Tuesday, November 26, 2024

Land Rig Count Drops Below 1,000

Five declines in a row By Richard Rostad, analyst, Oil & Gas 360 Drilling activity in the U.S. continues to reel from the Q4 oil price decline, based on the most recent edition of Baker Hughes Weekly Rig Count. A net ten rigs shut down this week, meaning a total of 35 rigs have shut down in five straight weeks

Ex-Enron CEO Skilling Plans Second Act

From The Wall Street Journal Former Enron Corp. Chief Executive and convicted felon Jeffrey Skilling is looking to get back into the energy business, with a little help from his friends. Just weeks after serving more than 12 years in federal custody on fraud, conspiracy and insider-trading convictions following Enron’s fall, Mr. Skilling has been holding meetings with former Enron executives and

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Alberta Discovers That Playing OPEC Isn’t Easy

From Bloomberg Trying to fix the crude market has been hard enough for OPEC. Alberta’s go at it is proving a bigger challenge than the oil-rich Canadian province anticipated. Since mandatory production cuts were announced in December, local heavy crude has gone from too cheap to too expensive. While pipelines remain as full as ever, the extra cost of shipping

More Shale, Who Cares? Saudi Arabia Pushes For At Least $70 Oil

From Reuters Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded. Riyadh, OPEC’s de facto leader, said it was steeply cutting exports to its main customers in March