Oil

California Resources Corp. (CRC), the state’s largest producer, last week in its delayed Form 10-Q filing for 1Q2020 to the Securities and Exchange Commission (SEC) said it had taken a $1.7 billion impairment charge. Net losses for the quarter totaled $1.79 billion, (minus $36.43/share), compared with a $67 million loss (minus $1.38) for the same…

Mexico’s oil production fell to 1.64 million b/d in May compared to 1.66 million b/d in the year-ago period, according to new data provided by the country’s upstream watchdog Comisión Nacional de Hidrocarburos (CNH). Gas production in May was 3.61 Bcf/d, down from 3.82 Bcf/d last May. The figures are the first to reflect committed…

Mexico’s upstream oil and gas regulator, Comisión Nacional de Hidrocarburos (CNH), last Thursday approved drilling the Xakpún-1EXP deepwater exploration well by a subsidiary of China National Offshore Oil Corp., aka CNOOC. The J-shaped well plans to target light oil resources in the Gulf of Mexico’s Wilcox formation to a  total depth of 6,346 meters (20,820…

A formal demand to shut off oil flows immediately has been added to the Michigan lawsuit seeking to cancel the state’s 1953 right-of-way easement for Enbridge Inc.’s 540,000 b/d Line 5 across the Straits of Mackinac. Michigan Attorney General Dana Nessel injected urgency into the case by filing motions requesting an injunction and restraining order…

Crude exports from the Port of Corpus Christi in South Texas are continuing to boom even amidst the coronavirus pandemic, and projects and enhancements appear poised to solidify its dominance along the Gulf Coast.

North Dakota is keeping a wary eye on the continuing legal challenges facing the Dakota Access Pipeline (DAPL), which carries 40% of the daily oil supplies from the prolific Bakken Shale.

Oil and natural gas investment will shrink by as much as 25% in Canada’s top producer province this year, the Alberta Energy Regulator (AER) said in its annual review.

Texas oil and gas activity suffered a bloodbath of sorts in April as the state began to register the full effects of the Covid-19 lockdowns, with upstream jobs tumbling to the largest monthly decline on record, the Texas Alliance of Energy Producers said Wednesday.

Oil and natural gas exploration and development (E&D) is predicted to decline in line with lower crude prices, which in turn would ding the value of proved reserves, the Energy Information Administration (EIA) said Thursday.