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 […]
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 […]
Riding the Wave
With the proliferation of hydraulic fracturing since around 2010, the good news is that oil and gas production have exploded, reaching never-before-seen levels and practically eliminating net imports. The challenge, however is that fracturing requires millions of barrels of water—fresh or recycled—and also produces millions of barrels of water that must be reused or returned […]
Leaving Your Job
Looking for a new job? Did you know the best time to find a new job is between January and May? Think about it—the summer months are when people are on vacation, and in the fall, employers are more likely to be looking for holiday help, which is less permanent. Changing jobs is a big […]
Rising Tide
In 1977, following the 1975 passage of the Energy Policy and Conservation Act (EPCA), almost all petroleum exports from the United States were banned. The Commerce department was allowed to make a few exceptions, such as for trade with neighbors Canada and Mexico. All this was, of course, in response to the OPEC oil embargo […]
Phillips 66 to defer Red Oak pipeline amid 2020 budget cuts
Operators in Permian Basin’s energy industry continue to announce reductions in capital budgets for 2020. They include: Phillips 66 said March 24 it will defer its Red Oak pipeline as part of reducing its 2020 capital budget by $700 million to $3.1 billion. With Plains All American Pipeline, Phillips 66 formed Red Oak Pipeline to […]
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