Industry at a glance
The worldwide Coronavirus outbreak caused crude prices to crash in February, with WTI plummeting 13.2% to $50.07/bbl, while Brent dropped 14.2%, to $54.79/bbl. Crude futures plunged 16%, but quickly recovered when bankers pledged to safeguard markets. Combined, the U.S., Russia and Saudi Arabia added 300,000 bopd in January, with the U.S. hitting another record high of 12.99 MMbopd. Drilling in U.S. shale fields continued to decline, with major y-o-y losses reported in Oklahoma (–58%), Pennsylvania (–48%), Colorado (–40%) and Ohio (–39%). Overall, drilling activity in the U.S. appeared to be bottoming, with an average of 790 rigs running in February, just one less than tallied in January. International drilling activity increased 43 rigs, to average 1,282 in January.
- Management issues- Dallas Fed: Activity sees modest growth; outlook improves, but cost increases continue (October 2023)
- Industry at a glance (June 2023)
- Industry at a glance (May 2023)
- Management issues- Dallas Fed: Oil and gas expansion stalls amid surging costs and worsening outlooks (May 2023)
- Executive viewpoint (April 2023)
- Global offshore market is on the upswing (April 2023)
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)
