WorldOil Epiroc introduces DH350 ultra-mobile drilling rig “The DH350 combines the mobility of carrier drive rigs with the power density of conventional skidded systems to produce one of the most agile and capable drilling rigs in the marketplace today,” said Cole Carpenter, product manager at Epiroc Drilling Solutions. U.S. reduces royalty charges for drilling on federal land in Utah In a move condemned by critics as encouraging production the market doesn’t need, the Trump administration has granted at least 76 petitions to cut royalty payments for oil and natural gas produced on public land in Utah. U.S. projects falling rig counts, crude production through 2021 Based on capex cuts, falling drilling rig counts, and voluntary production curtailments, the U.S. Energy Information Administration projects domestic crude production to decline through 2021. Daily Brief podcast: Key industry trends for the coming week A look at the trends for the coming week, including how production cuts are affecting near-term supply worldwide, where we can anticipate demand growth to start taking place first, and just what it will take from an operational standpoint to restart production. U.S. drilling rig count lowest since 1975 as shale boom fades “This is an unprecedented downturn,” EOG Resources Inc. CEO Bill Thomas said during a conference call with analysts. “U.S. oil production is in severe decline and it could take years for domestic production to turn around. We believe that the historic and prolific oil-production growth by U.S. shale may have been forever altered.” Exxon reports a historic loss while Chevron deepens capex cuts Exxon Mobil posted its first loss in at least 32 years while Chevron Corp. deepened spending cuts amid the economic and industrial devastation wrought by the Covid-19 contagion. The worst may be yet to come. More oil companies qualify for Federal Reserve loans after rules change The Federal Reserve revamped its Main Street Lending Program in ways that will allow battered oil companies to qualify for the aid after industry allies lobbied the Trump administration for changes. Trump may announce loan program for oil companies this week The Trump administration may announce as soon as Thursday a plan to offer loans to the ailing oil industry possibly in exchange for a financial stake, according to two people familiar with the matter. Continental Resources sued over failed $200MM oil deal Continental Resources Inc. is being sued by a closely held oil driller that accused the shale giant of walking away from a $200 million deal following an historic collapse in crude prices. Onshore drilling in the U.S. drops the most in 14 years As the financial wreckage piles up from cratering fuel demand and Covid-19 lockdowns around the world, drillers have idled 45% of U.S. oil rigs since mid March -- the worst-ever six-week decline.