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…
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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…
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…
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…
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…
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.…
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”…
Permian Output Seen Ramping Up in 2021
Production in the Permian Basin will likely decline through the year but then begin to increase through at least 2026, even if prices do not rise significantly, according to analysts. “We see the Permian as a relative winner among domestic basins given favorable production economics, independent of a call on higher commodity prices,” the Morgan…
Energy Sector Job Losses Said Unlikely to Return Until Late 2021
The downturn in the U.S. energy sector caused by the Covid-19 pandemic is “truly like no other” as 70% of the jobs lost this year may not come back until the end of 2021, the Deloitte consultancy said Monday. However, the economic devastation presents opportunities for the oil and gas industry to accelerate its transformation…
PE Funds Said Pitching Oil Path Value Over Growth in Low-Price WTI Environment
Existing “bread and butter” portfolios are outshining new investments by private equity (PE), but the bigger focus is on reducing costs amid this year’s unprecedented oil market collapse. Chief Investment Officer Dan Pickering, who launched Pickering Energy Partners (PEP) in 2004 as a predecessor to energy investment and merchant banking firm Tudor, Pickering, Holt &…