Reuters Oilfield service firm Patterson-UTI Energy Inc (PTEN.O) on Thursday warned investors it would see a 60% decline in activity this year as shale companies slash spending and halt activity amid an unprecedented decline in oil prices. The company said it expects to exit the current quarter with about 70 rigs in operation, down from an average of 123 rigs
CNBC The U.S. oil industry reacted to cratering oil prices by cutting production by 900,000 barrels a day in just a month in what appears to be the biggest one-month decline since the financial crisis. U.S. government data shows that U.S. production fell to 12.2 million barrels a day last week. That’s off 100,000 barrels in a week, but down
CNBC It’s been a wild week for the oil market. Oil prices began an unprecedented drop on Monday that saw the West Texas Intermediate May futures contract, which expires on Tuesday, slide into negative territory for the first time ever. The May and June contracts remained under serious pressure Tuesday as the more actively traded June contract fell nearly 25%. In the days leading
Reuters NEW YORK/HOUSTON – The telephone lines have been ringing at Adler Tank Rentals in Texas as oil companies found a new use for steel tanks that had been left idle when shale producers stopped drilling – they want to use the tanks to store some of an oil glut that has overwhelmed the market and flipped U.S. crude prices
Reuters LONDON – Benchmark Brent and U.S. oil futures for June delivery plunged to around two-decade lows on Tuesday, a day after U.S. May futures sank into negative territory for the first time in history as demand tumbled due to the coronavirus crisis. Brent for June delivery LCOc1, known as the front-month contract after the May futures contract expired, fell
CNBC Oil prices fell on Friday as news of President Donald Trump’s plans to ease the U.S. coronavirus lockdown to get the American economy moving again were quickly overshadowed by China’s worst quarterly economic contraction on record. U.S. crude for June fell 1%, or 26 cents, to trade at $25.28 per barrel. Brent rose 39 cents to trade at $28.21 per barrel. The
Oil and Gas 360 EL DORADO, Ark., April 17, 2020 (GLOBE NEWSWIRE) — Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results for the three months ended March 31, 2020. Key Highlights: Net income was $89.3 million, or $2.92 per diluted share, in Q1 2020 compared to net income
CNBC The International Energy Agency (IEA) said Wednesday that it expects the coronavirus crisis to erase almost a decade of oil demand growth in 2020, with countries around the world effectively having to shut down in response to the pandemic. A public health crisis has prompted governments to impose draconian measures on the lives of billions of people. It has
CNBC The historic deal reached by OPEC and its oil-producing allies to cut production has worked to “stem the tide, stem the damage that was being done to the market,” since the onset of the coronavirus pandemic and the Saudi Arabia-Russia oil price war, U.S. Energy Secretary Dan Brouillette told CNBC. Oil prices are down more than 55% year-to-date, having experienced the
Reuters LONDON – Oil fell by more than 4% towards $28 a barrel on Wednesday, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage. The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to
Reuters Oilfield services provider Baker Hughes Co said on Monday it will take a $1.5 billion charge to its first-quarter earnings, write down the value of its oilfield business and slash this year’s capital spending by 20%. Oil and gas producers have cut 2020 spending by about 30%, according to data compiled by Reuters, as oil prices have tumbled
Reuters ProPetro Holding Corp said on Thursday it will reduce compensation at different levels by up to 20%, the latest oilfield services provider looking to rein in costs to weather a steep drop in oil prices. The Midland, Texas-based company said earlier this month it was experiencing a “severe, negative” impact on pricing for well-fracking services as customers clamor
