Current total stands at 1,062 U.S. drilling activity continued its steady climb today, adding rigs for the tenth week in a row according to Baker Hughes Weekly Rig Count. Two rigs came online this week, bringing the national total to 1,062, the highest level in more than three years. This week’s increase is the tenth in a row, the longest
Stats published by OPEC show $578 billion from oil exports in 2017; every member country saw revenue growth in 2017 OPEC’s output cut has played a significant role in rebalancing the oil market, bringing more than 1 MMBOPD off the market. Of course, the agreement was not motivated by some sort of altruistic motivations and OPEC has seen its revenues
From Bloomberg The U.S. is set to get a bit more possessive about its own oil, sparking a bidding war with eager buyers in the other side of the world. Asian refiners from China to Taiwan and Thailand have boosted purchases of American crude in recent months because it was increasingly turning cheap relative to supplies from other parts of the globe. They’re
From Bloomberg BHP Billiton Ltd. has received first-round bids for its U.S. shale portfolio from oil majors including BP Plc and Chevron Corp., valuing the unit at $7 billion to $9 billion, people familiar with the matter said. Royal Dutch Shell Plc, partnering with private equity firm Blackstone Group LP, also submitted a bid for the entire unit late in May, said the people, asking
From Reuters Jet fuel prices are at six-year highs, and part of the reason is linked to record U.S. shale crude production and the unique properties refiners contend with when they refine that oil. The United States produced about 4.7 million barrels per day of crude from shale formations in 2017. U.S. refiners have been using more of that abundant
Proceeds will go to share buybacks Devon Energy (ticker: DVN) continued its divestiture program today with the largest deal so far, valued at $3.125 billion. Devon will sell its interest in EnLink Midstream (ticker: ENLC) to privately held Global Infrastructure Partners (GIP). The sale significantly simplifies Devon’s holdings. EnLink is a major midstream company which handles much of Devon’s production.
From Reuters Oil prices fell on Wednesday on worries that global supply is climbing after U.S. inventories rose unexpectedly and Saudi Arabia and other big producers signaled that they may increase output. U.S. crude inventories rose 2.1 million barrels in the week to June 1, the Energy Information Administration said, a surprise after analysts had forecast a decrease of 1.8
The EIA released its weekly Petroleum Status Report today, outlining how national oil and refined product stocks have changed in the last week. Crude oil stocks rose by 2,072 MBBL last week to 436,584 MBBL from 434,512 MBBL. This is 15% below the 513,207 MBBL that was in storage at this point last year, and is marginally above the five-year
Rightly regarded as the very heart of modern unconventional oil and gas drilling activity, the Permian Basin has some of the most concentrated horizontal drilling and completions operations in the country. However, there is a side of the Permian that is often overlooked—the vertical side. Vertical activity dominated the Permian long after most other major plays in the U.S. had
WTI-Brent, Midland-WTI both near multi-year highs Oil markets are beginning to separate, as several trends drive rising differentials in local and national pricing. The WTI-Brent spread rose to over $11/bbl in intraday trading on both Thursday and Friday, the highest level in over three years. Even after the recent drop in oil prices on speculation that OPEC may increase output,
Two-thirds goes to Asia, one-third goes to EU Khamenei told Europe in May: ‘you must buy our oil if you want Tehran to stay in nuke deal’ From Gulf Times Iran’s oil exports hit 2.7mn barrels per day (bpd) in May, the oil ministry’s news agency SHANA reported yesterday, a new record since the lifting of international sanctions on Tehran
1,060 rigs currently drilling; 929 are horizontal rigs Drilling activity in the U.S. rose by only one rig his week, but it was enough to continue the positive momentum, with overall net U.S. rig count showing growth for the ninth-straight week, according to Baker Hughes. A net one rig began drilling this week, a far lower increase than the 13
