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North America Likely Taking Biggest Hit from Pullback in Global Oil, Gas Drilling

The number of oil and natural gas wells likely to be drilled around the world this year is forecast to hit its lowest level since at least the early 2000s, with North America the most impacted from slumping demand in the age of Covid-19. An analysis by Rystad Energy issued on Tuesday pegged the number…

Forum Energy Warns of 2Q Revenue Plunge on ‘Unprecedented’ U.S. Drilling Decline

Global oilfield operator Forum Energy Technologies Inc. said Tuesday second quarter revenue is projected to plunge 37-40% sequentially because of the sharp decline in U.S. oil and gas drilling. The Houston-based operator expects quarterly revenue to be $110-115 million, down by as much as 40% from the first three months of this year. Free cash…

July 14, 2020

U.S. Rig Decline Said Near Bottom, with ‘Slow, Methodical Recovery’ to Year’s End

The decline in the U.S. oil and natural gas rig count may be close to a bottom, and the current commodity strip could allow activity to grind higher, according to Raymond James & Associates Inc. Analysts Praveen Narra and Kirk Presley Sr. in a note to clients said most of the pain of the downturn…

July 14, 2020

Dearth of Lower 48 Well Completions Sends Hi-Crush into Bankruptcy

Houston-based Hi-Crush Inc., one of the leading Lower 48 northern white sand providers, is seeking voluntary bankruptcy protection under Chapter 11 to reduce its debt. The operator filed for protection on Sunday in U.S. Bankruptcy Court for the Southern District of Texas, noting it has a prearranged restructuring support agreement with creditors. The agreement, if…

July 14, 2020

Oil, Natural Gas Production Slide to Continue Next Month in Key Lower 48 Unconventional Plays

Deflating oil and natural gas production from seven of the most prolific U.S. onshore unconventional plays is expected to continue in August, according to the Energy Information Administration (EIA).  Total oil production from the Anadarko, Appalachian and Permian basins, and the Bakken, Eagle Ford, Haynesville and Niobrara formations is expected to decline to 7.49 million…

July 13, 2020