U.S. Onshore ///

World Oil editorial: Biden is a menace to sound energy policy and industry’s future

For several months now, we have told you our concerns about a potential Joe Biden presidency, as relates to the oil and gas industry’s future.

Are the oil industry's opportunities for post-coronavirus recovery dwindling in North America?

In this week's podcast, World Oil editors discuss how legislative activities, a smaller labor pool, and harsh economic realities are impacting options for oil and gas sector growth in North America's post-coronavirus economy.

Frac pumping volumes lowest since 2017 as shale slowdown continues

Fracers are blasting less sand into shale wells for the first time in almost three years as oil explorers adjust to lower oil demand and prices amid the coronavirus pandemic.

Southwestern Energy to acquire Montage Resources in all-stock deal

Based on the 3-day average closing share prices of the companies as of August 11, 2020 and under the terms of the agreement, Montage Resources shareholders will receive 1.8656 shares of Southwestern for each Montage Resources share.

U.S. crude production dropped a record 2 MMbpd in May

Production of crude oil decreased in the United States in May 2020 by 1.99 million barrels per day, the largest monthly decrease since at least January 1980, according to the U.S. Energy Information Administration’s (EIA) Monthly Crude Oil and Natural Gas Production Report.

Range Resources sells Louisiana shale assets at dime-on-the-dollar valuation

Range Resources Corp. is selling its Louisiana shale fields for about one-10th of what it paid for them just four years ago as depressed natural gas prices hammered the heavily indebted driller.

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 (O&G) market. And that attitude is reflected in their plans for coping with the Covid-19-affected O&G 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.

Corpus Christi oil export terminal comes online as shipments fall

Another Texas terminal is preparing to export oil, even as the pandemic continues to hammer global demand for U.S. crude.

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.