Shale
News
August 17, 2020
Chaparral Energy Inc.’s filed for bankruptcy protection for the second time in four years, paving the way for bondholders to take control of the Oklahoma driller in the aftermath of sluggish oil prices.
News
August 14, 2020
As forecasts show no near-term end in sight for depressed oil demand, operators are making dramatic adjustments to meet the new oil and gas industry reality.
News
August 14, 2020
Shale explorers parked more drilling rigs in the U.S. this week as stagnant oil prices push the industry to extend a historic retrenchment. The number of active oil rigs in U.S. fields fell by 4 to 172, according to Baker Hughes Co. data released Friday.
News
August 14, 2020
That Berkshire no longer shows a stake in Occidental, revealed in a regulatory filing Friday, indicates that Buffett has been selling the common stock he received as dividends to reduce his overall exposure to the Houston-based oil producer.
News
August 14, 2020
As the coronavirus ravages economies and cripples demand, European oil majors have made some uncomfortable admissions in recent months: oil and gas worth billions of dollars might never be pumped out of the ground.
News
August 12, 2020
Less than two hours after Kamala Harris was named Joe Biden’s running mate, President Donald Trump had cast the California Democrat as an oil industry and fracing foe.
News
August 12, 2020
Based on the 3-day average closing share prices of the companies as of August 11, 2020 and under the terms of the agreement, Montage Resources shareholders will receive 1.8656 shares of Southwestern for each Montage Resources share.
News
August 07, 2020
From bankruptcies and asset fire sales to job losses and record declines in crude production, drilling activity levels not seen since 1940 are affecting every corner of the oil and gas industry. World Oil editors explore this new low-output reality, how companies large and small are maneuvering to survive, and the potential effects of emerging political and grasroots action.
News
August 07, 2020
“North American E&Ps are in a battle for investment relevance, not a battle for global market share,” Matt Gallagher, chief executive officer at Parsley Energy Inc., told analysts during a conference call this week. “Allocating growth capital into a global market with artificially constrained supply is a trap our industry has fallen into time and time again.”
News
August 05, 2020
Judges said Wednesday that they expect the U.S. Army Corps of Engineers to clarify in front of a federal district court whether the agency thinks the pipeline must shut after a key permit was vacated in July. The decision from the U.S. Court of Appeals for the District of Columbia Circuit buys pipeline operator Energy Transfer LP some time after the July 6 shutdown order rocked the industry.
News
August 05, 2020
The pandemic and subsequent plunge in crude prices has forced U.S. crude explorers to scrap plans to expand supplies amid investor skepticism toward the shale business model. For some of the biggest names, that’s meant vowing restraint as long as oil lingers at levels too low to support a new boom.
News
August 04, 2020
Range Resources Corp. is selling its Louisiana shale fields for about one-10th of what it paid for them just four years ago as depressed natural gas prices hammered the heavily indebted driller.
News
August 03, 2020
Occidental Petroleum Corp. has restored employee pay cuts imposed after oil prices tumbled and doubled the salary cap for executives to $500,000 a year.
News
July 30, 2020
In second-quarter earnings reports published after the close of trading in New York, QEP Resources Inc. cut its production outlook, WPX Energy Inc. further reduced its capital spending budget, while Concho Resources Inc. stuck with plans to keep crude volumes flat from 2019 levels, ending years of growth. QEP shares dipped as much as 20%.
News
July 28, 2020
The Global Gas Flaring Explorer platform will deliver improved monitoring, visibility and transparency in flaring volume data, and will be publicly available in early 2022. The tracking of flare volumes over time, including identifying which flares are currently active and which ones are inactive, through a standardized methodology will improve the ability to monitor and demonstrate progress towards the elimination of routine flaring.
News
July 27, 2020
Rosehill Resources Inc. filed for bankruptcy protection after a plunge in oil prices forced the Permian shale explorer to seek a restructuring of its debt.
News
July 24, 2020
In today's podcast, World Oil editors discuss service companies' unbiased market projections running counter to OPEC and IEA's models; Canadian drillers want new tax structures to replicate Norway's success; and a Texas regulator changes his tune on tariffs.
News
July 24, 2020
The second-quarter rout was so bad for Schlumberger that it’s spending $1 billion on job severance in a move that will shrink staffing to an 11-year low. Various restructuring and impairment charges cost it another $2.7 billion, the company said Friday in a statement.
News
July 23, 2020
Inspectors with the Railroad Commission of Texas are continuing critical inspections of the Permian Highway Pipeline, one of the largest pipeline projects under construction in Texas in 2020.
News
July 23, 2020
Banks lending against the reserves of hundreds of independent U.S. drilling companies has pulled back at an unprecedented rate this year as prices slumped. Meanwhile, many in the industry expect further reductions to credit facilities in the fall, with higher costs and more stringent protections for lenders.
