BOE Report U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel demand and hammered oil prices. Such a swift rise in U.S. production would complicate efforts
Natural Gas Crude exports from the Port of Corpus Christi in South Texas are continuing to boom even amidst the coronavirus pandemic, and projects and enhancements appear poised to solidify its dominance along the Gulf Coast. Record tonnage was moved in the first quarter, according to the port’s Omar Garcia, chief external affairs officer. Although oil production has declined in
NPR Oil & Gas Publishers Note: This is actually great news on many levels. Potentially getting natural gas to the eastern states from the Marcellus Shale would help get New York from buying natural gas from the Russians. Let’s keep our own energy market employed, and save money. The environmentalists would also benefit for saving the CO2 output from the
OIl & Gas 360 Summary: Even before the additional shocks from COVID-19, the Wall Street funding that had supported the shale boom was dwindling and oversupply of oil & gas was pressuring commodity prices and well-level economics. Equity investors were pushing for a new business model prioritizing free cash flow over production growth. We had the pleasure to sit down
Offshore Technology The Trump Administration has scrapped a series of oil and gas licencing auctions, halting new offshore developments in US territory as the Covid-19 pandemic continues to disrupt the oil and gas industry. The Bureau of Land Management (BLM), the body within the Department of the Interior responsible for lease sales on around 245 million acres of public land,
RarePetro Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating
EIA Producers were operating the fewest oil and natural gas drilling rigs on record in the United States at 339 on May 12, the lowest level in the Baker Hughes Company’s rig count data series that dates back to 1987. The number of active rigs began sharply decreasing in mid-March as crude oil prices fell: rigs have fallen by 56%
OIl & Gas 360 The team from Sproule just released the Special Market Report: “Finding the Silver Lining: North American Natural Gas.” Michael Tanner, Host 360 Digital Closing Bell, and Analyst, and myself were able to sit down with Christoffer Mylde, Senior Vice President, Corporate Development, Liam O’Brian, Strategic Advisory & Insights from Sproule to cover the special report. Access
U.S. Well Services Announces First Quarter 2020 Financial and Operational Results… Username or E-mail Password Remember Me Forgot Password
Chron Schlumberger, the largest oil field service company, said Friday it lost $7.4 billion in the first quarter. Then its CEO said the second quarter will be worse. The company attributed the loss to writing down the value of assets by $8.5 billion because of oil prices at 20-year lows and the collapse of demand created by shutdown orders during
EnergyVoice Oil & Gas 360 Publishers Note: Take note that Petrofrac is lowering the board and senior management compensation during this financial crisis when their employees are affected as well. This is a behavior that investors should note when the tide changes, and it is time to invest in the future. Invest in those companies cutting executive pay and sharing
Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today that it has reduced the size of its workforce, the number of active frac fleets deployed, capital expenditures and its general and administrative cost structure in response to significantly lower customer activity. The COVID-19 virus has resulted in a massive reduction in the demand for oil. At the
