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 …
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 …
PUBLISHER’S NOTE: To date, since coronavirus hit the headlines, seasonally-adjusted inventories, that is inventories relative to the five year average have failed to build as we’ve seen relative draws for crude, …
HOUSTON, March 25, 2020 /PRNewswire/ — Occidental Petroleum Corporation (NYSE: OXY) announced today a further reduction in 2020 capital spending to between $2.7 billion and $2.9 billion from its original 2020 guidance of $5.2 billion to $5.4 billion, …
Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid crumbling oil prices and the economic effects of the coronavirus pandemic.
Schlumberger …
The Trump administration moved ahead with oil and gas lease sales in four Western states on Tuesday, bucking criticism from taxpayer advocates who say the auctions should be postponed because of a meltdown in energy prices.
The Bureau of …
Fort Worth oilfield service company FTS International had a full calendar for its hydraulic fracturing crews two weeks ago but is now furloughing employees as crude oil prices continue to fall and exploration and production companies continue to …
LONDON – Oil jumped 3% on Tuesday towards $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid …
CALGARY, Alberta, March 23, 2020 (GLOBE NEWSWIRE) — Suncor released a corporate update today, including revised 2020 corporate guidance for capital, operating costs and production outlook, reflecting the significant decline in the crude oil price and uncertainty surrounding the economic …
Six pipeline operators have cut a combined $1.9 billion from their 2020 budgets as record low oil prices and weakened demand from the coronavirus dampens plans for new projects, a new research note from Houston energy investment …
Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil company’s board, according to people familiar with the matter.
The deal would also see the billionaire …
Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to fade, while a U.S. coronavirus rescue package ran into political delays.
Futures in London fell around …
NEW YORK – U.S. ultra-low sulfur diesel was the latest product refined from crude oil to take a hit in its cash market last week, after refiners boosted production in a bid to flee poorer margins for other products …
Midland exploration and production company Diamondback Energy is cutting its 2020 drilling budget for a second time this month as crude oil continue to fall to nearly 20-year lows.
In a statement issued late last week, Diamondback has …
The 360 Digital Bell Week Ahead Report. Michael Tanner, the Host of the closing bell, goes over what to expect this week. We cover how the oil and gas market got to this point and what is just on the
Journal of Petroleum Technology
Oil & Gas Publishers Note: Excellent piece by Steve Rassenfoss. Our host, Michael Tanner, on the 360 Digital Closing Bell reported on the Texas Railroad Commission has been invited to the next OPEC meeting. This is …
Oil & Gas 360 Publishers Note: This blog from Erin Faulkner at Enverus is an excellent summary of the top operators in the Permian and their financial updates. Enverus has over 1,700 employees and has customers in over 50 …
Oil settled sharply lower on Friday, with U.S. prices down 29% for the week—the largest weekly loss since 1991—as economic stimulus plans from government and central banks fail to offset expectations for steep fall in demand due to coronavirus pandemic, …
WASHINGTON (AP) — The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally.
President Donald Trump …
A major Canadian crude oil benchmark fell sharply on March 19. Western Canadian Select lost half of its already severely depressed price to close at $5.43 per barrel.
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Saudi Arabia’s government unveiled stimulus measures amounting to 120 Saudi billion riyals ($32 billion) on Friday to support an economy hit by the double blow of the coronavirus crisis and dramatically lower oil prices.
The sum includes Riyadh’s 50
WASHINGTON – Texas congressmen are asking the Interior Secretary to reduce royalty collections on oil and natural gas produced in the Gulf of Mexico.
The combined effect of the coronavirus pandemic and the price war led by …
This week’s Baker Hughes rig count shows that U.S. had an decrease of 20 over last week, resulting in a total count of 772 rigs. Canada had a decrease of 77 over last week, resulting in a total Canadian count …
LONDON – Traders and analysts are struggling to revise down their forecasts for oil demand fast enough, as government lockdowns to contain the coronavirus outbreak have rapidly cut fuel consumption.
At the start of the year, forecasters had expected …
GEORGETOWN, Guyana — They are the odd couple of the global oil patch: Guyana is a poor former British sugar colony. Exxon Mobil is America’s largest oil company.
They came to depend on each other after a series …
