http://www.worldoil.com WorldOil Texas issued nearly 69% fewer drilling permits in June 2020 than in year prior https://www.worldoil.com/news/2020/7/6/texas-issued-nearly-69-fewer-drilling-permits-in-june-2020-than-in-year-prior The Railroad Commission of Texas issued a total of 312 original drilling permits in June 2020 compared to 1,001 in June 2019. The June 2020 total includes 262 permits to drill new oil or gas wells, three to re-enter plugged well bores and 21 for re-completions of existing well bores. Neptune Energy confirms hydrocarbon discovery at Dugong well https://www.worldoil.com/news/2020/7/3/neptune-energy-confirms-hydrocarbon-discovery-at-dugong-well Neptune Energy and its partners announced the discovery of hydrocarbons at the Dugong well (PL 882) in the Norwegian sector of the North Sea. Chesapeake joins more than 200 other bankrupt U.S. shale producers https://www.worldoil.com/news/2020/6/29/chesapeake-joins-more-than-200-other-bankrupt-us-shale-producers More than 200 North American oil and gas producers, owing over $130 billion in debt, have filed for bankruptcy since the beginning of 2015, according to a May report from law firm Haynes and Boone. This year alone, at least 20 have gone under after oil prices plunged amid the Covid-19 pandemic. Chesapeake files for Chapter 11 bankruptcy, eliminating $7 billion of debt https://www.worldoil.com/news/2020/6/26/chesapeake-files-for-chapter-11-bankruptcy-eliminating-7-billion-of-debt Chesapeake Energy Corporation announced that the company has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas to facilitate a comprehensive balance sheet restructuring. Are crude production models ignoring rig count and oil price realities? https://www.worldoil.com/news/2020/6/26/are-crude-production-models-ignoring-rig-count-and-oil-price-realities World Oil editors review the Dallas Fed's recent oil production survey among U.S. operators and service companies, and discover a "split personality" between production estimate and pricing models that could lead to an oil supply shock in 2021. Recent Dallas Fed survey reveals U.S. producers’ mindset, strategy for moving forward https://www.worldoil.com/news/2020/6/26/recent-dallas-fed-survey-reveals-us-producers-mindset-strategy-for-moving-forward A recent survey by the Dallas office of the Federal Reserve System reveals a very somber and wary mindset by U.S. producers toward the upstream oil and gas (OandG) market. And that attitude is reflected in their plans for coping with the Covid-19-affected OandG market. Oxy plans junk bond sale, multi-billion writedown to help tackle debt https://www.worldoil.com/news/2020/6/25/oxy-plans-junk-bond-sale-multi-billion-writedown-to-help-tackle-debt Occidental has been under pressure ever since outbidding Chevron to win the purchase of Anadarko Petroleum last year. The deal saddled Oxy with some $40 billion of debt that was looking hard to pay off even before Covid-19 reduced global oil demand. U.S. drillers broke oil production records in 2019, despite lowest rig count since 1975 https://www.worldoil.com/news/2020/6/25/us-drillers-broke-oil-production-records-in-2019-despite-lowest-rig-count-since-1975 According to EIA research, increases in drilling efficiency pushed U.S. crude oil and natural gas production to establish new records of 12.2 MMbpd and 111.5 Bcfd, respectively, in 2019. Shale oil production may take years to recover, despite a short-term uptick https://www.worldoil.com/news/2020/6/24/shale-oil-production-may-take-years-to-recover-despite-a-short-term-uptick Looking out 18 months, U.S. output will still be around 16% below its peak in February, according to an average of surveys from the IEA, Genscape, Enervus, Rystad and IHS Markit. It will probably be at least 2023 before the U.S. again hits its record close to 13 million barrels a day. Deloitte reports continued strain for shale producers, even as oil prices rise https://www.worldoil.com/news/2020/6/22/deloitte-reports-continued-strain-for-shale-producers-even-as-oil-prices-rise Almost a third of U.S. shale producers are technically insolvent with crude at $35 a barrel, according to Deloitte LLP, highlighting the industry’s acute financial strain even as oil prices rebound from a record low earlier this year.