Drilling ///

Exxon delays flagship upstream projects to protect its balance sheet

As recently as March, the Texas giant had pinned its future to huge capital spending on oil and natural gas at a time when peers were exploring ways to decarbonize. Exxon CEO Darren Woods’ plan was to lean on the company’s impeccable balance sheet to drill for gushers and still cover almost $15 billion in annual dividends.

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.

Offshore driller Noble Corp. files for bankruptcy to handle $3.4 billion in debt

The Chapter 11 filing in Texas envisions eliminating all of the company’s borrowings -- more than $3.4 billion -- by swapping debt for equity, the company said in a statement.

Denbury Resources enters Chapter 11 with new DIP loan

Denbury Resources elected in mid-July to skip paying about $3 million of interest on notes maturing in 2023, triggering a 30-day grace period before it entered a formal default. It listed almost $2.3 billion of borrowings in a recent regulatory filing.

Maersk Drilling invests in new technology to facilitate carbon-neutral drilling

A full-scale deployment of the Carbon-Negative Energy concept will produce renewable fuel and power, and simultaneously remove greenhouse gases from the atmosphere. The net negative carbon emissions can be converted into carbon credits.

Upwing Energy awarded 10 new patents for technology innovation in downhole rotating devices

Upwing Energy has made new technology inventions in downhole rotating devices, including its Subsurface Compressor System™ (SCS), a high-speed downhole compressor system, and its Magnetic Drive System™ (MDS), a reliable and retrievable drive system for downhole pumps.

Delaware Basin driller Rosehill Resources declares bankruptcy

Rosehill Resources Inc. filed for bankruptcy protection after a plunge in oil prices forced the Permian shale explorer to seek a restructuring of its debt.

As the oil industry struggles, are national leaders waiting until it's too late to intervene?

In today's podcast, World Oil editors discuss service companies' unbiased market projections running counter to OPEC and IEA's models; Canadian drillers want new tax structures to replicate Norway's success; and a Texas regulator changes his tune on tariffs.

Funding for shale drillers dries up as lenders leave the sector

Banks lending against the reserves of hundreds of independent U.S. drilling companies has pulled back at an unprecedented rate this year as prices slumped. Meanwhile, many in the industry expect further reductions to credit facilities in the fall, with higher costs and more stringent protections for lenders.

Gardner Denver’s new GD 250HDD pump enters horizontal directional drilling market

Gardner Denver High Pressure Solutions has launched its new GD 250HDD pump to serve as a durable, reliable, American-made pump for a range of horizontal directional drilling (HDD) applications.

Shale oil realities mean Chevron Noble deal likely won’t start an M&A wave

With Chevron agreeing to pay just a 7.5% premium over Noble’s July 17 closing price, the all-stock deal isn’t eliciting much speculation that a new spree of acquisitions is in the offing. That means little prospect of relief for investors in hundreds of struggling drillers in places like West Texas and Oklahoma.

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.”

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.

How might Joe Biden and his new $2 trillion climate plan affect the energy industry?

While Biden's multi-trillion-dollar plan seeks to reshape energy, OPEC projects a return to record oil demand in 2021 - and global drilling activity appears to be backing that bet.

Biden says fracing “not on the chopping block” in his $2 trillion climate plan

Joe Biden’s climate-change plan unveiled Tuesday includes $2 trillion in spending over four years with a goal of a 100% clean-energy standard by 2035. That’s more spending over a shorter period than the $1.7 trillion, 10-year plan that Biden had offered during the Democratic primary.

Weatherford lands 20-well contract with Iraqi Drilling Company

Weatherford International signed an 18-month contract with the Iraqi Drilling Company to provide services and project management for the drilling and completion of twenty wells in the Al-Nasiriyah field in the Dhi Qar province in southern Iraq.

Exxon resumes drilling offshore Guyana amid travel bans and political drama

The company confirmed that the Stena Carron and Noble Tom Madden vessels returned to full operations last month. The rigs had been shut when the country of less than a million closed its borders after the pandemic hit South America.

World Oil editorial: Time for Trudeau regime to lend help to Newfoundland and Labrador’s offshore industry

One of the more exasperating, outrageous situations being played out in the global upstream industry is the Trudeau administration turning a deaf ear, so far, to repeated requests and pleas for federal officials to lend substantive help to Newfoundland and Labrador’s (NL) offshore oil and gas industry.

Total looks to South Africa for offshore frontier opportunities

Total and its partners are planning to drill a well in the Luiperd prospect in water depths of as much as 1.8 kilometers by September, Africa Energy Chief Executive Officer Garrett Soden said in a statement.

Shale companies receive more than $2.4 billion in pandemic assistance

The shale industry is getting at least $2.4 billion in loans from the U.S. government’s Paycheck Protection Program aimed at helping businesses that are struggling with the impact of the coronavirus pandemic.