As Oil Companies Fade Away, Who Will Buy Their Wells?
Shale producers proved they could pump out record volumes of oil by drilling horizontal wells and then fracturing them intensively. Now the industry needs to find buyers for many wells and acreage with hard-to-determine values.
From Running 13 Rigs to “Just Sell What You Have Got”
A company built with a plan to quickly profit from the shale boom began a slow decline when oil prices sank to $50/bbl. Others could be following it to bankruptcy court this year.
Are Half the Companies in Shale Really Superfluous?
Judgment day may finally have arrived for weak players in the shale business. Deloitte ranks nearly half of the companies as extraneous. What happens next?
BJ Services To Sell Assets as It Seeks Bankruptcy Protection
The legacy service provider operates in every major shale basin in the US and Canada. In court filings, it says it will seek additional funding to sell its equipment and wind down operations.
Shell Wipes Out Up To $22 Billion From Major Oil and Gas Projects
Two of the biggest assets to suffer from the new valuation are in Australia. Shell’s QGC venture and its floating liquified natural gas facility, Prelude, have been reduced in value by up to $9 billion.
Chesapeake Energy Files for Bankruptcy Protection
The distressed shale pioneer will wipe away nearly $7 billion in debt and is likely to make major asset sales as it attempts to restructure itself into a profitable business.
New Chief Executive Appointed To Run Malaysia’s Petronas
The leadership change comes amid a downturn in global crude prices which has lowered the national oil company’s revenues this year. Taking over the position will be the current chief financial officer.
Leaders on Leaders: Advice on Surviving the Storm From SPE’s Top Volunteers
The reality is that those working in the oil and gas industry are facing the toughest challenges seen in a generation. Aside from higher prices, one of the only things that will make it easier is good leadership.
Saudi Arabia, Kuwait, and UAE Aramco Will Cut Close to Additional 1.2 Million B/D from June Oil Output
The latest cuts come less than 2 weeks after OPEC+ began the largest round of coordinated production curtailments ever agreed to.
Negative US Oil Prices Could Return in May
The nuances of futures contracts caught many of the world’s traders off guard, sending major US crude benchmark into negative pricing territory for the first time. But it probably will not be the last time.
ConocoPhillips to Voluntarily Cut Production, Reduce Cash Uses; Weatherford to Delist from NYSE
Financial Fallout: For two big companies, tougher times call for tougher actions.
Texas Railroad Commission, Executives Hold Hearing To Explore Production Quotas
Even some free-market advocates are calling for regulators to step in and try to help pull them out of what feels like a chasm by setting production limits.
How An Oil Price Crash Can Be a Good Thing
Not everybody suffers when US oil producers slash production. Among the beneficiaries could be US gas producers who will benefit because less oil production will mean a lot less gas on the US market.
After a Close Look at Its Oilfield Business, Baker Hughes Working on Cost Cuts
The firm said it will be “restructuring” to “right size its operations” for a slowing market without mentioning how that will affect its workforce. It also says its two major lines of business are worth less than previously estimated.
COVID-19 and Low Oil Prices—Critical Supply Chain and Procurement Strategies
With oil prices at historic lows and with COVID-19 supply chain disruptions, the time has come to evaluate supply chain and procurement strategies, sourcing techniques, and costs.
Podcast: Discussion on COVID-19 With Johana Dunlop
An expert panel moderated by Johana Dunlop, SPE technical director for HSE and sustainability, covers a wide range of issues facing the double crisis of COVID-19 and historically low crude prices.
Whiting Files for Bankruptcy
The Denver-based shale producer is the first to cite the ongoing price war and COVID-19 pandemic as the triggers for its insolvency.
UPDATE: Oil Industry Budget Cuts Adding Up Across the Globe
The list of companies that are slashing millions and sometimes billions from their annual spending programs is growing longer as the ripple effects of a price war and pandemic spread across the globe.
The US Fracturing Market Is Sinking, But How Low Will It Go?
Shale producers are pulling completions crews out of the field to respond to the recent price crash, but the contraction has only begun.
Chevron Hits the Brakes on Permian, Cuts $8 Billion Across Company
The international major has lowered its output forecast in the world’s most prolific unconventional basin by 20%.
Oil Prices Look Worse This Week, Time for Companies To Cut Deeper
US shale operators are cutting deeper, with some eliminating drilling and completions activity altogether.
Halliburton Issues Mandatory Furloughs at Headquarters
The world’s second-largest service firm has seen its share price tumble by 75% as a result of the COVID-19 pandemic and a brutal price war. Workers at Halliburton’s main campus are among the first to feel the impacts.
Interest in US Gulf Lease Sale Sapped by Price Crash
Oil and gas operators played it safe in the latest offshore auction by placing about half the high bids typically made. As a result, the total dollar commitment for the round was the lowest since 2017.
Global Energy Demand in 2018 Grew at the Fastest Pace This Decade
Natural gas accounted for almost 45% of global demand growth last year.
US Shale To Drill And Complete 20,000 Wells This Year
A new report expects US producers to drill their highest number of wells since 2014, and that completion activity may exceed drilling for the first time since 2016.
Oil Prices Take a 2014-Size Hit
Oil prices have fallen since early October in lockstep with the plunge in 2014. But this time oil companies appear better able to deal with a tough situation.
Oil Prices Set To Rise This Year, Then Fall Back
Supply growth into next year is projected to outpace global demand, bringing markets once again into a state of relative imbalance.
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23 July 2020
04 August 2020