Oil prices

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
North America Takes Biggest Global Hit as Upstream Valuation Slumps $1.6T on Oil Price Crash

North America Takes Biggest Global Hit as Upstream Valuation Slumps $1.6T on Oil Price Crash

The oil price debacle, brought about in part by the demand-crushing pandemic, has wiped an estimated $1.6 trillion from the valuation of the global upstream industry, with North American losses leading the way, a new analysis by Wood Mackenzie has found. Global upstream development spend overall this year has been knocked down by 30% from…

June 25, 2020
Argentina Freezes Gas, Power Rates, Mulls Price Floor for Gas Production

Argentina Freezes Gas, Power Rates, Mulls Price Floor for Gas Production

Argentina’s government announced on Friday it is freezing natural gas prices for users until the end of the year and will forbid canceling utility services even if users haven’t paid their bills. The move is part of the country’s response to the coronavirus outbreak that has stalled the economy and has kept much of the…

June 22, 2020
Canada’s OFS, Supply Sectors Forecast to Suffer Biggest Job Losses from Covid-19 Activity Slump

Canada’s OFS, Supply Sectors Forecast to Suffer Biggest Job Losses from Covid-19 Activity Slump

Oilfield service and supply contractors continue to suffer the biggest job losses in the Canadian oil and gas activity slump driven by the Covid-19 pandemic, according to an industry monitoring agency. Cuts of 6,100 field positions accounted for 89% of 6,870 Canadian industry layoffs during May, based on records compiled by Petroleum Labor Market Information…

June 22, 2020
‘Great Compression’ Seen for Lower 48 E&Ps as Impairments Likely to Spur Consolidation

‘Great Compression’ Seen for Lower 48 E&Ps as Impairments Likely to Spur Consolidation

The U.S. onshore oil and gas industry is against the wall with the unconventional boom in its 15th year, now facing accelerated insolvencies and a wave of consolidation, according to new research. Second quarter earnings may bring a “surge of asset impairments” as U.S. operators that work in shale and other tight resources enter a…

June 22, 2020
Diminishing Jobs in U.S. OFS Sector Said to Jeopardize Energy Supply Chain

Diminishing Jobs in U.S. OFS Sector Said to Jeopardize Energy Supply Chain

The oilfield services (OFS) sector has been looking for a break, brought low for several quarters by reduced exploration and development spending and further upended by Covid-19, but it’s expected to be a long, hard slog before activity moves into high gear. Meanwhile, the jobs picture for the energy industry, and in particular the OFS…

June 22, 2020
EOG Holds Firm on Capital Spending, Reports 17% Increase in Production

EOG Holds Firm on Capital Spending, Reports 17% Increase in Production

With oil prices on the rebound, onshore heavyweight EOG Resources Inc. is holding firm on capital spending while it increases oil export capacity from the U.S. Gulf Coast, as overall production increased more than 17%.

May 6, 2019
North Dakota Governor Slashes Budget Due to Low Oil Prices

North Dakota Governor Slashes Budget Due to Low Oil Prices

Responding to a $1 billion budget shortfall attributed to the crude oil price crash, North Dakota Gov. Jack Dalrymple on Monday ordered across-the-board cuts for state agencies and dipped into the state’s reserve funds.

February 2, 2016
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