Oil prices

Covid Resurgence ‘Casting Shadow’ Over Oil Market Recovery

Covid Resurgence ‘Casting Shadow’ Over Oil Market Recovery

Although economic activity and oil demand are recovering from the first wave of Covid-19, a resurgence of the pandemic in regions such as North and South America “is casting a shadow over the outlook” for the oil market, the International Energy Agency (IEA) said Friday. “Only time will tell if the economic impact will be…

July 10, 2020
Noble Bringing Back Curtailed U.S. Oil Volumes, Expanding NatGas Export Capacity Overseas

Noble Bringing Back Curtailed U.S. Oil Volumes, Expanding NatGas Export Capacity Overseas

Noble Energy Inc. said Thursday the bulk of its shut-in U.S. oil and gas production would be brought back online in the coming weeks.  Noble, whose vast U.S. portfolio extends across Texas and Colorado, said its second quarter curtailments totaled 11,000 b/d of oil. But “significant improvements in operating costs and netback pricing” will allow…

July 9, 2020
OPEC Leader Says U.S. Vital to Ensuring Post-Covid Oil Market Balance

OPEC Leader Says U.S. Vital to Ensuring Post-Covid Oil Market Balance

U.S. producers have played a critically important role in rebalancing the global oil market after Covid-19 and will continue to do so going forward, according to Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammad Sanusi Barkindo. Although tensions have long simmered between the Saudi-led cartel and the Lower 48 onshore segment, “there is…

July 9, 2020
Slumping Demand to Hold Henry Hub Price to $1.93 in 2020, Says EIA

Slumping Demand to Hold Henry Hub Price to $1.93 in 2020, Says EIA

Continuing economic sluggishness brought on by Covid-19 mitigation efforts is weighing down demand for natural gas, but there could be a price uptick on the horizon, according to the U.S. Energy Information Administration (EIA). Henry Hub spot prices are expected to average $2.46/MMBtu in 4Q2020, bringing the 2020 average to $1.93/MMBtu, EIA said in its…

July 7, 2020
Permian Activity Declines as U.S. Rig Count Down Two

Permian Activity Declines as U.S. Rig Count Down Two

Driven by declines in the Permian Basin, the U.S. rig count fell two units overall to drop to 263 for the short holiday week ending Thursday (July 2), according to the latest numbers from Baker Hughes Co. (BKR). Changes for the week included a three-rig decline in oil-directed drilling, partially offset by the addition of…

July 2, 2020
Proppant Supplier Covia Seeking Chapter 11 Protection, Citing Pandemic

Proppant Supplier Covia Seeking Chapter 11 Protection, Citing Pandemic

Covia Corp., which provides proppants for oil and gas well operations across North America, on Tuesday said it had filed for bankruptcy, making it the third U.S. energy company in three days to seek Chapter 11 protection.  The petition to reorganize under Chapter 11 was filed in the U.S. Bankruptcy Court for the Southern District…

June 30, 2020
ConocoPhillips to Restore Some Alaska, Lower 48 Oil Output in July

ConocoPhillips to Restore Some Alaska, Lower 48 Oil Output in July

Houston-based ConocoPhillips said Tuesday it expects to begin restoring some curtailed Alaska and Lower 48 oil output in July after shuttering an average 225,000 boe/d net across its global operations in 2Q2020. In a second quarter update ahead of issuing results late in July, the super independent said oil output despite the shut-ins was in…

June 30, 2020
Permian Pure-Play Lilis Cites Covid-19 in Bankruptcy Filing

Permian Pure-Play Lilis Cites Covid-19 in Bankruptcy Filing

Lilis Energy Inc., which plies its exploration talents across the Permian Basin, on Monday sought voluntary protection under Chapter 11 to reduce debt. The filing came one day after onshore giant Chesapeake Energy Corp. filed for voluntary bankruptcy. Fort Worth, TX-based Lilis filed petitions in U.S. Bankruptcy Court for the Southern District of Texas, Houston…

June 29, 2020
Finally Toppled by Debt, Chesapeake in Bankruptcy

Finally Toppled by Debt, Chesapeake in Bankruptcy

Chesapeake Energy Corp., once a symbol of the American natural gas industry’s revival and a disruptive leader that helped spark the nation’s unconventional boom, filed for Chapter 11 protection on Sunday to wipe out $7 billion of debt.  The move follows months of speculation and years of cost-cutting initiatives at the Oklahoma City-based independent, which…

June 29, 2020
Oxy Eyeing $6-9B in Oil, Gas Impairments on Covid-19, Depressed Oil Prices

Oxy Eyeing $6-9B in Oil, Gas Impairments on Covid-19, Depressed Oil Prices

Occidental Petroleum Corp., which made a $57 billion bet last year to take over Anadarko Petroleum Corp. in part to secure its Permian Basin position, said Thursday it expects to write down the value of its oil and gas assets during the second quarter by $6-9 billion.The Houston-based independent, better known as Oxy, in March…

June 25, 2020