Houston-based EOG Resources and Austin-based Parsley Energy are among the earliest producers in shale fields to reveal plans for a crude oil rebound. Last week Bloomberg said EOG Resources, the nation’s largest shale-focused producer, plans to accelerate production in the second half of 2020 after shutting in a quarter of its crude in May. Permian […]
Rystad: Hydraulic fracturing starts to begin recovery in third quarter
Oslo-based Rystad Energy said May 15 that starts of new hydraulic fracturing jobs in U.S. will hit a low in May before a recovery begins in 2020Q3. Rystad said, “The covid-19 pandemic and the low oil price environment it has created continue to affect global energy markets and activity levels by oil and gas producers.” […]
Workforce Commission says industry lost 26,300 jobs in April
Texas Workforce Commission said oil and gas industry lost 26,300 jobs in the state last month – the largest loss of jobs in the industry in one month in Texas since record-keeping began in 1990. Drilling, completion, production and related sectors employed 192,600 people in April – a decline of 12 percent from 218,900 in […]
Production to slowly recover this fall, led by Permian and Gulf of Mexico
U.S. crude oil production will reach a low of about 10.7 million barrels per day in June – a two-year low – before starting to slowly recover, according to Oslo-based energy research firm Rystad Energy. After reaching 12.855 million b/d in March, U.S. monthly production is not likely to exceed 11.7 million b/d before 2022. […]
The Ones in the Middle
With the slowdown in drilling due to several issues, including quarantines related to the coronavirus, combined with frantic construction of pipelines over the last four years, pipeline shortages may soon be over. A trade agreement with China, which had promised to jumpstart petroleum exports to that country, has been dampened by that same virus due […]
Where Will All the Water Go?
As operators in the Permian and elsewhere across the United States and around the world announce capex cuts of 50 percent or more, drilling rigs are stacking up like dry bones in the valley. A two-thirds (so far) reduction in drilling means a similar cut in frac’ing. Saltwater disposal wells (SWDs) and their attached pipelines […]
Were Oil & Gas Producers Hedged For Price Collapse?
By Shane Randolph and Josh Schulte While energy markets continue to be volatile, fewer oil and gas producers have hedges in place than in prior years. In addition, a number of producers hedged with strategies containing sold puts on large portions of their production. This essentially creates a trap door where a company doesn’t have […]
Commission again delays proration vote, next meeting May 5
Railroad Commission of Texas again delayed taking action on proration of production for the state’s oil and gas industry at a meeting Tuesday. Ryan Sitton, reportedly the only commissioner who said he was ready to vote, proposed a state-mandated cut of 20 percent or about one million barrels in cooperation with other states and nations. […]
Rystad report shows record decline of fracturing operation starts
Rystad Energy said Wednesday the total number of started fracturing operations is expected to fall below 300 wells in April (about 200 in Permian Basin and less than 50 each in Eagle Ford and Bakken). That’s a decline of 62.8 percent in started fracturing operations between February and April 2020 “as the majority of public […]
Commission hearing includes Diamondback’s “stunning” announcement
More than 20,000 people from 86 countries and 49 states watched Tuesday’s proration hearing conducted by Railroad Commission of Texas. Fifty-five people testified during the 10-hour hearing on the contentious proposal to limit production and address falling crude oil prices amid global oversupply, increasing financial losses and the demand-killing coronavirus. One of the biggest Texas […]
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