Shale ///

U.S. shale patch gets back to work as unfinished well inventory falls

The backlog of drilled but uncompleted shale wells called DUCs is rapidly shrinking as oil prices rise, signaling that producers are ready to put drilling crews back to work as the industry rebounds from its pandemic-driven downturn.

Shale’s post-crash recovery battles rising costs, loss of suppliers

The oil price needed to profitably drill a new well is $52 a barrel, executives from almost 100 producers said in the latest quarterly survey by the Federal Reserve Bank of Dallas. That’s an increase of 6%, compared with when the question was asked last year. To cover costs on existing wells, companies need $31, which is 3% more than last year.

Leading oil and gas CEOs fall in with Biden’s climate change campaign

Chief executives of some of the largest U.S. oil companies promised to collaborate with the Biden administration in its campaign against climate change during a meeting Monday with White House National Climate Adviser Gina McCarthy.

Shale drillers rushing to refinance debt at record-low rates

It hasn’t been this cheap for U.S. shale operators to raise money on the high-yield bond market since oil was at $100 a barrel in 2014, so they’re jumping on the opportunity to refinance debt at lower rates.

Wanner Engineering introduces Hydra-Cell Q330 seal-less pumps

Wanner Engineering, Inc. introduced its new Hydra-Cell Q330 Series pumps that feature a seal-less design to avoid the maintenance problems of mechanical or dynamic seals and packing that can leak and wear.

Wall Street’s fading oil and gas interest revealed in new shale IPO

If the first initial public offering of a U.S. shale driller in four years is any indication, Wall Street is still souring on the U.S. oil and gas patch.

Deb Haaland narrowly confirmed as U.S. Secretary of the Interior

The Senate’s 51-40 vote underscored deep opposition from Republicans who worry Haaland’s criticism of fossil fuels means she will discourage oil development across hundreds of millions of acres of federal land under the Interior Department’s control.

Shale’s fiscal discipline means missing out on rising oil prices

More focused than ever on keeping spending in check, shale operators haven’t been drilling new wells fast enough to keep up with output declines in older ones. So, next month, their combined production will edge lower by 47,000 barrels a day to about 7.46 million, according to the U.S. Energy Information Administration.

Solid-state GWD system provides step-change in wellbore placement accuracy, collision risk mitigation

Fraser Cowie, Steve Thompson, Greg Belbin, Stephen Forrester, Gyrodata

A first-of-its-kind innovation in wellbore surveying—a true solid-state GWD system—is achieving optimized reservoir placement and wellbore collision risk mitigation in several regions globally.

Carl Icahn to cut Oxy stake, remain on board of directors

Billionaire investor Carl Icahn, the third-largest shareholder in Occidental Petroleum Corp., plans to cut his $2.71 billion stake by up to one-third while remaining on the oil company’s board.

U.S. shale prioritizing debt over drilling, just as OPEC predicted

A round-up of data on shale drillers shows they’re sticking to their pledge to cut costs, return money to shareholders and reduce debt. If they stay the course, it would validate the OPEC+ alliance’s high-stakes wager that it can curb output and drive crude prices higher without unleashing an onslaught of supply from U.S. rivals.

Oil prices hover near $64 as crude inventories climb

Oil production across American shale patches next year is expected to climb as producers take advantage of a price recovery, according to a government report.

Biden’s pick for Interior delayed over oil and gas opposition

The move by senators Steve Daines of Montana and Cynthia Lummis of Wyoming underscores deep opposition from many Senate Republicans over the Biden administration’s plans for managing the nation’s federal lands and waters.

Hunting introduces industry’s first addressable power charge

PowerSet Recon completes the first and only fully addressable plug-and-perf tool string. This advanced technology allows the user to read the Powerset Recon resistance at any time, assuring all components are in place and in working order when running in hole.

Oilfield workforce shrinks in 2021, giving up all last year’s gains

The companies that frac wells and make the equipment necessary to produce oil cut an estimated 12,321 jobs over a three-month stretch ending in February, according to an analysis of labor market data by the industry-funded Energy Workforce & Technology Council.

Privately-held shale drillers poised to create headaches for OPEC

While oil majors and publicly-traded counterparts are mostly sticking to the mantra of drilling discipline, private operators’ ambitious growth plans present the OPEC cartel with a wild card as prices rebound and it attempts to boost its own oil production.

Oxy’s Permian output slump drives millions in midstream losses

Occidental has long held more pipe space than it needs from the Permian, in the hope that its shale business would eventually grow big enough to make use of it. But last year’s oil-price crash, and, more recently, the winter freeze in Texas, caused the company to cut investment and production in an effort to prioritize near-term cash flow for debt reduction.

U.S. shale no longer threatens OPEC, says Pioneer CEO

“I’m still a strong believer that demand is going to come back strong, both on airlines and also driving around the world once we get herd immunity,” Pioneer Natural Resources CEO Scott Sheffield said on a conference call Feb. 24.

Biden’s Interior nominee on fossil fuels: “the Earth is here to provide for us”

Deb Haaland’s assurances during her nomination hearing appeared to provide little comfort to Senate Republicans, who argued that the Democratic lawmaker’s criticism of fracing, support for pipeline protesters and endorsement of the Green New Deal make her unfit for a job that includes overseeing energy development on federal land.

Gardner Denver announces the new GD 2500Q HDF to extend pump service life

Gardner Denver High Pressure Solutions announced the new GD 2500Q Heavy Duty Frame quintuplex pump, designed to extend pump service life through an optimized power end frame design.