Shale ///
Occidental shareholders will receive a penny per share on July 15, the Houston-based company said in a statement Friday. The payout compares to the 11-cent dividend announced in March.
Treating a well with nanoActiv can alter the wettability of the rock surface, providing a preferential coating of nanoparticles which may help prevent asphaltene, condensate, and/or paraffin deposition.
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.
“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.
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.
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 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.
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.
The real result of Saudi Arabia's production cuts, how recovering global markets impact large and small shale players differently, and what that means for the future of the industry.
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.
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.
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.
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.
W&W Energy Services is helping its customers improve safety, simplify operations and reduce costs by up to 40% with new, truck-mounted heavy lifting capabilities.
Some drillers in the biggest North American oil field are reopening wells that were shut in response to the pandemic-driven price collapse, according to pipeline giant Energy Transfer LP.
Harold Hamm's Continental Resources is curtailing about 70% of its crude output in May in one of the most aggressive production cuts announced to date among U.S. producers.
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.
Energy markets are rarely left to their own devices in Argentina, to the frustration of many in the industry, and past governments have used controls to shield the local energy business from global price swings.
“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.”
Although shutting down a well can be a relatively simple process, industry executives and their engineering teams aren’t altogether sure how smoothly an idle well can be restarted.