Coronavirus

Additional credit rating downgrades of Mexican national oil company Petróleos Mexicanos (Pemex) and of the sovereign are among the biggest internal risks facing the country’s economy as it struggles to emerge from a still-raging coronavirus pandemic and economic downturn, according to local authorities. In its latest summary of risks facing the economy issued Tuesday, Mexico’s…

ConocoPhillips’ strategic pivot in 2016 to a value model rather than a growth model provided the Houston-based independent the financial capability to “make rational economic decisions” during the oil market downturn, including curtailing around 400,000 b/d of production. ConocoPhillips Executive Vice President and Chief Operating Officer Matt Fox said the company’s strong balance sheet, which…

Australian Prime Minister (PM) Scott Morrison wants to create a transparent domestic natural gas hub along the east coast similar to Henry Hub in order to lower gas prices in the region and spur an economic recovery from the Covid-19 pandemic. The idea was among a number of measures that Morrison proposed earlier this month…

Top Lower 48 completions expert FTS International Inc. has launched a prepackaged restructuring plan with the support of most of its lenders in a debt-for-equity swap to delever the balance sheet.  Following a restructuring support agreement filed in August, FTS issued an amended plan that received support of nearly 88% of the debtholders. With the…

More than 5 Bcf/d of natural gas demand from the industrial sector has been lost since the start of the year, brought down by the heavy economic toll of Covid-19, the Department of Energy said. Domestic natural gas demand from the industrial sector measured 20.1 Bcf/d in June, down nearly 1.0 Bcf/d compared to year-ago…

Editor’s Note: The following segment is one in a series by NGI’s LNG Insight focused on exploring how the global liquefied natural gas (LNG) market works. The conversations in this series will also analyze news and the issues that matter most to the industry in North America and beyond. Yury Sentyurin is the secretary general…

Long-time Lower 48 natural gas producer Ultra Petroleum Corp. has emerged from Chapter 11 with a new name and as a private operator, still focused on Wyoming prospects. The Englewood, CO-based producer in May filed for Chapter 11 protection for the second time in four years to eliminate debt exacerbated by low prices and stinging…

The Covid-19 pandemic’s crushing impact to energy demand and prices has led the Organization of the Petroleum Exporting Countries, aka OPEC, to again reduce its forecast for oil into 2020. The International Energy Agency (IEA) on Tuesday also reduced for the second consecutive month its outlook for oil demand. IEA also warned that Covid-19 may…

Oil and natural gas market conditions heading into September are not trending in an optimistic direction for the U.S. industry, with the continued presence of Covid-19 cases casting a pall over energy demand, according to Haynes and Boone LLP. In an updated Oil Patch Bankruptcy Monitor report published Monday, the Dallas-based law firm said the…