Category: Shale

U.S. producers idle 31 more oil rigs

The number of U.S. oil rigs fell once again this week, Baker Hughes said Friday, as producers kept cutting drilling in the face of low crude prices.  More »

CERAWeek: Oil chiefs explain why U.S. shale boom hasn’t gone global

Has billionaire oil man Harold Hamm ever been tempted to take the U.S. shale revolution abroad and expand his oil empire from North Dakota to the rest of the world? “I have not,” Hamm told a gathering of energy executives Tuesday.  More »

CERAWeek: Investors gambling on oil making U.S. “center” of oil market

Investors are pouring capital and corporate debt into oil companies because they’re more afraid of missing the upside of an oil-price recovery than making a bad investment – a risky gamble, a private equity fund manager said Tuesday.  More »

Halliburton cuts 9,000 jobs as oil slump takes toll

Oil field services firm Halliburton posted a first-quarter net loss of $643 million as drilling rigs continued to go silent in North American oil fields and producers asked for pricing concessions for services, it said Monday.  More »

Schlumberger CEO lays out his plan to weather the crude crash

The growing re-fracturing business is one that could boost Schlumberger’s suffering bottom line amid tumbling commodity prices.  More »

Shale output is falling faster than expected

Just five months after Saudi Arabia put the market into a tailspin by refusing to cut supply despite a global glut, the shale oil industry will record its first monthly dip since 2013.  More »

Cheap crude won’t slow U.S. oil fields by much, EIA says

The EIA said low oil prices would only cut the nation’s daily production by 700,000 barrels from 2022’s projected 10.4 million barrels.  More »

Shale boom to start busting as U.S. output set to fall

The shale oil bonanza that made millionaires from Texas to North Dakota is slowing down for the first time in years, a sign that painful industry cutbacks are starting to have an impact.  More »

EnCap raises $6.5 billion to pour into North American oil firms

Private equity firm EnCap Investments has closed its tenth energy fund with $6.5 billion to back North American oil and gas producers, the latest firm to collect billions to pump into the shale business.  More »

Reckoning arrives for cash-strapped oil firms amid bank squeeze

April is a crucial month for the industry because it’s when lenders are due to recalculate the value of properties that energy companies staked as loan collateral.  More »

Energy Department study: Shale won’t last, Arctic drilling needed now

In order for the U.S. to keep domestic production high and imports low, oil companies should start probing the Artic now because it takes 10 to 30 years of preparation and drilling to bring oil to market, according to a draft of the study’s executive summary obtained by the Associated Press.  More »

Frac sand exec to slumping oil producers: You’re not going to drill your way out of this

“Every so often we have to reinvent the oil industry again,” says an executive from frac-sand firm Trican Well Service.  More »

Return to $100 oil seen unlikely by Saudis amid shale surge

Brent oil, the global benchmark, declined almost 50 percent in the past year as Saudi Arabia and others in the Organization of Petroleum Exporting Countries committed to maintain output amid a global surplus.  More »

Report: Texas housing more resilient to oil prices

Texas’ real estate market should be able to weather lower oil prices better than it did in the 1980s, but if prices fall further, the results could be much more dire, a Texas A&M real estate economist says.  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 »
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