Shale ///

Berkshire Hathaway sells its Oxy stake

That Berkshire no longer shows a stake in Occidental, revealed in a regulatory filing Friday, indicates that Buffett has been selling the common stock he received as dividends to reduce his overall exposure to the Houston-based oil producer.

Stranded assets force oil companies to ask: Is new exploration worth it?

As the coronavirus ravages economies and cripples demand, European oil majors have made some uncomfortable admissions in recent months: oil and gas worth billions of dollars might never be pumped out of the ground.

Trump’s trip to West Texas includes visit to rig of World Oil editorial advisor

Staff, World Oil

Ever wonder what goes on, when President Trump makes a trip to West Texas, especially when it features a visit to an oil field location? Well, one of our editorial advisors got to witness a full day of logistics, when the President visited one of his company’s rigs near Midland, Texas.

ShaleTech: Eagle Ford–Austin Chalk Shales

Jim Redden, Contributing Editor

“Cheap drilling,” but very few takers

Kamala Harris’ frac stance worrisome to shale states, attractive to the left

Less than two hours after Kamala Harris was named Joe Biden’s running mate, President Donald Trump had cast the California Democrat as an oil industry and fracing foe.

Southwestern Energy to acquire Montage Resources in all-stock deal

Based on the 3-day average closing share prices of the companies as of August 11, 2020 and under the terms of the agreement, Montage Resources shareholders will receive 1.8656 shares of Southwestern for each Montage Resources share.

Negative impacts of historically low drilling activity reverberate across the oil and gas industry

From bankruptcies and asset fire sales to job losses and record declines in crude production, drilling activity levels not seen since 1940 are affecting every corner of the oil and gas industry. World Oil editors explore this new low-output reality, how companies large and small are maneuvering to survive, and the potential effects of emerging political and grasroots action.

U.S. drilling rig count lowest since 1940 on falling shale exploration

“North American E&Ps are in a battle for investment relevance, not a battle for global market share,” Matt Gallagher, chief executive officer at Parsley Energy Inc., told analysts during a conference call this week. “Allocating growth capital into a global market with artificially constrained supply is a trap our industry has fallen into time and time again.”

Dakota Access Pipeline wins a U.S. appeals court reprieve

Judges said Wednesday that they expect the U.S. Army Corps of Engineers to clarify in front of a federal district court whether the agency thinks the pipeline must shut after a key permit was vacated in July. The decision from the U.S. Court of Appeals for the District of Columbia Circuit buys pipeline operator Energy Transfer LP some time after the July 6 shutdown order rocked the industry.

Shale drillers plan for maintenance, not growth, as oil prices stall

The pandemic and subsequent plunge in crude prices has forced U.S. crude explorers to scrap plans to expand supplies amid investor skepticism toward the shale business model. For some of the biggest names, that’s meant vowing restraint as long as oil lingers at levels too low to support a new boom.

Range Resources sells Louisiana shale assets at dime-on-the-dollar valuation

Range Resources Corp. is selling its Louisiana shale fields for about one-10th of what it paid for them just four years ago as depressed natural gas prices hammered the heavily indebted driller.

Oxy restores employees’ pay, doubles executive salary cap

Occidental Petroleum Corp. has restored employee pay cuts imposed after oil prices tumbled and doubled the salary cap for executives to $500,000 a year.

Quarterly losses are a reality check for shale producers

In second-quarter earnings reports published after the close of trading in New York, QEP Resources Inc. cut its production outlook, WPX Energy Inc. further reduced its capital spending budget, while Concho Resources Inc. stuck with plans to keep crude volumes flat from 2019 levels, ending years of growth. QEP shares dipped as much as 20%.

Oil and Gas Climate Initiative to develop online gas-flaring tracking system

The Global Gas Flaring Explorer platform will deliver improved monitoring, visibility and transparency in flaring volume data, and will be publicly available in early 2022. The tracking of flare volumes over time, including identifying which flares are currently active and which ones are inactive, through a standardized methodology will improve the ability to monitor and demonstrate progress towards the elimination of routine flaring.

Delaware Basin driller Rosehill Resources declares bankruptcy

Rosehill Resources Inc. filed for bankruptcy protection after a plunge in oil prices forced the Permian shale explorer to seek a restructuring of its debt.

As the oil industry struggles, are national leaders waiting until it's too late to intervene?

In today's podcast, World Oil editors discuss service companies' unbiased market projections running counter to OPEC and IEA's models; Canadian drillers want new tax structures to replicate Norway's success; and a Texas regulator changes his tune on tariffs.

Schlumberger cutting 21,000 jobs on weak Q2 sales, dismal outlook

The second-quarter rout was so bad for Schlumberger that it’s spending $1 billion on job severance in a move that will shrink staffing to an 11-year low. Various restructuring and impairment charges cost it another $2.7 billion, the company said Friday in a statement.

Texas regulator proactively inspects Permian Highway Pipeline construction

Inspectors with the Railroad Commission of Texas are continuing critical inspections of the Permian Highway Pipeline, one of the largest pipeline projects under construction in Texas in 2020.

Funding for shale drillers dries up as lenders leave the sector

Banks lending against the reserves of hundreds of independent U.S. drilling companies has pulled back at an unprecedented rate this year as prices slumped. Meanwhile, many in the industry expect further reductions to credit facilities in the fall, with higher costs and more stringent protections for lenders.

Gardner Denver’s new GD 250HDD pump enters horizontal directional drilling market

Gardner Denver High Pressure Solutions has launched its new GD 250HDD pump to serve as a durable, reliable, American-made pump for a range of horizontal directional drilling (HDD) applications.