“Lower for longer” is a phrase applied quite a bit of late to oil prices, but it applies to drilling rigs, too. In a Thursday note on oilfield services companies, analysts at Cowen and Company called an early third quarter bottom of about 900 to the Lower 48 U.S. rig count. But don’t expect there to be a bounce from there as much has changed in the industry.
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Articles from Lower
Bears On Full-Court Press; May Called A Penny Lower
May natural gas is expected to open a penny lower Monday morning at $2.63 as weather forecasts prove variable and analysts pile on the bearish bandwagon. Overnight oil markets slipped.
March 30, 2015
Marathon to Cut Capex by 20%, With ‘Significant Weighting’ to U.S.
Marathon Oil Corp. plans to cut 2015 spending by 20%, or about $1 billion, year/year with “significant weighting” to U.S. resource plays.
December 18, 2014
Weather Little Changed, But Technicals Weak; January Seen a Penny Lower
January natural gas is expected to open a penny lower Wednesday morning at $3.64 as traders balance somewhat more bullish fundamental data with a weak technical picture and an unsupportive weather outlook. Overnight oil markets weakened.
December 10, 2014
EIA Lowers Spring Storage Level Forecast, Expects $3.98/MMBtu Winter Gas
Unseasonably cold weather east of the Rockies in November prompted record high withdrawals of natural gas from natural gas storage, which in turn will keep end-of-March 2015 inventories lower than previously expected, but gas prices this winter will average just $3.98/MMBtu, according to the Energy Information Administration (EIA).
December 9, 2014
EIA Firms Winter NatGas Price Forecast to $3.98/MMBtu
Unseasonably cold weather east of the Rockies in November prompted record high withdrawals of natural gas from natural gas storage, which in turn will keep end-of-March 2015 inventories lower than previously expected, but gas prices this winter will average just $3.98/MMBtu, according to the Energy Information Administration (EIA).
December 9, 2014
Sharp Decline Forecast For Horizontal Drilling, Frack Demand Due to Falling Oil Prices
Service providers and equipment manufacturers haven’t seen a big market change yet on lower oil prices, but it’s coming, and with it, a much lower forecast for North American horizontal drilling and hydraulic fracturing (fracking) in 2015, PacWest Consulting Partners LLC said Thursday.
December 4, 2014
Enterprise Bakken-to-Cushing Project Facing Cheap Oil Headwinds
Lower prices for crude oil aren’t doing any favors for Enterprise Products Partners LP’s proposed crude pipeline from North Dakota to the Cushing, OK, hub, executives admitted Thursday. But U.S. producers have staying power even at lower oil prices because the country “…is in the middle of a production revolution,” they said.
October 31, 2014
Shell’s Global LNG Sales Jump 16%
Global liquefied natural gas (LNG) developments are starting to show positive earnings momentum for Royal Dutch Shell plc as its strategy to invest for profitability over volumes begins to pay off, CFO Simon Henry said Thursday.
October 30, 2014
BP Slammed on Oil Price Plunge But Still Beats Consensus
BP plc on Tuesday posted a 19% decline in third quarter profits from a year ago, in part impacted by the global oversupply in crude oil, and in part on a huge drop in profits from its near-20% stake in Russia’s OAO Rosneft, but the producer still beat Wall Street consensus by a wide margin.
October 28, 2014
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