. economic stimulus package.

Brent crude LCOc1 was down 49 cents, or 1.8%, at $26.66 a barrel at 1400 …