Outlook

Lower 48 Tight Oil Output to Recover, but Possibly Not As Strong Pre-Covid, Says OPEC

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”…

October 8, 2020
BP Impairing Up to $17.5B in Assets on ‘Enduring Impact’ from Covid-19 and Quicker Energy Transition

BP Impairing Up to $17.5B in Assets on ‘Enduring Impact’ from Covid-19 and Quicker Energy Transition

With an expectation that the energy transition away from fossil fuels may be sooner than expected, BP plc on Monday said it plans to impair up to $17.5 billion on the value of its assets for the second quarter because of limited upside in natural gas and oil prices.

June 16, 2020
Schlumberger Expecting NAM Land Activity to Plunge 10%

Schlumberger Expecting NAM Land Activity to Plunge 10%

Schlumberger Ltd., the No. 1 oilfield services (OFS) operator in the world, is forecasting a sharp pullback in U.S. and Canadian onshore activity this year, while domestic offshore and overseas activity are on an upward trajectory.

July 19, 2019
OFS Likely Off to Slow Start in 2019 on Falling Oil Prices

OFS Likely Off to Slow Start in 2019 on Falling Oil Prices

The oilfield services (OFS) sector, slowly returning to normal following the downturn four years ago, now faces more uncertainty, as oil prices continue to decline and Lower 48 producers trim spending plans for 2019.

December 28, 2018

Permian Taking It Away (or Not) in Earnings Calls, Analysts Predict

There are, to be sure, plenty of prolific oil and natural gas basins across North America that onshore operators are plowing successfully. However, all eyes and ears during second quarter calls to discuss results are likely to be trained on potential capacity constraint issues in the Permian Basin, and looming pipeline shortages in the Williston and Anadarko basins, according to analysts.

July 26, 2018

Permian Output Just Getting Started, with Oil, Natural Gas, Liquids Seen More than Doubling by 2023

Permian Basin crude oil production is forecast to reach 5.4 million b/d in 2023, more than current production from any single member of the Organization of the Petroleum Exporting Countries (OPEC) except for Saudi Arabia, IHS Markit said Wednesday.

June 13, 2018
CRC Moves from ‘Preservation’ to Mid-Cycle Growth After Elk Hills Deal, CEO Says

CRC Moves from ‘Preservation’ to Mid-Cycle Growth After Elk Hills Deal, CEO Says

Still treading water in terms of earnings, Los Angeles-based California Resources Corp. (CRC) has ramped up capital spending plans in response to the continuing positive outlook for global oil prices and after gaining 100% access of California’s large Elk Hills oilfield.

May 14, 2018

North American OFS Sector Preparing for Transformational 2018

If 2017 proved to be a new beginning for the downtrodden oilfield services (OFS) sector, 2018 is expected to be the year that operators are positioned for future growth in both the onshore and offshore.

December 28, 2017

Upstream Ready to Thrive, Not Merely Survive in New Year, Says Wood Mackenzie

Oil and natural gas operators are entering 2018 in the best shape since oil prices collapsed in late 2014, Wood Mackenzie researchers said Thursday.

December 14, 2017

Chilly Temps Build in 15-Day Outlook, January NatGas Called Higher

January natural gas was set to open about 4 cents higher Monday to around $3.102 as projected heating demand increased in the 15-day outlook over the weekend.

December 4, 2017
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