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Eagle Ford Shale

EOG Shutting In Some Oil Production Through June, Deferring Well Completions

EOG Shutting In Some Oil Production Through June, Deferring Well Completions

Houston-based EOG Resources Inc. began shutting in some oil production in March, with plans to curtail output through at least June as it waits out the downturn in demand and pricing caused in part by Covid-19.

May 8, 2020
Fallout Continues in Oil Patch as 34 U.S. Rigs Sent Packing

Fallout Continues in Oil Patch as 34 U.S. Rigs Sent Packing

The bleeding continued in the U.S. onshore during the week ended Friday (May 8), with yet another steep decline in oil activity dropping the overall U.S. rig count 34 units to 374, according to the latest figures from Baker Hughes Co. (BKR).

May 8, 2020
U.S. Rig Count Down 57 in Another Week of Aggressive Retrenchment

U.S. Rig Count Down 57 in Another Week of Aggressive Retrenchment

Aggressive retrenchment in the U.S. oil patch remained the dominant theme in the latest rig numbers, with the United States dropping 57 rigs to fall to 408 during the week ended Friday (May 1), according to data from Baker Hughes Co. (BKR).

May 1, 2020
ConocoPhillips Increasing North America Oil Shut-ins; CEO Says E&P ‘Growth Model is Broken’

ConocoPhillips Increasing North America Oil Shut-ins; CEO Says E&P ‘Growth Model is Broken’

Having already announced gross voluntary oil production cuts of 225,000 b/d for May because of weak prices, ConocoPhillips has now updated that amount to 265,000 b/d, management said Thursday.

May 1, 2020
Valero Signals Oil Consumption Gradually Improving in Texas, Midcon

Valero Signals Oil Consumption Gradually Improving in Texas, Midcon

Valero Energy Corp., which manufactures and markets transportation fuels, began to see improvements in fuel demand in the second half of April, a gradual recovery that is expected to improve as the economy comes back to life following severe Covid-19 restrictions.

April 30, 2020
Texas Oil Production Shut-ins Tabled by Regulators — For Now

Texas Oil Production Shut-ins Tabled by Regulators — For Now

A ruling to require Texas producers to shut-in 20% of their oil output beginning June 1 was tabled until early next month as regulators ponder how to assist the state’s ailing energy industry.

April 21, 2020
Texas RRC Urged to Avoid Oil Quotas as E&Ps Already Shuttering Least Profitable Wells

Texas RRC Urged to Avoid Oil Quotas as E&Ps Already Shuttering Least Profitable Wells

Regulators who oversee the Texas energy industry may decide within days whether to require oil output be reduced or instead allow the free markets to continue to dictate, as the coronavirus and low prices decimate the marketplace.

April 17, 2020
U.S. Drops Another 73 Rigs, Down More Than 250 Since Mid-March

U.S. Drops Another 73 Rigs, Down More Than 250 Since Mid-March

The dramatic decline in U.S. onshore activity showed no signs of letting up during the week ended Friday (April 17) as the domestic rig count plummeted another 73 rigs to fall to 529, according to the latest figures from Baker Hughes Co. (BKR).

April 17, 2020
Lower 48 Oil, Gas Permitting Expected to ‘Collapse in April’ Amid Pandemic

Lower 48 Oil, Gas Permitting Expected to ‘Collapse in April’ Amid Pandemic

Having already plunged by 62% year/year (y/y) in the first three months of 2020, permitting for Lower 48 oil and natural gas drilling is expected to drop further in April, according to a team of Evercore ISI analysts led by James West.

April 17, 2020
‘Not Acceptable’ Oil Prices Lead ConocoPhillips to Shutter 200,000 boe/d in North America

‘Not Acceptable’ Oil Prices Lead ConocoPhillips to Shutter 200,000 boe/d in North America

Houston’s ConocoPhillips said Thursday it is taking on the epic decline in energy demand from the coronavirus by shutting in 200,000 boe/d combined in the Lower 48 and Canada, around 25% of output, and taking a knife to carve out more capital spending.

April 16, 2020