Oil prices

National Oilwell Sees Opportunities Amid Mayhem as E&Ps Prize Efficiencies, ‘ESG-Friendly’ Equipment

National Oilwell Sees Opportunities Amid Mayhem as E&Ps Prize Efficiencies, ‘ESG-Friendly’ Equipment

Covid-19’s impact on demand has tossed aside forecasts for the oil and gas industry, but there’s still a solid future for the fossil-fueled world, the chief of National Oilwell Varco Inc. (NOV) said Tuesday. During a conference call to discuss second quarter performance, CEO Clay Williams said the downturn from the coronavirus is unlike anything…

July 28, 2020
DAPL Awaiting Appeals Court Decision on Operations Status

DAPL Awaiting Appeals Court Decision on Operations Status

It’s now a waiting game for the Dakota Access Pipeline (DAPL) after both sides in the oil pipeline’s ongoing legal battle have had their say regarding the motion to stay a lower court’s order to temporarily shut and empty the system. In a filing Thursday (July 23) in the U.S. Court of Appeals for the…

July 27, 2020
Ring’s Permian Oil Flowing Close to Pre-Curtailment Levels

Ring’s Permian Oil Flowing Close to Pre-Curtailment Levels

Permian Basin pure-play Ring Energy Inc., which in late April curtailed nearly all of its Delaware sub-basin output, is ramping up, with production now approaching 9,000 boe/d net. In an update late Wednesday, the Midland, TX-based independent said it began flowing oil again in early June when commodity prices were improving and price differentials were…

July 24, 2020
LNG Recap: Coronavirus Continues Weighing on Global Natural Gas Trade

LNG Recap: Coronavirus Continues Weighing on Global Natural Gas Trade

A spike in coronavirus cases in some parts of the world was again pressuring commodity prices Monday as concerns over energy demand persisted. Oil moved lower as the week got underway, but gained slightly with the Brent September contract finishing at $43.28/bbl. In the United States, natural gas prices failed to rally last week even…

July 20, 2020
Canada’s Wobbling Oil, Liquids Production Seen Achieving Only Modest Recovery into 2021

Canada’s Wobbling Oil, Liquids Production Seen Achieving Only Modest Recovery into 2021

After declining by 20% this spring in part on the Covid-19 pandemic, Canadian oil and natural gas liquids production will only achieve partial recovery into the first half of 2021, according to the U.S. Energy Information Administration (EIA). The Covid-19 pandemic and unstable commodity prices lopped 1.1 million b/d off 2019 supplies of 5.5 million…

July 16, 2020
OPEC-Plus To Ease Production Cuts as Conflicting Factors Keep WTI Around $40

OPEC-Plus To Ease Production Cuts as Conflicting Factors Keep WTI Around $40

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, has agreed to ease coordinated oil production cuts to 7.7 million b/d from the August-December period from the May-July amount of 9.7 million b/d. The decision announced Wednesday to start turning the taps back on comes amid a tightening of the global supply/demand…

July 16, 2020
Forum Energy Warns of 2Q Revenue Plunge on ‘Unprecedented’ U.S. Drilling Decline

Forum Energy Warns of 2Q Revenue Plunge on ‘Unprecedented’ U.S. Drilling Decline

Global oilfield operator Forum Energy Technologies Inc. said Tuesday second quarter revenue is projected to plunge 37-40% sequentially because of the sharp decline in U.S. oil and gas drilling. The Houston-based operator expects quarterly revenue to be $110-115 million, down by as much as 40% from the first three months of this year. Free cash…

July 14, 2020
U.S. Rig Decline Said Near Bottom, with ‘Slow, Methodical Recovery’ to Year’s End

U.S. Rig Decline Said Near Bottom, with ‘Slow, Methodical Recovery’ to Year’s End

The decline in the U.S. oil and natural gas rig count may be close to a bottom, and the current commodity strip could allow activity to grind higher, according to Raymond James & Associates Inc. Analysts Praveen Narra and Kirk Presley Sr. in a note to clients said most of the pain of the downturn…

July 14, 2020
Oil, Natural Gas Production Slide to Continue Next Month in Key Lower 48 Unconventional Plays

Oil, Natural Gas Production Slide to Continue Next Month in Key Lower 48 Unconventional Plays

Deflating oil and natural gas production from seven of the most prolific U.S. onshore unconventional plays is expected to continue in August, according to the Energy Information Administration (EIA).  Total oil production from the Anadarko, Appalachian and Permian basins, and the Bakken, Eagle Ford, Haynesville and Niobrara formations is expected to decline to 7.49 million…

July 13, 2020
Midcontinent Oil, Gas Execs Looking for Higher Prices to Boost Activity as Covid-19 Takes Toll

Midcontinent Oil, Gas Execs Looking for Higher Prices to Boost Activity as Covid-19 Takes Toll

Oil and natural gas operators that work through the midsection of the country faced dire activity levels during the second quarter and don’t expect much of an uptick through the rest of the year. The Federal Reserve Bank of Kansas City, aka the Kansas City Fed, every quarter traces energy activity in the Tenth District,…

July 13, 2020