DJ Basin Producer Extraction Files for Bankruptcy Protection
The development marks the second-largest shale producer to file for Chapter 11 since the onset of the COVID-19 pandemic that sent crude prices reeling.
As Upstream Investments Plunge, Risk of a Market Swing Rises
A new report from the IEA forecasts the global oil and gas industry will suffer a $1-trillion loss in revenue as a global pandemic saps demand and crushes prices. It might also set the stage for a price swing in the next few years.
Oilfield Life After the COVID-19 Crash
What will the landscape of this industry look like when the dust of the current price crash settles? The business will realign, as it always does. This may bring big changes to the future of technology development.
Oilfield Service Giants Report Billions in Losses
Halliburton and Schlumberger write-off billions in asset value and signal that more job cuts are coming during the second quarter.
IEA Head Declares “Black April” as Oil Oversupply Peaks at 29 Million B/D
A new report shows that the worst of the ongoing downturn may be soon over. A gradual recovery to global oil markets is expected to begin in the next few weeks.
OPEC+ Moves To End Price War With 9.7 Million B/D Cut
Reductions will begin next month and last until June. After that, major oil producers around the world plan to step down from the cuts in phases that extend to 2022.
Facts and Figures: US To Fill Strategic Petroleum Reserves Amid Historic Price War
In its first response to the Russia-Saudi Arabia price war, the US government will purchase up to 78 million bbl of crude to protect domestic producers.
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06 August 2020
04 August 2020