Crude Oil News

Source: EQT

EQT Lowers 2020 Capital Expenditure Guidance By $75 Million, Executes Agreement To Permanently Release Firm Transportation And Provides Update On Debt Repayment

EQT Corporation (NYSE: EQT) today announced a further reduction to its 2020 capital expenditure guidance and the execution of an agreement to permanently release certain firm transportation capacity.

McDermott gets approval for reorganization plan

McDermott gets approval for reorganization plan

Offshore Energy


The U.S. Bankruptcy Court for the Southern District of Texas has confirmed McDermott’s plan of reorganization and approved the sale of Lummus Technology to a joint partnership between The Chatterjee Group and Rhône Capital.

McDermott filed for Chapter

Source: Reuters

Trump Announces Massive Oil Purchase for Strategic Petroleum Reserve

The move is expected to provide some relief to U.S. oil producers like ExxonMobil (NYSE: XOM) and ConocoPhillips (NYSE: COP), which have been hurt by the fall in crude oil prices triggered by the Saudi Arabia-Russia oil price war.…

March 13, 2020 - 8:37 pm Crude Oil News, Popular 3, Press Releases
Source: CNN.com

Price crash pushes oil below break-even prices

CNN


Publisher’s Note: Kayrros Chief Analyst and Co-Founder Antoine Halff discusses US shale, efficiency and game theory in the aftermath of this week’s oil price collapse on CNN’s Quest Means Business.

Kayrros provides disruptive analytics for energy markets for Refining,

Source: Houston Chronicle

Occidental deploys poison pill amid Icahn push to oust board

Houston Chronicle


Occidental Petroleum Corp. implemented a so-called poison pill plan to defend against unsolicited takeover approaches just a day after activist investor Carl Icahn escalated his campaign to fire the beleaguered U.S. oil producer’s board.

Such measures are usually …

Source: CNBC

In oil crash, energy debt loads are not the immediate problem for most drillers

CNBC


As markets for energy companies’ bonds crater on lower crude oil prices, bond analysts offer one big piece of comforting news amid the chaos: Very few major energy companies have any debt due before next year, when the crisis …

Source: Houston Chronicle

Shale drillers float Jones Act waiver as balm for price pain

Houston Chronicle


U.S. oil companies battered by the crude price war between Saudi Arabia and Russia are encouraging the Trump administration to waive a law that mandates only American vessels can be used to transport goods among U.S. ports.

A …

Source: Reuters

OPEC+ deal collapse, virus double whammy to keep oil in $30s range – Reuters poll

Reuters


Oil prices are set to languish near current lows in coming months as the collapse of a deal among major producers to curb output hammers a market already reeling from falling demand due to the coronavirus, a Reuters survey …

U.S. rig count decreased by 1 this week, at 792

U.S. rig count decreased by 1 this week, at 792

This week’s Baker Hughes rig count shows that U.S. had an decrease of 1 over last week, resulting in a total count of 792 rigs. Canada had a decrease of 27 over last week, resulting in a total Canadian count …

Source: Houston Chronicle

More Houston energy companies slash spending

Houston Chronicle


Two more Houston energy companies slashed spending and dividends Thursday after oil prices crashed earlier this week.

Apache Corp. and Noble Energy each cut about a third of their planned capital spending, about $650 million and $550 million, …

Source: Reuters

Oil prices set for biggest weekly drop since 2008

Reuters


LONDON  – Oil prices were set for their biggest weekly slide since the 2008 financial crisis despite a 4% bounce on Friday, as the coronavirus outbreak threatened demand and crude producers promised more supply.

Brent crude LCOc1 was up …

Source: Reuters

The losers — and even bigger losers — of an oil price war between Saudi Arabia and Russia

CNBC


An intensifying oil price war between Saudi Arabia and Russia has created “very painful” market conditions for the world’s largest crude producers, analysts have told CNBC, with many braced for sliding revenues over the coming months.

International benchmark Brent

Source: Reuters

Booking frenzy sends tanker rates soaring as OPEC opens oil taps

Reuters


SINGAPORE  – The cost to transport oil on supertankers soared on Thursday as major producers scrambled to secure vessels to ship more crude in a bid to regain market share and buyers took advantage of plunging oil prices.

Freight …

March 12, 2020 - 3:00 pm Crude Oil News, Energy News, Marine Shipping
Devon joins shale firms to cut spending as oil hovers at $30

Devon joins shale firms to cut spending as oil hovers at $30

Reuters


U.S. oil and gas producer Devon Energy Corp on Thursday cut its 2020 spending forecast by $500 million or nearly 30% to about $1.3 billion, joining its shale peers as the industry battles a slump in crude prices. Shale …

HighPoint Resources provides summary of hedge position

HighPoint Resources provides summary of hedge position

Oil and Gas 360


Approximately 95% of anticipated 2020 oil volume hedged at a WTI price of $58.32 per barrel ensures certainty of cash flows

DENVER, March 12, 2020 (GLOBE NEWSWIRE) — HighPoint Resources Corporation (“we”, “us”, or the “Company”)

Source: Reuters

More U.S. oil producers slash budgets amid price rout

Reuters


Devon Energy, Apache Corp and Murphy Oil Corp on Thursday became the latest in a string of North American oil producers to slash their capital spending and drilling plans as crude prices tumble.

Oil producers have been scaling back …

Source: CNBC

Oil drops as much as 8%, on pace for worst week in more than a decade

CNBC


Oil prices dropped as much as 8% on Thursday as crude continues to take a hit on both the supply and demand side. U.S. West Texas Intermediate crude is now down more than 25% this week, putting it on

Source: Houston Chronicle

Russian producers are ready to survive flood of Saudi crude

Houston Chronicle


A flood of discounted Saudi crude is heading for Europe, but Russia might just have the only producers in the world equipped to compete with it.

With some of the world’s lowest production costs, a flexible tax system …

Source: Reuters

Oil falls 6% after Trump surprises with travel ban

Reuters


LONDON – Oil prices fell more than 6% on Thursday after U.S. President Donald Trump unexpectedly announced restrictions on travel from Europe in an attempt to halt the spread of coronavirus after the World Health Organization described the outbreak …

Validere Raises $15M USD Series A Funding led by Wing VC to Accelerate Supply Chain Efficiencies in the Energy Industry

“Forty trillion dollars of physical oil and gas is traded annually and 3 – 5% of that value evaporates due to opaque and fragmented product quality data,” said Ahmad, CEO at Validere. “As oil changes hands multiple times across the …

March 12, 2020 - 9:00 am Canada, Crude Oil News, Press Releases, Technology
Northern Oil and Gas, Inc. Announces Fourth Quarter and Full Year 2019 Results

Northern Oil and Gas, Inc. Announces Fourth Quarter and Full Year 2019 Results

“2019 was another transformational year in terms of scaling our business and the consummation of our plan driven to reduce interest expense and increase capital flexibility,” commented Nick O’Grady, Northern’s Chief Executive Officer. “We enter into 2020 already delivering on …

March 12, 2020 - 7:30 am Crude Oil News, Press Releases
PDC Energy Announces Update to 2020 Operating Plan

PDC Energy Announces Update to 2020 Operating Plan

PDC Energy Announces Update to 2020 Operating Plan

Source: CNBC

Saudi Arabia, Russia oil dispute is about the ‘restructuring of supply,’ says a strategist

CNBC


The oil price rout this week may be a chance for the industry to restructure and could ultimately be a positive for the market, a strategist said on Wednesday.

The oil markets tanked Monday, plunging over 20% following a …

Oil price collapse sours $310-million deal for failed shale producer

Oil price collapse sours $310-million deal for failed shale producer

Reuters


HOUSTON  – A court-ordered sale of one-time shale high-flyer Alta Mesa Resources Inc fell through due to a lack of financing on Monday, according to court filings, a day when oil prices and shares of U.S. oil producers plummeted.…

Source: Houston Chronicle

Oil traders stand to make fortunes as more oil hits market

Houston Chronicle


Saudi Arabia and Russia’s price war is handing over a multi-billion dollar profit opportunity to the world’s largest oil traders.

With both Riyadh and Moscow outdoing each other by pumping more oil into an already flooded market, crude …

Source: Reuters

Shell eyes tankers for oil floating storage after price collapse

Reuters


LONDON – Royal Dutch Shell is in talks to charter at least three supertankers to store crude oil at sea as traders brace for a sharp rise in global stocks after OPEC and its allies abandoned a production cut …

Source: Houston Chronicle

Marathon Oil cuts capital spending by 20 percent after crude prices collapse

Houston Chronicle


Houston exploration and production company Marathon Oil on Tuesday said it is cutting its 2020 drilling budget by 20 percent, a day after oil prices collapsed to almost $30 per barrel.

In reducing planned capital spending to $1.9 …

Source: Reuters

Oil falls as Saudi, UAE plan for higher output capacity

Reuters


LONDON – Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak.…

Source: Reuters

U.S. crude oil inventories increase by 7.7 million barrels

Weekly Crude Oil Storage as of March 6, 2020

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.7 million barrels from the previous week. At 451.8 million barrels, U.S. crude oil inventories …

Source: Reuters

Premium of U.S. oil over natural gas falls to lowest in over a year

Reuters


The collapse of U.S. oil prices earlier this week and a rise in natural gas futures cut the oil-to-gas ratio to its lowest since January 2019, as some analysts saw a silver lining in the oil price drop for …