Shale ///
Occidental Petroleum wants U.S. government financial aid for the oil industry even as the biggest producer of Permian Basin crude urges Texas regulators not to interfere with market forces.
U.S. shale drillers are engaged in a bitter test of wills as sinking oil prices force the weakest operators to retreat just as OPEC urges the world’s biggest source of crude to help rescue a market roiled by the coronavirus pandemic.
Marathon Oil is reducing its capital spending this year to about half of 2019 levels, joining a parade of shale drillers doing the same with oil prices trading at depressed levels as demand suffers due to coronavirus.
Exxon Mobil Corp. is targeting its premier shale assets for deep cuts as it slashes worldwide spending to a four-year low and delays major projects to adapt amid the worst oil-price rout in decades.
Collapsing oil prices are having at least one positive side effect: less flaring in North America’s biggest shale field.
The largest U.S. oil-producing state hasn’t restricted crude production in almost 50 years, but a growing chorus of explorers and related industries are advocating just such a move.
Halliburton is making reductions to its field staff in Oklahoma and Texas, including its Duncan field camp, as the company continues to adapt to a new market normal following a crash in shale exploration.
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.
Texas Railroad Commission Chairman Wayne Christian
The Argentine region is often compared with the Permian basin in the U.S., with the promise to push out a million barrels of oil a day and turn around an economy on course for a third straight contraction this year.
The unprecedented collapse in global oil markets is wreaking havoc in all corners of the North American crude industry, pushing shale drillers, deepwater-equipment haulers and oil-sand miners to desperate measures.
Oil companies are turning to rail cars to stash the crude they can’t sell, as the world runs out of places to store a growing glut of cheap barrels.
The unprecedented collapse in global oil markets brought another driller to its knees, forcing a champion of what was once the premier U.S. shale field to seek protection from creditors.
The bruised and battered U.S. shale industry is poised to emerge from the oil crash a winner, according to Goldman Sachs Group Inc.
“We have made substantial progress on our organizational redesign initiative, which began in the fall of 2019. This is enabling more flexible resource allocation and increased collaboration while delivering cost savings that are critical in the current environment,” said John J. Christmann, Apache’s chief executive officer and president.
Pioneer Natural Resources Co. and Parsley Energy Inc. are asking Texas oil regulators for an emergency meeting to consider curbs on state output as a collapsing oil market envelops the nation’s biggest crude-producing state.
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.
Equinor says the company can be organic cash flow neutral before capital distribution in 2020 with an average oil price around $25/bbl for the remaining part of the year.
Two of the world’s biggest oilfield service companies are warning of a bigger shale crash than the one that hit the U.S. and Canada just five years ago.
Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil company’s board, according to people familiar with the matter.