Shale ///

Falling Texas crude output becomes a global oil market crisis

In the past, the weather-related oil disruption would largely have been a U.S. issue. Now it’s unmistakably global. Crude markets in Europe are rallying as traders replace lost U.S. exports. OPEC and its allies must decide how much longer they keep millions of barrels of their supply off the market.

Texas rattles gas markets by limiting out-of-state sales during blackouts

Texas Governor Greg Abbott told a media briefing on Feb. 17 that he was banning gas from leaving the state through Feb. 21 to ensure in-state power generators had ample supplies. Abbott said he was forced to act as millions of Texans remain without power for a third day amid frigid temperatures, with no clear timeline for restoring service.

Largest shale driller bases rig lease costs on well performance

The biggest provider of oil and gas rigs to the U.S. shale patch is pushing a new pricing model as speedier drilling cuts into contractors’ revenue.

U.S. oil output plunges as Arctic air freezes Permian shale fields

U.S. oil production has plunged by more than 2 million barrels a day as the coldest weather in 30 years brings havoc to key producing states that rarely have to deal with frigid Arctic blasts.

Oil prices rally as record winter storms hit Texas shale supplies

The Arctic blast gripping the central U.S. may threaten crude exports from one of the world’s top producers, amid rapidly-normalizing global stockpiles that point to the success OPEC has had in draining a surplus left in the wake of the pandemic.

U.S. oil demand accelerates as refiners project more summer driving

American refiners are processing the most crude since the economy ground to a halt in March in anticipation of a vaccine-driven boost in gasoline demand this summer. The uptick means that the refiners are competing for domestic barrels that for months were sent to more robust markets in Asia.

Chesapeake exits bankruptcy as CEO Lawler sees ‘new era’ for shale

Chesapeake Energy, the once-iconic energy explorer that helped ignite the American shale-gas boom, is emerging from bankruptcy protection a shadow of its former self. And in a way, that’s just fine with its boss.

Regulators crack down on Texas shale gas flaring

Texas’s energy regulator is taking an uncharacteristically critical approach toward burning off excess natural gas, a sign that growing pressure from environmentalists and investors to curb the controversial practice is paying off.

Equinor exits Bakken shale with $900MM sale to Grayson Mill Energy

Equinor has agreed to divest its interests in the Bakken field in the US states of North Dakota and Montana to Grayson Mill Energy, backed by EnCap Investments, for a total consideration of around USD $900 million.

EIA raises U.S. crude output forecast for 2022

Supply from new oil wells will exceed declining flows from wells already in service, raising overall crude production from the second half of this year, the U.S. Energy Information Administration said in its Short-Term Energy Outlook.

Oil stocks rallying in 2021, despite Biden’s fossil fuel threats

Companies including Exxon Mobil, Diamondback Energy and Marathon Oil have posted double-digit gains this year as a rebound in oil prices and the prospect of an economic recovery have outweighed risks to the industry from the Biden administration.

Hunting introduces Perfecta rock charges

Engineered for superior perforating performance in stressed rock formations, the Perfecta rock charge delivers a high penetration depth in formation rock. Its use can improve well stimulation and productivity, and prolong the life span of conventional wells.

Oil price surges on signs of a tight global crude market

“There’s a sense that normalcy will occur and it’s looking more certain,” boosting the outlook for oil demand, said Michael Lynch, president of Strategic Energy & Economic Research. Meanwhile, “the Saudi production cuts start today, and people are focused on falling inventories and how the market is tightening.”

Biden’s anti-oil crusade can make climate change worse

America is the world’s biggest consumer of crude oil, and any restrictions of domestic production will mean more will have to be shipped in from other countries with less stringent humanitarian and environmental laws.

Texas Alliance’s Petro Index shows deep trough in state’s oil and gas economy during 2020

“The Texas upstream oil and gas economy was already in a state of decline before Covid-19,” said Alliance Executive V.P. and Petroleum Economist Karr Ingham, in exclusive comments to World Oil, adding that the demand contraction in the U.S. and globally was easily the sharpest demand drop in the shortest amount of time on record.

Chevron logs Q4 loss on Noble Energy charges, weak fuel demand

In a harbinger for the rest of the oil industry, Chevron’s results evince the challenges facing energy producers battered by 2020’s pandemic-driven collapse in demand and prices.

API chief calls oil leasing ‘a lifeline to local economies’ at USEA Forum

“We are rooting for President Biden to lead America out of crisis,” API President and CEO Mike Sommers said. “As he works toward that important goal, he faces clear choices. Energy abundance or foreign dependence. American jobs or overseas jobs. Economic revival or small-town decline. Progress or retreat. Thus far, President Biden is on the wrong side of a number of these consequential choices.”

Oil markets keep a wary eye on shale producers’ pledge for restraint

How the fragmented U.S. shale industry will respond to increased incentives to drill has become a crucial question for traders and industry watchers across the world.

Biden’s oil and gas ban immediately challenged in Federal court

Western Energy Alliance, which says it represents 200 oil and natural gas companies, said the administration’s suspension of leases is “unsupported and unnecessary,” and an overreach by the U.S. Bureau of Land Management, according to a petition filed Wednesday in Wyoming federal court.

Biden pauses onshore and offshore drilling leases, orders subsidy reviews

President Joe Biden took executive action on Wednesday to block new leases for oil drilling on federal lands and waters for one year and ordered a review of fossil-fuel subsidies and other measures to overhaul how the U.S. produces energy.