Reuters NEW YORK – North American oil companies have slashed production faster than skeptical OPEC officials and industry analysts expected, on course to cut roughly 1.7 million barrels per day by the end of June, according to a Reuters analysis of U.S. state and company data. The Organization of the Petroleum Exporting Countries and allies led by Russia struck a
Reuters WASHINGTON/MOSCOW (Reuters) – U.S and Russian energy officials held rare talks about oil after crude prices crashed to levels last seen about two decades ago, while President Donald Trump said oil that was cheaper “than water” was hurting the industry. Oil prices LCOc1 fell nearly 70% from January highs as lockdowns due to the coronavirus hammered demand and as
Whiting Petroleum Commences Chapter 11 Reorganizational Process to Right-Size Capital Structure DENVER–(BUSINESS WIRE)–Apr. 1, 2020– Whiting Petroleum Corporation (NYSE: WLL) and certain subsidiaries (collectively, “Whiting” or the “Company”) today announced that they had commenced voluntary Chapter 11 cases under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Company has more than $585 million of
Houston Chronicle Dallas pipeline operator Energy Transfer will proceed with the proposed Lake Charles LNG export terminal alone after European oil major Shell has decided to exit the multibillion project. Shell announced Monday that company will continue to support Energy Transfer with the bidding process for a general contractor but will then exit the project in a phased handover. The
Houston Chronicle Houston oil company Apache Corp. is making deeper budget cuts while its Permian Basin rig count has declined to zero. Apache reported Friday that the company has cut $1.3 billion from this year’s capital spending budget, reducing the company’s annual dividend by $340 million and cutting $150 million in other expenses. The company previously announced a $700 million
CNBC Saudi Arabia’s government unveiled stimulus measures amounting to 120 Saudi billion riyals ($32 billion) on Friday to support an economy hit by the double blow of the coronavirus crisis and dramatically lower oil prices. The sum includes Riyadh’s 50 billion riyals package announced last week to support small and medium-sized businesses. Friday’s announcement introduces a further 70 billion riyals
Houston Chronicle GEORGETOWN, Guyana — They are the odd couple of the global oil patch: Guyana is a poor former British sugar colony. Exxon Mobil is America’s largest oil company. They came to depend on each other after a series of extraordinary oil discoveries off Guyana’s coast transformed the small South American country’s fortunes and boosted the oil company’s assets
Houston Chronicle Houston pipeline operator Enterprise Products Partners is looking at ways to trim its multibillion dollar capital expenditure budget cuts as the ongoing oil price war takes its toll on the company’s customers. In a Wednesday afternoon statement, Enterprise reported that the company is reviewing its 2020 capital expenditure budget due to the potential impacts of record low crude
CNBC An oil price war between Saudi Arabia and Russia will most likely accumulate over the course of the year, energy analysts have told CNBC, with no end in sight until 2021 at the earliest. International benchmark Brent crude traded at $26.01 Wednesday, down around 9%, while U.S. West Texas Intermediate (WTI) stood at $22.73, more than 15% lower. Brent fell to its lowest
CNBC This month’s historic swoon in oil prices has some on Wall Street worrying that crude will settle in a range under $40 a barrel. For the industry’s hundreds of thousands of workers, the bigger worry is their jobs. Though West Texas Intermediate crude has only plumbed its new lows for about a week, some are already warning that energy workers could
CNBC Developing countries’ oil and gas income could fall to their lowest levels in more than two decades if current energy market conditions persist, the IEA and OPEC have warned in a rare joint statement. IEA Executive Director Fatih Birol and OPEC Secretary General Mohammed Barkindo expressed “deep concerns” about the coronavirus pandemic on Monday, warning it could have “potentially
CNBC An end to the oil price plunge is nowhere in sight, energy experts say, as futures of international benchmark Brent crude fell below $30 a barrel Monday for the first time since 2016. That’s a stunning 54% drop year-to-date. “Oil could easily be in the teens at the bottom. Could even be low teens at the lowest,” Abhi Rajendran,
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