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 water, sand and chemicals into wells to release trapped oil and gas, helped turn the United States into the largest
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 only gonna be about 10 left at the end of 2021 that have decent balance sheets. The rest are going
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 only gonna be about 10 left at the end of 2021 that have decent balance sheets. The rest are going
CALGARY, March 27, 2020 /CNW/ – Calfrac Well Services Ltd. (“Calfrac” or the “Company”) (TSX-CFW) is announcing reductions to its 2020 capital program and North American operating footprint as a result of the rapid and unforeseen deterioration in business conditions resulting from the COVID-19 global pandemic and the oil price war among OPEC+ members. These global events have caused a significant decline in oil
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 FM 652. There have been 61 earthquakes in West Texas this year but this was the strongest recorded in the
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 the lows seen in 2016, the drop could be much faster this time around, Schlumberger Ltd. told analysts and investors
Houston Chronicle 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 slash their budgets. In a Monday afternoon statement, the company confirmed that it is furloughing crews no longer scheduled
Houston Chronicle 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 cut $1.2 billion from hits capital budget, meaning that the company now plans to spend between $1.5 billion and $1.9
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 huge! Oil producers have asked Texas regulators to consider bringing back the system created to end a supply glut during
Houston Chronicle Two oil companies focused on the Permian Basin of West Texas are already planning to scale back their operations amid an oil war between Russia and Saudi Arabia that has caused commodity prices to crash. In a pair of statements, Midland oil company Diamondback Energy and Austin oil company Parsley Energy confirmed plans to cut back the number
Houston Chronicle Bernie Sanders’s vow to ban fracking if he’s elected president isn’t scaring off Democrats living atop Colorado’s biggest oil field. The Vermont senator took 38% of the vote in Weld County, the epicenter of Colorado’s booming oil production, racking up almost twice as many votes as rival Joe Biden, who has taken a more moderate position on oil
Houston Chronicle Chevron Corp. Chief Executive Officer Mike Wirth said he’s open to discussing fracking with whoever wins the 2020 U.S. presidential election. Just hours after unveiling plans to double oil production in the Permian Basin over the next five years, Wirth said Tuesday that he and the rest of the energy industry have an “obligation” to explain the process
