World Oil (Bloomberg) – Shale driller Ovintiv Inc. increased its 2024 production target, the second oil and gas company to do so this year. The company expects to pump the equivalent of 570,000 to 580,000 bbl of crude this year, compared with the previous forecast of 545,000 to 575,000, according to a statement. At the mid ranges of those targets,
World Oil (Bloomberg) – An Argentinian oil union said it will hold a 48-hour strike to demand higher salaries, potentially affecting production at the Vaca Muerta shale patch. The boycott is set to begin at 8 a.m. local time Tuesday, the workers said in a post on X on Saturday. There has been “no concrete progress” on salary negotiations, the
World Oil (Bloomberg) – Drilling in the U.S. shale patch dropped to the lowest level in almost two-and-a-half years as operators vow to make good on promises to investors for subdued production growth this year. The number of U.S. rigs drilling for oil fell by four to 492, the lowest since January 2022, according to data released Friday by Baker
World Oil (Bloomberg) – Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts as bigger-than-expected oil output from shale fields helped cushion the blow from weakening crude prices. Exxon rose as much as 1.6% in New York and Chevron climbed 2.8%. Exxon’s outsized result also was aided by a $1.14 billion boost from unsettled derivatives and record fuel production at
World Oil (Bloomberg) – To get to Marcelo Mindlin’s desk in his downtown Buenos Aires office, guests must walk past a big steel ring — a cross-section of natural gas pipeline. The hunk of metal epitomizes the views of Mindlin, and Argentina’s leaders, on the future of energy: Even as electrification gathers speed, fossil fuels will be needed for decades to
World Oil (Bloomberg) – The independent shale drillers that undermined OPEC’s decades-long grip on global oil markets soon will be a thing of the past as they merge with international giants, according to one of the industry’s founding members. Pure-play shale drillers will be acquired by larger companies within the next five years amid intensifying financial pressures and demand for
World Oil (Bloomberg) – Operators in the Permian basin pulled back on rig use at the fastest pace in three years as the world’s most prolific shale basin shrinks amid consolidation and the slow return in oil demand. Rigs targeting both crude and natural gas in the West Texas and southeast New Mexico region declined by 7 to 320 this
Yahoo Finance Shale technology advances that propelled the U.S. to the top global oil producer spot with world-beating growth rates are falling fewer and farther between as drilling budgets shrink and with them, the research and development that might deliver the next great leap. Inventions, such as directional drilling and hydraulic fracking, spurred U.S. oil production to the world’s highest
World Oil (Bloomberg) – Unemployment in the US oil industry plummeted to one of the lowest levels on record as shale explorers scramble for workers to keep production flowing. The jobless rate fell to 0.8% in October from 2.5% in the prior month on an unadjusted basis, government figures released Friday show. That compares with an unemployment rate of
Yahoo Finance The job market in the US shale patch is showing further tightness as drillers struggle to find enough workers to meet output targets this year, according to a Labor Department report released Friday. The unemployment rate fell to 2.5% in September from 2.6% in the prior month on an unadjusted basis, government figures show. That compares with
World Oil (Bloomberg) — New British Prime Minister Liz Truss removed a ban on drilling for shale gas, an effort to boost domestic energy supply that will have to overcome the same obstacles that stymied the industry for the past decade. The lifting of the moratorium on so-called fracing was part of a package of measures announced on Thursday to tackle soaring
World Oil (Bloomberg) — U.S. shale drillers are expected to post record second-quarter profits in coming days, reversing nearly a decade of debt-fueled losses. The top 28 publicly traded U.S. independent oil producers generated $25.5 billion in free cash flow in the three months to June 30, according to estimates compiled by Bloomberg. In that space of time they’ll
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