WorldOil With oil's supermajors in distress, can smaller independents step up and lead a recovery? A disconnect between drilling activity and supermajors' earnings may reveal a shift in industry leadership, as evidence that the oil and gas industry is reaching a bottom emerges. Halliburton looks beyond U.S. shale, charting a “fundamentally different course” “As oil demand recovers, I expect the international business will continue to be a more meaningful contributor to our revenue going forward,” Chief Executive Officer Jeff Miller told analysts and investors during a conference call. “North America production is likely to remain structurally lower in the foreseeable future and has slower growth going forward.” Frac pioneer BJ Services files Chapter 11 bankruptcy BJ Services Company, one of the pioneers of the fracing techniques behind America’s shale revolution, filed for Chapter 11 bankruptcy protection on Monday morning amid a severe downturn in oilfield services demand. Is Warren Buffett's $10B natural gas spend a bet against decarbonization? In this podcast episode, Buffett sees a longer future for natural gas in the U.S., encouraging signs of a recovery in drilling continue to emerge, and the UK seeks to put an expiration date on internal-combustion vehicles. Warren Buffett bets $9.7 billion on a long future for natural gas As Democrat Joe Biden unveils a staggering $2 trillion clean-energy plan—the most ambitious climate package ever offered by a presumptive nominee—Buffett’s recent deal to buy Dominion Energy’s natural gas assets is a sign he’s expecting that the market’s shift away from fossil fuels won’t happen overnight. The Environmental Partnership expands to include pipeline companies, outlines latest efforts to reduce emissions “Even during these challenging times for our industry and the U.S. economy, America’s natural gas and oil companies remain steadfast in their commitment to leading the world in environmental performance and reducing emissions,” API President and CEO Mike Sommers said. As oil demand sentiments diverge on a national and an operator level, are production plans evolving to keep pace? From OPEC stalwarts down to individual producing companies, oil price and demand projections are dividing into two separate camps. World Oil's editors review some of these key differences, and what they mean for crude production plans. 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 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. U.S. 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.