U.S. Onshore ///

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.

Trump administration opposed to royalty relief for oil companies

President Donald Trump has told aides he doesn’t support a broad plan to temporarily stop charging energy companies royalties for oil and gas produced on federal lands and waters, according to two people familiar with the matter.

World Oil editorial: The market reality API doesn’t “get”

Staff, World Oil

Extremely difficult oil market conditions demand very creative, flexible solutions to counteract predatory actions by state actors and protect infrastructure. This is particularly true in the U.S., yet one industry association seems to be working overtime to stifle discussion of some potential remedies.

Trump faces bitterly divided companies in his bid to save shale

In the U.S., there are more than 6,000 oil drillers -- everything from tiny wildcatters in the shale patches of Texas and North Dakota to global giants like ExxonMobil. That would seem to make formulating a coherent U.S. negotiating stance next to impossible.

Oil selling below $10/bbl at key American hubs

Oil is selling for less than $10 across key North American hubs as the global demand shock from coronavirus leaves crude with nowhere to go.

Pipelines ask U.S. drillers to slow output as storage capacity dwindles

American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity.

Consumption drop most dangerous for U.S., Russian, Canadian crude

Oil demand is getting hammered at a faster pace than anyone had predicted and landlocked crude production in the U.S., Russia and Canada is most vulnerable, according to Goldman Sachs Group Inc.

California judge upholds Trump’s repeal of fracing regulations on public lands

Judge Haywood Gilliam of the U.S. District Court for Northern California rejected challenges brought by California and other states, as well as environmental groups, and upheld the Trump Administration's repeal of a 2015 Obama Administration rule that regulated hydraulic fracturing on public lands.

U.S. oil output to fall next year, for the first time since 2016

The world’s biggest oil producer will see a drop in output next year as a result of the dramatic collapse in prices that’s already forcing drillers to cut back on capital spending.

Shale insiders snapping up stock as prices hit record lows

Shale insiders are swooping in to buy stock in their ailing firms this week after an oil price war erupted between Saudi Arabia and Russia late Sunday.

Betting on a bailout, investors rush into U.S. energy funds

Exchange-traded fund investors are piling into the U.S. oil and gas industry, despite the recent collapse in prices, partly on bets that the government may bail out producers as part of a stimulus package.

Are America’s days as a net oil exporter numbered?

America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to world’s biggest producers.

Wall Street slashing ratings on shale producers

The oil price war is turning out to be a disaster for energy equities, and Wall Street appears to be throwing in the towel with multiple stock downgrades.

Shale drillers facing uncharted territory in worst oil bust yet

The Saudi-Russia oil price war could mark the end of a historic boom that vaulted the U.S. to predominance in world crude production.

Falling oil is a shot in the arm for U.S. gas drillers

Shares of gas producers including Cabot Oil & Gas Corp., Southwestern Energy Co., Range Resources Corp. and EQT Corp. climbed on speculation that the nosedive in crude prices will force oil explorers in the Permian Basin of West Texas and New Mexico to pull back.