Nasdaq March 2 – Publicly traded U.S. shale firms are not budging on production restraint vows as oil markets surge amid Russia’s invasion of Ukraine, leaving smaller producers to lead output gains during the highest prices in seven years. Oil futures on Tuesday traded up as much as 10% to $107 per barrel, the most since July 2014, as Moscow’s
World Oil (Bloomberg) –U.S. annual oil production is set to rise to a record next year as shale producers continue to boost output. Oil supply will average 12.41 million barrels a day in 2023, according to the Energy Information Administration. That would surpass the current annual high of 12.3 million barrels a day set in 2019, the EIA said
World Oil HOUSTON (Bloomberg) –America’s oil producers are boosting output at a slower place as record costs hammer the shale patch, according to a survey of industry executives. Out of 47 responding companies that supply producers with everything from software to workers, just one reported lower input costs in the third quarter, according to a report released Wednesday by the
Reuters Publisher’s Note: Northern Oil and Gas, Inc. was a presenter at EnerCom’s The Oil & Gas Conference, view their replay at 1:00pm MST. U.S. energy producers have cut so deeply into a once-large reserve of oil wells waiting to be turned on they soon may have to resume drilling to keep production from sagging, executives and analysts said. This
World Oil HOUSTON (Bloomberg) –Shale drillers — some of them just emerging from bankruptcy — racked up a staggering $42 billion in new debt in the first half of the year. It’s not what you think. America’s oil explorers aren’t repeating the costly mistakes that landed them in hot water with investors, left them almost entirely shut out of debt
Reuters LONDON – Promises by U.S. shale producers to pursue a more restrictive approach to capital investment and production seem to have emboldened Saudi Arabia and its allies in OPEC+ to test the room for higher oil prices. If shale firms respond to higher prices and revenues by returning capital to lenders and investors, rather than increasing output, there may
Reuters NEW YORK – The oil industry is recovering from a collapse in demand triggered by the coronavirus pandemic, but U.S. shale production will not recover to levels seen before the pandemic, Occidental Petroleum Chief Executive Vicki Hollub said on Tuesday. “The recovery is looking really good to us. If you look at what’s happening in India as well as
Reuters HOUSTON – A sustained rise in global oil prices has U.S. shale producers pondering something few expected to be considering after last year’s tumble: how to allocate rising cash flows among new production, dividends and stock buybacks. U.S. shale producers will generate about $73.6 billion in cash from operations this year, up nearly a third over last year, according
Reuters NEW YORK – U.S. crude oil production is expected to fall by 190,000 barrels per day (bpd) in 2021 to 11.1 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous forecast for a drop of 240,000 bpd. Saudi Arabia this month pledged additional, voluntary oil output cuts, sending oil prices to
Reuters HOUSTON – A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer. U.S. crude oil production has fallen 2 million barrels per day in the last
Reuters LONDON – Oil prices jumped around 4% on Tuesday after the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts provided support. Brent crude LCOc1 prices were up $1.62, or 4.08%, to $41.34 a barrel at 1347 GMT. U.S. oil CLc1 rose $1.67, or 4.5% to $38.79 a barrel. In its monthly
Reuters LAUNCESTON, Australia – Saudi Arabia’s decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world. State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions for July-loading cargoes,
