Bakken ///

Chesapeake joins more than 200 other bankrupt U.S. shale producers

More than 200 North American oil and gas producers, owing over $130 billion in debt, have filed for bankruptcy since the beginning of 2015, according to a May report from law firm Haynes & Boone. This year alone, at least 20 have gone under after oil prices plunged amid the Covid-19 pandemic.

Shale oil production may take years to recover, despite a short-term uptick

Looking out 18 months, U.S. output will still be around 16% below its peak in February, according to an average of surveys from the IEA, Genscape, Enervus, Rystad and IHS Markit. It will probably be at least 2023 before the U.S. again hits its record close to 13 million barrels a day.

As oil job losses mount, is a resurgence in U.S. shale production on the horizon?

In our weekly preview podcast, Kurt and Cameron explore PESA's research into oil and gas job losses and their impact on the economy; what new rig count numbers mean for oilfield service companies; and the potential for Continental Resources to lead another U.S. shale production trend.

Continental Resources to begin phasing out production curtailments in July

The company previously announced it would curtail 70% of operated oil production in May, with continued curtailments into June. In July, the Company expects to partially begin resuming production but still expects to curtail approximately 50% of its operated oil production.

Chesapeake’s fate marks the end of an era in U.S. shale

As the remnants of shale’s turn-of-the-century heyday turn to dust, it’s unclear who will step into the void.

Chesapeake preps bankruptcy plan to hand control to lenders

A bankruptcy filing by Chesapeake would reverberate well beyond its investors and employees because it will put millions of dollars in pipeline, fracing and other contracts at risk.

EIA data suggests official U.S. oil stockpile figures are too high

Various government data sets including stockpiles, production, imports and exports are signaling that current official figures on at least some supplies are excessive. While it’s unclear where exactly the discrepancy lies, the difference could signal a more bullish outlook for crude prices.

Shale’s reawakening begins as oil holds above $30

EOG Resources Inc., America’s largest shale-focused producer, plans to “accelerate” output in the second half after shutting in about a quarter of its crude in May, exploration chief Ken Boedeker told an RBC Capital Markets conference Tuesday.

Weekly Preview podcast: How prepared is the industry for an oil price rebound?

Our look ahead the coming week, including how drillers' ability to react to an increase in oil and gas demand could be impacted by technical and manpower limitations, and what key OPEC players have in store for the first week of June.

Precision Drilling CEO sees shale’s recovery a year away, at best

Even if the economy continues to recover and a second wave of the pandemic is less damaging than the first, U.S. shale drillers may still take at least a year before moving rigs back into the field, according to the leader of an oilfield-services company.

Swift production declines may keep shale operators on oil rebound’s sidelines

Less than 20% of this year’s expected drop in overall U.S. crude output will come from shuttering existing wells, according to IHS Markit. Rather, the vast majority of the supply drop will be the direct result of canceled drilling projects.

Daily Brief podcast: A look ahead at the coming week in oil and gas, May 25-29

Key trends for the coming week, including how industry groups' response to low oil prices differ dramatically in the U.S. versus other producing nations, China's big plans for its economy, and investment analysts turning their backs on key sectors of the industry.

Distressed oil drillers find major analysts dropping stock guidance

The smallest shale oil drillers have endured their fair share of pain in this spring’s energy collapse and, with ailing stock prices, analysts are finding it even tougher to cover the group.

Shale rout drives working rigs to lowest count since 2009

Shale explorers extended their retreat into a 10th week, dropping the number of oil rigs at work in the U.S. to the lowest since 2009 as some struggle to stay afloat.

High premiums, price swings driving decline in shale hedges

After oil’s crash below zero, explorers face hefty premiums for the financial instruments they rely upon to insure against price swings. Meanwhile, they’re also unwilling to lock in future supply with forward prices for crude remaining lackluster.

Daily Brief podcast: Strategies for navigating capital markets to outlast the downturn

Arindam Das discusses where energy sector companies must focus to meet capital markets' new expectations, both to survive the downturn and to act advantageously as stabilizing markets present new opportunities.

Permian leads U.S. shale decline as output reaches 2018 low

Overall production is seen falling by 197,000 barrels a day next month to 7.822 MMbbl, which would be the lowest since late 2018. The expected decline would have been even more dramatic if not for a downward revision to May’s output estimate in the order of half a million barrels a day.

Daily Brief podcast: How higher oil prices can threaten a recovering market

Oil reaches its highest price since March, which could lead to a new production imbalance in U.S. shale, and Oxy is left holding the bag on a major asset sale.

North Dakota shale restarting while recovery talk is still premature

Producers are already restarting oil wells in North Dakota as prices come off record lows, but talk of a recovery is premature, said the state’s energy regulator.

U.S. shale’s quick response to falling oil prices is paying off

A week after WTI crude settled below zero for the first time ever, analysts at JPMorgan projected that the U.S. would cut output by 1.5 MMbpd by June. Two weeks into May, production is already down by at least that much and continues to decline.