Oil prices

Most Lower 48 Oil Curtailments Coming Back Online by September, Says Analysis

Most Lower 48 Oil Curtailments Coming Back Online by September, Says Analysis

Nearly all of the curtailed U.S. onshore oil volumes shut-in as Covid-19 hampered demand are set to return by the end of the third quarter amid stronger oil prices and a generally brighter market outlook, according to a new analysis by Rystad Energy. The Oslo-based consultancy analyzed the curtailment reactivation schedules of 25 publicly traded…

August 14, 2020
Oxy Looks to Build Cash Flow, with Low Growth Following $8.4B Loss

Oxy Looks to Build Cash Flow, with Low Growth Following $8.4B Loss

Houston-based Occidental Petroleum Corp. is throttling back from growth to ensure it can build cash flow to pay down some big debt maturities due in 2021, CEO Vicki Hollub said Tuesday. The company, better known as Oxy, has set spending priorities on maintenance, debt reduction and eventually a sustainable dividend before expanding, Hollub said during…

August 11, 2020
Bonanza Creek, Highpoint Lift DJ Basin Volumes, Rein in Capex Amid Price Pressures

Bonanza Creek, Highpoint Lift DJ Basin Volumes, Rein in Capex Amid Price Pressures

A pair of prominent oil and gas companies active in the Denver-Julesburg Basin (DJ) are keeping capital expenditures (capex) in check while posting modest upticks in sales volumes. Bonanza Creek Energy Inc. and Highpoint Resources Corp., both based in Denver, reported substantial second-quarter losses, however, dinged by lower sales prices in the wake of the…

August 11, 2020
Bankruptcies Accelerating in North American Oil Patch, with More Carnage Said Likely

Bankruptcies Accelerating in North American Oil Patch, with More Carnage Said Likely

Bankruptcies in the North American oil patch “have substantially picked up pace” so far in 2020, due largely to the impact of Covid-19 on prices and demand, according to a new report published Tuesday by Haynes and Boone LLP. The Dallas-based international corporate law firm has been tracking bankruptcy filings in the exploration and production…

August 11, 2020
Marathon Oil Slashes Costs, But Says it is Gathering Production Momentum

Marathon Oil Slashes Costs, But Says it is Gathering Production Momentum

Marathon Oil Corp. said stabilization in commodity prices enabled the company to raise its full-year oil production outlook even as it keeps costs in check and further lowers its capital expenditure (capex) plans. Houston-based Marathon — which works in Oklahoma, the Delaware Basin and the Bakken and Eagle Ford shales — raised slightly its 2020…

August 10, 2020
Permian Pure-Play Pioneer Raises Oil Production Guidance, but 6,000 b/d Curtailed Till Prices Improve

Permian Pure-Play Pioneer Raises Oil Production Guidance, but 6,000 b/d Curtailed Till Prices Improve

Permian Basin heavyweight Pioneer Natural Resources Co. is raising its 2020 oil production guidance by 2.5%, but it is keeping most of the oil volumes curtailed during the second quarter offline until commodity prices improve, management said Wednesday. The Irving, TX-based independent curtailed about 7,000 b/d of net oil production during 2Q2020 and said it…

August 7, 2020
Lower 48 ‘Remains Core’ to BP’s Business, but Higher Prices Said Key to Boosting Activity

Lower 48 ‘Remains Core’ to BP’s Business, but Higher Prices Said Key to Boosting Activity

The Lower 48 oil and natural gas business that BP plc carved out under a separate umbrella took a tumble in the second quarter, with the rig count falling from 13 working during the first three months of the year to only one at the end of June. The primary production focus of Denver-based BPX…

August 6, 2020
Argentina Natural Gas Production Down Again in June

Argentina Natural Gas Production Down Again in June

Natural gas production in Argentina decreased by 10% year/year in June to 126 million cubic meters/day (MMm3/d), or 4.45 Bcf/d, according to the latest report by the IAE Argentine Energy Institute. Analysts attributed the drop to restrictions in place because of the coronavirus pandemic and “a level of demand notably different from the same month…

August 6, 2020
Colorado Oil, Natural Gas Regulator Raises Mill Levy to Balance Budget Amid Pandemic

Colorado Oil, Natural Gas Regulator Raises Mill Levy to Balance Budget Amid Pandemic

The Colorado Oil and Gas Conservation Commission (COGCC) has adopted a mill levy rate increase in order to balance its budget amid revenue shortfalls caused by the Covid-19 pandemic and subsequent downturn in commodity pricing. Mill levies, the regulator’s main source of revenue, are property taxes whose rates are expressed in mills, which are equal…

August 4, 2020
Diamondback Forecasting ‘Significant’ Free Cash Flow, Flat to Marginal Output Growth to Year’s End

Diamondback Forecasting ‘Significant’ Free Cash Flow, Flat to Marginal Output Growth to Year’s End

Permian Basin pure-play Diamondback Energy Inc. has brought all of its curtailed production back online and expects to generate free cash flow in the second half of the year, management said Tuesday. The company curtailed 5% of its oil output during the second quarter in response to a pandemic-induced global supply glut, “with zero wells…

August 4, 2020
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