Oil field workers in 2012  drill into the Gypsum Hills near Medicine Lodge, Kan.   U.S. Steel said Tuesday it will lay off about 750 employees from two plants that make tubular steel, which is used in oil and gas drilling(AP Photo/Orlin Wagner, File)

Efficiency gains in the oil patch could be short lived, consultants say

Today’s efficiency gains, especially those driven by 20 to 30 percent discounts off the cost of oil field tools and services, could be short lived if drilling rigs ride high again after the end of the downturn, which will come sooner or later.
Over thirty oil drilling rigs idling in a Helmerich & Payne, Inc. yard along Groening Street in Odessa, Texas, in the Permian Basin on  May 18, 2015. (Courtney Sacco/Odessa American via AP)

North Dakota drill rig count drops to lowest since 2009

The Williston Herald reports the drop occurs as companies are pumping less crude amid oil prices that have plummeting more than 40 percent since last year.

Colorado energy companies take trespassing claims to court

Encana Corp. has sued WPX Energy, saying WPX knowingly drilled a well that passed horizontally through Encana’s mineral estate in the Parachute Creek area without getting Encana’s permission.
In this June 10, 2015 photo, Dr. Anne Sheehan, Professor of Geological Sciences and Fellow of the Cooperative Institute for Research in Environmental Sciences opens a compartment in a weatherproof digital recorder, part of her kit of solar-powered seismometers, used to measure earthquakes, including those caused by injection wells at petroleum extraction sites, at CU Boulder, in Boulder, Colo. (AP Photo/Brennan Linsley)

Earthquakes near Colorado wastewater well decrease

DENVER — The ground around a northern Colorado wastewater injection well has been relatively quiet for more than two months, offering hope that a 10-month string of more than 200 small earthquakes might have subsided.

Natural gas firm asked to show it’s not causing Texas quakes

A natural gas extraction company controlled by energy giant Exxon Mobil sought to prove Wednesday that it is not to blame for a recent rash of small earthquakes in North Texas, telling a powerful state agency that it believes the earthquakes occurred naturally.
(Spencer Platt/Getty Images)

U.S. shale production set to fall again in July, EIA says

Daily oil production at the nation’s six biggest shale plays is set to slip by 91,000 barrels from June to July, the Energy Information Administration says.
(Image: Fotolia)

Oil drilling in Montana taps out

Montana drilling has been very limited during the Bakken oil boom, but it’s been decades since the state was without a single drilling rig.
(Spencer Platt/Getty Images)

Federal Reserve says oil service costs down 30 percent

Contacts in the U.S. petroleum business told the Fed the cost of drilling and bringing wells into production have dropped 20 to 30 percent since the beginning of the year, according to the Fed’s June Beige Book, a monthly assessment of economic activity in 12 regional districts across the United States.
Ryan Lance, ConocoPhillips CEO, speaks during the opening panel discussion of the 2015 IHS Energy CERAWEEK. (Brett Coomer/Houston Chronicle)

Shale is ‘here to stay’ Conoco chief tells OPEC

In June 2012, when Lance spoke at the last biennial seminar held by the Organization of Petroleum Exporting Countries, the U.S. was pumping 6.2 million barrels a day. Now, it produces 9.5 million barrels at day, the highest since 1972.
A Linn Energy relief driller loads drill rods onto a rig in Indiana, Pennsylvania in the Appalachian Basin. (AP file photo/Andrew Rush)

Barclays: Expect production to rise for a few companies taking advantage of cheap oil

A handful of oil companies have sounded off a renewed sense of optimism as U.S. crude has hovered around $60 a barrel, with some saying they have even raised their annual production forecasts, according to Barclays.