Following the coronavirus (COVID-19) outbreak, China—the world’s biggest importer of crude oil—has been forced to cut down on consumption. The resulting oil price crash is having a cascading effect on forward and backward industrial supply chains, as well as oil and gas projects across the value chain. These are likely to result in changes in […]
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 […]
Service Company Rewards Employees’ Safety Consciousness
Nine Energy Service, Inc., announced in March that Matthew Vick of Marietta, Ohio, and Osbaldo Alcaraz Arana of Enid, Okla., each won a 2019 Ford F-150 XLT truck in Nine’s Truck Giveaway, which celebrates and recognizes employees’ commitment to safety. Thirty employees, each of whom demonstrated outstanding safety track records, qualified for a chance to […]
Industry groups dispute new EDF research on growing emissions
A new study from Environmental Defense Fund and Harvard University released April 22 said methane emitted by oil and gas companies through venting and flaring in Permian Basin continues to grow to record levels. And industry groups such as Texas Methane and Flaring Coalition and Texas Oil and Gas Association continue to criticize the EDF […]
Eddy (41 rigs), Midland (31) lead Permian Basin count from Baker Hughes
Midland County replaced Lea County, N.M., as Permian Basin’s No. 2 county in the April 24 rig count from Baker Hughes. Midland’s count was unchanged from the previous week with 31 rigs while Lea idled 9 rigs to fall to 29. Eddy County, N.M., remains the leader with 41 rigs. Other basin rig counts include […]
Production of oil, gas to decline in each of seven major regions in May
U.S. Department of Energy forecasts declining production for both crude oil and natural gas in each of the seven major regions in May as supply continues to outpace demand and storage capacity amid the global coronavirus pandemic. Oil production is expected to decline by 183,000 barrels per day in May compared to April to 8.526 […]
More permits filed at RRC for wells that target only natural gas
Twenty-five companies filed 69 drilling permits the week of April 15-21 with Railroad Commission of Texas, but Houston Chronicle said that included a record 12 percent for wells that produce only natural gas. Sabine Oil & Gas and Trinity Operating plan to drill six gas wells in Haynesville, and French oil major Total and JBL […]
Moda Midstream adds storage capacity for oil from Permian, Eagle Ford
Houston-based Moda Midstream said this week it activated the final 495,000-barrel storage tank in its 10 million-barrel crude oil expansions at Moda Ingleside Energy Center and Moda Taft terminal. The completion of these expansions brings total capacity at MIEC and Taft to about 12 million barrels. President and CEO Bo McCall called the addition of […]
Marathon Petroleum idles refinery in Gallup, N.M.
Findlay, Ohio-based Marathon Petroleum said it idled its refinery in Gallup, N.M., April 15. Bloomberg said it’s the first U.S. facility to close because of the coronavirus pandemic. Bloomberg added, “It’s not likely to be the last.” Jamal Kheiry of Marathon said the refinery will maintain regular staffing levels while it is down and will […]
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 […]
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