Oil prices

U.S. Onshore D&C Spending Cuts to Far Outpace Oil Output Decline in 2021, Rystad Says

U.S. Onshore D&C Spending Cuts to Far Outpace Oil Output Decline in 2021, Rystad Says

Oil production from U.S. shale plays is likely to hit a floor in 2021 with no further declines expected in a $40 to $45/bbl West Texas Intermediate (WTI) price environment, according to new analysis by Rystad Energy. Output is expected to fall by an estimated 3.1% year/year to 7.5 million b/d in 2020 from 7.7…

November 19, 2020
Lower 48 E&P Consolidation Likely to Increase on Lower WTI, Acreage Prices

Lower 48 E&P Consolidation Likely to Increase on Lower WTI, Acreage Prices

The average price for U.S. onshore unconventional acreage has declined by more than 70% in the last two years, a precursor to more consolidation through 2022, according to Rystad Energy. The price for Lower 48 acreage fell on average to $5,000/acre this year from $17,000 in 2018, the result of lower West Texas Intermediate (WTI)…

November 12, 2020
IEA Cuts Outlook for 2020 Global Oil Demand, Sees Fragile Rebound in 2021

IEA Cuts Outlook for 2020 Global Oil Demand, Sees Fragile Rebound in 2021

The International Energy Agency (IEA) on Thursday lowered its 2020 global oil demand forecast, citing the intensifying effects of the coronavirus pandemic in the United States and Europe. The Paris-based global energy watchdog dropped its 2020 forecast by 400,000 b/d and said it expects a contraction of 8.8 million b/d. IEA estimated global oil demand…

November 12, 2020
Weatherford Forecasting Slow Recovery in North America, but DUCs Lining Up

Weatherford Forecasting Slow Recovery in North America, but DUCs Lining Up

Houston-based Weatherford International plc has emerged from Chapter 11 with yet another CEO at the helm, who has charged the executive team to be “relentlessly focusing” on extending its global options and improving liquidity.  Girish Saligram, who took the helm less than a month ago, is the third CEO in three years for the battered…

November 5, 2020
Hess Boosts Bakken Oil Production, but Maintaining Only One Rig Until WTI Prices Improve

Hess Boosts Bakken Oil Production, but Maintaining Only One Rig Until WTI Prices Improve

Hess Corp. said net production from its acreage in the Bakken Shale increased substantially in the third quarter, and it expects the full-year 2020 total to exceed year-earlier levels as the company weathers the pandemic’s demand shocks. The New York City-based independent said Wednesday Bakken net production rose 21% from a year earlier to 198,000…

October 29, 2020
Patterson-UTI Sees U.S. Fracturing Improving into New Year on Stable Oil, Gas Prices

Patterson-UTI Sees U.S. Fracturing Improving into New Year on Stable Oil, Gas Prices

The Lower 48 oil and natural gas rig count remains sharply lower than a year ago, but fracturing activity is rising, a revival that should extend into 2021, all things (prices) being equal, Patterson-UTI Energy Inc. CEO Andy Hendricks said Thursday.  Drilling and completion activity for the Houston giant “stabilized” in the third quarter as…

October 22, 2020
U.S. Oil Inventories Decline as Production Drops, but EIA Says Demand Also Eases

U.S. Oil Inventories Decline as Production Drops, but EIA Says Demand Also Eases

U.S. crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 1.0 million bbl during the week ending Oct. 16 to 488.1 million bbl. However, inventories were still 10% above the five-year average for this time of year, according to a federal report. The weekly decline reflected continued light production amid an uneven…

October 22, 2020
Pemex Remains Outlier as Fellow Latin American NOCs Embrace Divestment, Liberalization

Pemex Remains Outlier as Fellow Latin American NOCs Embrace Divestment, Liberalization

As Latin America’s national oil companies (NOCs) pivot toward partnerships with the private sector and divestment of non-core assets, Mexico’s Petróleos Mexicanos (Pemex) remains an outlier even in the wake of Covid-19, a panel of experts agreed earlier this month. Even before the pandemic, the region’s oil-exporting countries were struggling to navigate a “lower-for-longer” oil…

October 21, 2020
Monthly Oil Supply Disruptions Surge on Coronavirus and Middle East Tumult, EIA Says

Monthly Oil Supply Disruptions Surge on Coronavirus and Middle East Tumult, EIA Says

Political instability, sanctions, hurricanes and the coronavirus pandemic intersected and sent oil production outages soaring this year, new federal data show. Disruptions to crude oil and condensate production were up among members of both the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries through September, the U.S. Energy Information Administration (EIA) said Tuesday.…

October 13, 2020
Lower 48 Tight Oil Output to Recover, but Possibly Not As Strong Pre-Covid, Says OPEC

Lower 48 Tight Oil Output to Recover, but Possibly Not As Strong Pre-Covid, Says OPEC

U.S. tight oil production should recover quickly as world energy demand recovers from Covid-19, but Lower 48 output may not again hit its previous forecasts, the Organization of the Petroleum Exporting Countries said Thursday. The Saudi-led oil cartel, aka OPEC, in its flagship 14th annual World Oil Outlook (WOO), cited the “unprecedented scale and impact”…

October 8, 2020
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