Enverus, a leading oil and gas SaaS and data analytics company, has released its latest Fundamental Edge report that explores the ongoing supply response to demand destruction caused by the COVID-19 pandemic. In this report, Enverus presents several additional indicators—beyond the traditional rig count—that are required to successfully quantify today’s worldwide oil and gas production […]
Ritchie Bros. Equipment Auction in Fort Worth Sells $81 Million
Ritchie Bros. conducted its largest ever Fort Worth, Texas, auction June 2-3, selling close to 5,300 equipment items and trucks for $81+ million. Due to the Covid-19 pandemic, the auction was held with online-bidding only and set a new site bidder record in the process, registering 11,600+ people from 68 countries. Approximately 93 percent of […]
State Department Recognizes United Energy Trading
During the month of May, the first shipment of U.S. crude oil bound for Belarus departed port, bound for its destination nearly halfway around the world. The United States’ Department of State recognized the importance of this occasion with a statement they released to the public. According to the State Department, “This competitive deal, by […]
Oilfield Helping Hands Finishes Fundraiser
Oilfield Helping Hands (OHH), a non-profit organization helping oilfield families in financial crisis due to no fault of their own, successfully completed (by May 29) its Front Porch Permian Campaign, benefiting the OHH Permian Chapter supporting oilfield families in the Permian Basin. During the recent quarantine, James Durbin, owner of The Oilfield Photographer, Inc., provided […]
Gravity Reaches Out
Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group, recently announced it is offering its inventory of crude oil storage tanks to operators in the Permian, Haynesville, and Eagle Ford. Gravity, one of the largest providers of mobile fluid containment in the United States, has ample supply available for […]
Crude Prices Ride the Supply Wave
According to a report from Stratas Advisors, crude prices found additional foundation in the first week of June from stronger fundamentals. This development arose thanks to OPEC and its allies, who decided to extend the cuts agreed last April for one month more. The 9.7 million b/d cuts were to end originally in June, but […]
Basin Impact on State Treasury Weighs in at $13+ Billion
The Permian Basin Petroleum Association (PBPA) released on May 29 a first-of-its-kind report developed by the Texas Taxpayers and Research Association (TTARA) entitled “Permian Basin Enriching Texas.” The report documents the outsized impact of the Permian Basin, which contributes roughly $9 billion out of $13.4 billion in statewide revenue and nearly 70 percent of statewide […]
More Consolidation Could Be Coming
ConocoPhillips Chairman and CEO Ryan Lance talked with IHS Markit Vice Chairman Daniel Yergin on June 9 about how the company was able to weather the COVID-19 crisis without layoffs, about current plans for bringing back shut-in production, and about the importance—now more than ever—of maintaining a strong value proposition “to bring investors back into […]
IHS: Oil’s Recovery To Be Slow and Choppy
Oil markets can expect more pain to come in the weeks and months ahead as they face an uphill battle back to “normal,” according to analysts at IHS Markit. The raw market forces that have been unleashed—record demand destruction, record supply cuts, record inventory builds—and even, for a moment in April, negative oil prices—will change […]
Crude Oil Prices in Collapse
The Short Term Energy Outlook, published in April by the U.S. Energy Information Administration, held that the impacts of the 2019 novel coronavirus disease (COVID-19) on energy markets are still evolving. The COVID-19 pandemic has caused significant changes in energy fuel supply and demand patterns. Crude oil prices, in particular, have fallen significantly since the […]
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