Category: Production

Sabine Oil & Gas working to avoid defaulting on its debt

All told, Sabine had $2.82 billion in debt as of March 15, with $326.8 million in cash on hand.  More »

Exxon Mobil starts production at its new deepwater project in the Gulf

Total production of the project is expected to reach about 300 million cubic feet of gas and 3,000 barrels of liquids per day from two wells.  More »

U.S. crude production sets record in 2014

The shale boom in 2014 fueled the most dramatic rise in U.S. oil production since the government began keeping records more than a century ago.  More »

Report: Drilling activity could rebound as service costs fall

The number of wells will fall this year, but drilling should recover by next year as oil companies “seize their chance to drill at lower cost,” the report notes.  More »

North Dakota oil rig count drops below 100

North Dakota is the nation’s No. 2 oil producer behind Texas. North Dakota has been producing about 1.2 million barrels of oil daily.  More »

Iraq’s February oil exports below planned level for Islamic State fight

Crude exports in February averaged 2.596 million barrels a day — almost a million barrels less than planned.  More »

Statoil, West Virginia agree on deal for drilling under Ohio River

The Intelligencer and Wheeling News-Register reports that Norway-based Statoil plans to drill on about 474 acres of state-owned land under the river in Marshall and Wetzel counties.  More »

U.S. drillers scrambling to thwart OPEC threat

Companies are leaning on new techniques and technology to get more oil out of every well they drill, and furiously cutting costs in an effort to keep U.S. oil competitive with much lower-cost oil flowing out of the Middle East, Russia and elsewhere.  More »

Saratoga Resources extends forbearance agreements to restructure debt

The Houston firm is extending the terms of its forbearance agreement with holders of $54.6 million in senior debt and 75 percent of holders of $125.2 million in second lien notes until April 30.  More »

Drilling data shows U.S. oil production is slowing

Drillinginfo’s latest index shows 794,000 new barrels of oil equivalent per day were reaching the U.S. market in February.  More »

Anadarko buys into Colorado-to-Cushing pipeline project

The Woodlands-based firm said Wednesday it has purchased a 20-percent stake in the pipeline company building the 550-mile Saddlehorn pipe, which is expected to start piping oil from the DJ Basin to the oil hub in Cushing in the middle of next year.  More »

Saudi crude exports in January reached highest in 11 months

The growth in January exports coincided with a 7.6 percent slide in the Brent crude price that month, signaling that cheaper oil may be stimulating demand amid a global surplus.  More »

Moody’s: North American oil companies cut capital spending 41 percent in 2015

North American exploration and production companies have collectively cut their capital budgets this year by 41 percent, according to a new analysis published Tuesday by Moody’s Investors Service.  More »

Oil production falling in three big shale plays, EIA says

Crude production at three major U.S. shale oil fields is projected to fall this month for the first time in six years, the U.S. Energy Information Administration said Tuesday.  More »

OPEC expects U.S. oil production to fall in late 2015

OPEC pegs the potential decline in U.S. liquids output at 80,000 barrels a day in the second half of the year, down from a peak of 13.71 million barrels a day in the second quarter to 13.63 million barrels a day by the fourth quarter.  More »
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