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The 29-week plunge in the oil rig count takes a break

Oil rebounds on largest rig count drop since April

This was the largest week-over-week decrease since April and brings the number of active oil rigs to 614. That’s below the previous low for 2015 set in May, according to the count by oil service firm Baker Hughes.

Eric Dille, director of government relations for EOG Resources., speaks at a meeting about flaring of natural gas in Bismarck, N.D., Thursday, Sept. 24, 2015. (Tom Stromme/The Bismarck Tribune via AP)

North Dakota regulators extend, toughen gas flaring mandate

North Dakota regulators have given the oil industry an additional 10 months next year to reduce the flaring of natural gas but also implemented a stiffer long-term benchmark.
Jed Hamilton and Kevin Harun take part in the University of Houston 2015-2016 Energy Symposium.  (Craig H. Hartley/For the Chronicle)

Exxon Mobil official promotes Arctic exploration

“If the U.S. stands in the background, Russia will move forward, and things won’t be as good as they could be if the U.S. had a seat at the table in the Arctic,” said Jed Hamilton, senior Arctic consultant at Exxon Mobil Upstream Research Company.
Exxon Mobil Corp. signage is displayed at a gas station in Richmond, Kentucky, U.S., on Wednesday, April 29, 2015. Exxon Mobil Corp. is scheduled to release earnings data on April 30. Photographer: Luke Sharrett/Bloomberg

Exxon said to be on the hunt for West Texas shale bargains

Stung by the 58 percent plunge in U.S. oil prices since June 2014, many drillers face stark choices: shut down rigs to conserve capital and wait out the bust, or surrender some independence to a deep-pocketed savior in exchange for a shot at a future windfall.
(Photographer: Eddie Seal, Bloomberg)

Citigroup sees U.S. oil production falling 500,000 barrels per day by end of 2015

High-cost oil producers in the U.S. have been forced to scale back in the past year after members of OPEC decided to maintain output to defend their market position.

Global economic worries keep crude in check

As opposed to the usual free-form structure, let’s do some painting by numbers to color in the backdrop for today’s market currents. Henceforth, five observations ahoy: 1) There is an interesting piece out this morning addressing the dichotomy seen within US shale producers, as some chose to hedge fairly aggressively in Q2, while some chose […]
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(Daniel Acker/Bloomberg)

Analysts: Oil patch will come roaring back to life in 2017

But the remainder of 2015 and all of 2016 will be “wastelands of low oilfield cash flows, spending and general activity levels” as oil prices hover below $60 per barrel.
David Green, software architect, is shown at Baker Hughes, 11211 FM 2920 Road, Thursday, Aug. 6, 2015, in Tomball. ( Melissa Phillip  / Houston Chronicle )

Service companies see re-fracking as new opportunity

Re-fracking can be up to two-thirds cheaper than drilling a new well, which is an alluring possibility for cash-strapped U.S. producers who are straining to keep operational costs down and drilling operations intact.
Anadarko Petroleum Corporation CEO Al Walker, gives a speech after his company won top ranked large employer during the Houston Chronicle's Top Workplaces Awards Gala, Thursday, Nov. 8, 2012, in Houston. (Nick de la Torre/Houston Chronicle)

Anadarko CEO: Outlook still uncertain for shale comeback

Earlier in the year, before initial declines in service costs, Anadarko had estimated it would take $3 billion in capital expenditures to keep production levels flat. Now, Walker said, it would take about $2.7 billion, and there is still room for improvement.

BHP Billiton makes $2.8 billion writedown in Texas shale

BHP’s announcement comes at a time when U.S. shale is suffering because of low prices for natural gas and oil, the latter of which is hovering near $52 a barrel.