Industry Trends ///

Fracing slowdown in Permian basin leads to more job losses

Permian basin frac crews, who are brought in to complete the final stage for creating a new oil well, have dropped 21% so far this year. For all of 2018, frac crews in the West Texas and New Mexico oil fields expanded by 1.3%.

U.S. posts first month in 70 years as a net petroleum exporter

The U.S. solidified its status as an energy producer by posting the first full month as a net exporter of crude and petroleum products since government records began in 1949.

Rising number of North Sea oil and gas firms engaged in energy transition

Almost 40% of North Sea operators and contractors are concerned about diversification and energy transition with around half (49%) working to reduce their carbon footprints or develop low carbon solutions, according to an industry report.

Sludgy crude oil sees surprise price boost ahead of new IMO 2020 fuel rules

One of the world’s sludgiest crudes is getting a curious price boost just weeks before the introduction of ship-fuel rules that were expected to sap demand for heavier oil.

Has a global LNG glut forced the U.S. to become the swing producer?

A global glut of natural gas has gotten so massive that U.S. exporters could soon face their worst-case scenario: Halting shipments to get supply and demand back in balance.

Aramco facing serious infrastructure risks due to climate change

Climate change poses a serious risk to Saudi Aramco’s long-term business as rising sea levels and temperatures could damage infrastructure, curb productivity and even halt some of its operations.

Rockwell Automation joins Accenture, Microsoft, PTC, ANSYS, and EPLAN to simplify digital transformation

The new Digital Partner Program streamlines industrial IoT implementations by connecting customers to digital expertise and solutions from market leaders.

Encana investor blasts ‘discriminatory’ plan to flee Canada

Encana’s announcement of the planned U.S. move last month ratcheted up the gloom enveloping the Canadian oil industry and heightened anxieties about losing major domestic companies.

Conoco launches plan to distance itself from shale, win back shareholders

ConocoPhillips announced a 10-year plan to buy back $30 billion of shares, equivalent to about half of its current market capitalization, as the oil producer attempts to distance itself from the troubled U.S. shale industry.

Leading oil-market forecasts shift to positive for 2H 2020

The views of the three big oil forecasting agencies on changes in inventory levels next year have diverged over the past month, as the outlook from two of them becomes slightly more positive for producers.

Exxon says N.Y. used climate-change fraud claims to score political points

The energy giant unleashed a torrent of criticism against New York Attorney General Letitia James in court filings Monday, more than a week after the state sought to drop two out of four claims on the last day of a civil trial that has yet to be decided by the judge.

Wärtsilä and PSA Marine collaborate to achieve clean energy shipping

Specific collaboration areas envisioned include the use of electric or hybrid technologies that further the use of low-emissions energy and propulsion systems, and the incorporation of next-generation smart vessel technologies.

Saipem, Subsea 7 considering an oilfield services merger

Saipem is considering a combination with rival Subsea 7 to create a larger European oil services provider, people with knowledge of the matter said.

OPEC still sees oil surplus in early 2020 as meeting approaches

OPEC signaled that oil markets remain on course for a surplus in early 2020, even as delegates said the organization and its allies probably won’t step up efforts to remove the excess when they meet next month.

Billionaires poised to buy U.S. oil and gas assets at distressed prices

Dallas Cowboys owner Jerry Jones is among the billionaires circling the distressed U.S. oil and gas patch, looking to pick up assets on the cheap at a time when the state of the industry is scaring off other investors.

ADNOC launches program to significantly expand onshore, offshore rig fleets by 2025

"The program is a pivotal enabler of our plans to substantially increase drilling for conventional oil and gas as well as considerably ramp up the number of unconventional wells," said Abdulmunim Saif Al Kindy, ADNOC's upstream executive director.

Oxy looks to sell as much as $15 billion in assets by mid-2020

Oxy is trading at its lowest in 14 years as investors balked at the amount of borrowing needed to complete the Anadarko deal, and then questioned whether Oxy can produce enough oil to manage the debt burden.

IEA predicts global oil demand will level off around 2030

While the current growth rate of 1 MMbpd -- or about 1% -- will hold for the next five years, it will ebb to just 100,000 bpd in the 2030s, the agency said.

Oil firms facing a credit crunch as lender patience wears thin

About $83 billion of outstanding debt issued by explorer and producer companies in the U.S. and Canada is yielding at least 10%, the typical threshold for distressed debt.

Renewables are growing, but greenhouse emissions will continue to rise, says IEA

The IEA’s report tracks the different paths the world can take, with government policies shaping the energy industry. While clean energy leaves some reason for optimism, the gap is widening between what scientists say is necessary to protect the environment and how industry’s energy needs are evolving.