World Oil (Bloomberg) — Shale explorers are searching for oil at rates not seen since the early weeks of the pandemic as high crude prices incentivize drilling. Oil rigs operating in US fields increased by 6 this week to 605, marking the biggest weekly expansion since June 24, according to Baker Hughes Co. data released Friday. It was
World Oil Publisher’s Note: Civitas Resources will be participating at EnerCom Denver-The Energy Investment Conference on August 7-10, 2022. Register to attend. (Bloomberg) — More U.S. shale producers should aim for net-zero emissions, while drillers that have already made climate pledges need to set more aggressive timelines to reach their goals, according to investor Kimmeridge Energy Management. The U.S. oil
World Oil (Bloomberg) — Shale drillers Diamondback Energy Inc., Devon Energy Corp. and Coterra Energy Inc. are boosting dividends while keeping oil output flat despite pleas from President Joe Biden to increase supplies and help take some the edge off of inflation. Diamondback announced a five-fold bump to quarterly payouts on Monday while Devon pledged to lift its dividend by
World Oil (Bloomberg) — U.S. shale drillers are incurring record labor and equipment costs so they can cash in on the highest oil prices in 14 years. They say one of the reasons they’re not doing more is because of President Joe Biden’s perceived hostility to the traditional energy industry. Even as the Biden administration urges oil companies to boost
World Oil (Bloomberg) — Shale explorers returned to growth mode this week, adding the most rigs in a month as the Biden administration calls on them to unleash more crude to offset a ban on Russian oil. The number of rigs drilling for crude in the U.S. rose by 8 to 527 this week, the biggest gain since Feb. 11,
World Oil (Bloomberg) — Vitol Group, the world’s largest independent oil trader, is partnering with shale specialists who formerly led Brigham Exploration Co. to expand amid the highest crude prices in seven years. The trader and Austin, Texas-based driller ATX Energy Partners LLC formed VTX Energy Partners LLC to acquire wells in the Permian and Bakken shale regions, according to
World Oil HOUSTON (Bloomberg) –Less than half of oil and natural gas drillers in the U.S. Great Plains and Rocky Mountains plan to curb emissions of carbon dioxide and methane this year, according to the Federal Reserve Bank of Kansas City. Even fewer have any plans to cut back on flaring of excess gas or recycle water used in fracking
World Oil HOUSTON (Bloomberg) –Oil drillers in the biggest U.S. fields are shouldering record costs at the same time that some banks are increasingly reluctant to loan money to the sector, according to the Federal Reserve Bank of Dallas. Equipment, leasing and other input costs for oil explorers and the contractors they hire surged to an all-time high during the
World Oil HOUSTON (Bloomberg) –Shale drillers’ newfound commitment to production discipline appears to be paying off as crude plunges toward a bear market. While West Texas Intermediate crude is poised for the biggest monthly loss since the beginning of the coronovirus pandemic, its collapse isn’t dragging down equities the way it used to. The S&P Oil & Gas Exploration &
World Oil (Bloomberg) –Banks are gradually offering more credit to U.S. shale oil and natural gas producers as the industry recovers from last year’s contraction and energy prices rally. So-called borrowing bases will increase as much as 20% during the imminent round of talks between drillers and lenders, according to most respondents in a survey conducted by law firm Haynes
Reuters Oklahoma shale driller Chaparral Energy Inc filed for Chapter 11 bankruptcy protection on Sunday, the latest U.S. energy sector casualty in recent months as COVID-19 crushes oil demand. The company’s assets and liabilities were in the range of $500 million to $1 billion, according to a court filing in the U.S. Bankruptcy Court in Delaware. It had around $421
Houston Chronicle U.S. oil companies battered by the crude price war between Saudi Arabia and Russia are encouraging the Trump administration to waive a law that mandates only American vessels can be used to transport goods among U.S. ports. A temporary waiver of that law, known as the Jones Act, “can allow American producers to move domestic products with greater
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