Drilling ///

Parsley Energy CEO seeks 20% cut in Texas oil output

Pioneer Natural Resources Co. and Parsley Energy Inc. are asking Texas oil regulators for an emergency meeting to consider curbs on state output as a collapsing oil market envelops the nation’s biggest crude-producing state.

Experts see a future for shale: ‘Rocks don’t go bankrupt’

The American shale industry shocked the world with its rebound after the 2014-2016 bust, setting records for output that pushed the U.S. to the top spot among oil-producing countries. A handful of experts is saying that will happen again.

Scores of drilling rigs idled as downturn gains momentum

The oil industry’s meltdown is accelerating as explorers shut down scores of drilling rigs across the U.S. in response to cratering crude prices and expanding supply gluts.

California judge upholds Trump’s repeal of fracing regulations on public lands

Judge Haywood Gilliam of the U.S. District Court for Northern California rejected challenges brought by California and other states, as well as environmental groups, and upheld the Trump Administration's repeal of a 2015 Obama Administration rule that regulated hydraulic fracturing on public lands.

Texas RRC Chairman Wayne Christian: We must stabilize worldwide oil markets

In an exclusive World Oil guest editorial, Wayne Christian, Chairman, Railroad Commission of Texas says time is of the essence to identify and implement a solution to global oil market turmoil.

Equinor halts U.S. land activities as part of $3B cost-reduction plan

Equinor says the company can be organic cash flow neutral before capital distribution in 2020 with an average oil price around $25/bbl for the remaining part of the year.

Chevron cuts spending by $4 billion, suspends share buybacks

Chevron became the latest oil company to take an ax to its budget, cutting capital expenses by $4 billion and suspending its share buybacks.

Tullow cancels Maersk Venturer contract offshore Ghana

Maersk Drilling has been notified by Tullow Ghana of early termination of its contract for the Maersk Venturer deepwater drillship.

Oxy nears truce with Icahn, adding new directors to its board

Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil company’s board, according to people familiar with the matter.

Oxy reaches out to investors for ways to address $39B debt

Occidental Petroleum started reaching out to debt and equity investors about how to ease its $39 billion debt load after collapsing oil prices cast doubt on plans to raise cash via asset sales.

Texas RRC chairman Wayne Christian comments on oil markets, proration, and SPR

The United States recently became the largest producer of oil and natural gas in the world, producing a record 12.4 MMbbl in August 2019. Texas is responsible for about 40% of this production.

Shale plays, oil patch see tens of thousands of layoffs across the industry

One of the most painful busts in the history of crude oil happened just six years ago, when a sharp price drop cost 200,000 industry professionals, almost half the entire workforce, their jobs.

Weatherford completes novel cased-hole sidetrack in ultra-deep Gulf of Mexico waters

Weatherford announced a success in an ultra-deepwater Gulf of Mexico operation that saved a major international oil company 14 rig days valued at approximately $14 million.

Hess cuts CAPEX and exploration budget by $800 million, focuses on Guyana

The reductions to the company’s 2020 capital budget will be primarily achieved by shifting from a six-rig program to one rig in the Bakken, which is expected to be completed by the end of May. Most discretionary exploration and offshore drilling activities, excluding Guyana, will also be deferred.

Canadian operators cut nearly $2.5 billion from 2020 budgets

Canadian oil and gas companies are cutting C$2.4 billion to C$3.5 billion ($1.7 billion-$2.5 billion) from their budgets for this year as low prices make most production unprofitable.

CNOOC tallies “large-sized” discovery in Bohai Bay

CNOOC Limited announced a large-sized discovery Kenli 6-1 in Bohai Bay, which is expected to be the first large-sized oil field in the Laibei lower uplift.

Oil hedges that burned shale drillers in 2014 cause trouble again

In the aftermath of the 2014 oil crash, U.S. shale learned a painful lesson: Not all hedging strategies pay off. Countless producers were left exposed to big losses after oil plunged to levels that made their insurance less valuable.

Stress Engineering Services launches new digital flex joint angle monitoring system

Stress Engineering Services has developed a digital flex joint angle measurement system for monitoring real-time drilling operations.

Almost all new wells lose money in shale’s ‘new normal’

At a stroke, Saudi Arabia and Russia and their battle for market share have made almost all U.S. shale drilling unprofitable. Only five companies in two areas of the country have breakeven costs lower than the current oil price.

Wall Street slashing ratings on shale producers

The oil price war is turning out to be a disaster for energy equities, and Wall Street appears to be throwing in the towel with multiple stock downgrades.