Be proactive, or better still, don’t repeat the mistakes of the past. In April, I wrote about finding a new job. Now I find that my advice may be ridiculous because with the possibility of so many being unemployed, any new job may do. I write these articles two months in advance and, consequently, I […]
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 […]
Concho to average 8 rigs for remainder of 2020; Kermit sand plant idled
Midland-based Concho Resources said last week it is again reducing capital spending for 2020 to $1.6 billion (40 percent below original budget) and complete about 110 to 130 gross operated wells. Concho said April 30 it expects to average about 8 rigs for the remainder of the year. First quarter oil production totaled 209,000 b/d […]
Navigating a Twofold Crisis
You have to like a guy who does the thing that gives people a measure of hope. Just when the grimness of the colossal price drop in crude oil was deflating people’s outlook for their economic future, someone did something uplifting. Kirk Edwards published an “Open Letter to President Trump” in the Odessa American on […]
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 […]
Nowhere to Go: Oil Cuts Loom
IHS Markit expects up to 10 MMb/d of world oil production will be cut or shut-in from April to June 2020 as oil storage fills up and output from financially strapped companies begins to fall. If oil cannot be sold or stored, it cannot be produced. Transportation constraints and lack of access to every available […]
Texas Petro Index declines for 12th straight month to 188.5 in February
Texas Petro Index by petroleum economist Karr Ingham declined in February for the 12th consecutive month to 188.5 from 191.9 a month ago in January 2020 and 213.2 a year ago in February 2019 (down 11.8 percent in past year). The index is based on a comprehensive set of economic indicators in the industry (base […]
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 […]
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