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The number of active U.S. drilling rigs fell by 21 this week, Baker Hughes reported Friday, as crude prices continued to sputter in the wake of OPEC’s move to do away with its longstanding output ceiling.
Spokesman John Christiansen says the blaze was contained to one area of the plant, which halted operations following Thursday morning’s accident.
Despite the downturn, the Houston oil producer believes it can boost its oil production this year
The U.S. Energy Information Administration estimates domestic crude production declined by 120,000 barrels a day in September and projects it will fall to an average 8.86 million barrels a day next year from this year’s peak of 9.6 million barrels a day in April.
The lingering crude slump is expected to drive down production next year in the nation’s premiere oil patches — West Texas’ Permian Basin, South Texas’ Eagle Ford and North Dakota’s Bakken shale.
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.
Houston-based oil field services firm Carbo Ceramics closed another one of its proppant plants as demand for its products dries up amid waning oil field activity.
W&T Offshore has agreed to sell its stake in a West Texas oil field to a private equity start-up company for $376 million, the latest oil deal geared toward supporting a seller’s financial books amid cheap oil prices.
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.
Occidental Petroleum Corp.’s profits fell 85 percent in the second quarter as lower oil prices offset its surge in crude production from the Permian Basin in West Texas and elsewhere.