U.S. Onshore ///

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.

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.

U.S. Treasury considers federal lending for troubled oil companies

Treasury Secretary Steven Mnuchin said he’s considering the creation of a government lending program for U.S. oil companies, which are looking for federal aid as they cope with a devastating plunge in prices.

Daily Brief podcast - The oil industry enters Day One of the negative-price era

With oil at -$37.00/bbl, Kurt and Cameron explore how market forces are compelling action on a state, federal and international level, and what can be expected on Day Two of the negative oil price era.

World Oil editorial: Oil market meltdown—what does it take to get action?

What does it take for both U.S. federal and Texas state regulators to intervene and take action? There has been enough diddling around for weeks on end by both groups.

U.S. debates paying its producers to leave oil untapped during glut

The Trump administration is considering paying U.S. oil producers to leave crude in the ground to help alleviate a glut that has caused prices to plummet and pushed some drillers into bankruptcy.

DOE working to lease out 23 MMbbl of Strategic Petroleum Reserve capacity

The U.S. Energy Department is negotiating with nine companies to rent about 23 million barrels of oil storage capacity in its Strategic Petroleum Reserve as part of a Trump administration bid to help drain the country’s growing glut of crude.