A defense Canadian oil producers had against the plunging price of crude is crumbling as hedges expire amid projections that crude will continue to decline.
Shale patches in the U.S. are pumping out more oil and gas than the government previously thought.
HOUSTON -- The depressed oil price environment is painting a gloomy outlook for North American E&P companies, and further, significant CAPEX cuts are needed in order for the group to demonstrate real financial discipline and align spending more closely with cash flow, according to new analysis from IHS.
Cheap crude is a double-edged sword for one of the world’s biggest markets.
Mozambique and Anadarko Petroleum Corp. are racing to tap gas from one of the biggest discoveries in decades as a global glut looms.
The latest blow to the energy industry's collective psyche has been inflicted by National Oilwell Varco Inc, with the giant oilfield equipment maker warning the pace of drilling and fracing will only slow more as 2016 drags on.
Russia has, in the last week, sent mixed signals about possible cooperation with OPEC to support prices.
Welcoming the further measures to boost the UK oil and gas industry announced by the Prime Minister at a meeting with senior industry leaders this afternoon, Deirdre Michie, Oil & Gas UK’s chief executive, said: “The Prime Minister has signaled his on-going commitment to the UK oil and gas industry, which we very much welcome."
Crude futures dropped below $30/bbl on Tuesday, extending the previous day's losses by more than 3%, as persistent worries about oversupply and more signs of a Chinese economic slowdown spooked the market.
China's oil demand will grow 4.3% this year to surpass 11 MMbpd, compared to 4.8% growth last year, the country's top energy group forecast on Tuesday.
Libya’s rival political factions must quickly form a unity government to stop the country with Africa’s largest oil reserves from collapsing into a “failed state,” National Oil Corp. Chairman Mustafa Sanalla said.
The world’s biggest oil producer is spending as much now as it did before the crash in crude prices, signaling no surrender in Saudi Arabia’s battle with rivals.
Schlumberger Ltd. posted a fourth-quarter loss as the company cut another 10,000 jobs and took a $1.46 a share charge to account for restructuring as the oil market downturn deepened.
Looking back at 2015: What happened, what didn’t, and hope for the future
Making the case for a Saudi oil production cut
Iran’s diplomatic rift with regional rival Saudi Arabia will stiffen the challenge it faces in attracting foreign investment once sanctions on its economy are lifted.
While more than 180,000 onshore wells are producing oil in Texas, only 8,250 have been drilled by Petroleos Mexicanos across the border in Mexico. Welcome to the land of opportunity.
Petroleos Mexicanos’s plans last year included JVs and higher oil production. For 2016, that’s turned into job cuts and asset sales as it tries to weather the worst downturn in a generation.
Chesapeake Energy Corp. is having its worst year since 1998 after halting dividend payouts, slashing drilling budgets and cutting one of every six employees failed to rescue the energy explorer from the deepest gas-market rout in 16 years.
Black Ridge Oil & Gas, Inc. today provided an update on the Company to address the recent deterioration in oil prices.