By Sarah Ponczek Apr 10, 2020 (Bloomberg) The stats border on the ridiculous. On the eve of an earnings season nobody has a clue about, the S&P 500 notches its best week in 46 years. About $4 trillion has been added to share prices, a few weeks after $10 trillion was sheared off. Does it make any sense? … Read moreTo Understand the Wild U.S. Stock Rally, Just Forget About 2020
By Christopher Sell Apr 10, 2020 (Bloomberg) Global oil demand is being destroyed as the coronavirus forces people around the world to remain indoors and avoid all unnecessary travel.Currently, between a third and a half of the world’s population are in lockdown, meaning few people are driving, flying or doing much that would require the use … Read moreHow the Pandemic Wiped Out Oil Demand Around the World – See How the U.S. & Others Are Affected
By Amy Stillman, Javier Blas, Grant Smith and Salma El Wardany Apr 10, 2020 (Bloomberg) Mexico said it has reached an agreement with OPEC+ for deep oil-production cuts, after an intervention from U.S. President Donald Trump resolved an overnight impasse.However, delegates from the Organization of Petroleum Exporting Countries said they were unaware of the terms of … Read moreMexico Says It Made OPEC+ Oil-Output Cuts Deal With Trump
April 9, 2020 OPEC and other major oil producers on Thursday discussed potential big output cuts in the face of a huge fall in demand due to the coronavirus crisis.The Organization of the Petroleum Exporting Countries and other producers including Russia, a group known as OPEC+, began a meeting on Thursday, which was expected include … Read moreEven big OPEC++ Cuts Won’t Offset Oil Demand Collapse – Here’s What Analysts Had to Say
April 9 (Reuters) U.S. energy firms cut oil rigs for a fourth week in a row to the lowest since December 2016 with oil futures down over 50% since the start of the year after Saudi Arabia and Russia cut prices and boosted output in a battle for market share. That price war came at … Read moreU.S. oil rig count drops to lowest since Dec. 2016 -Baker Hughes
By Rachel Adams-Heard and Kevin Crowley Apr 9, 2020 (Bloomberg) Occidental Petroleum Corp. wants U.S. government financial aid for the oil industry even as the biggest producer of Permian Basin crude urges Texas regulators not to interfere with market forces. In a sign of how important the appeal is to Chief Executive Officer Vicki Hollub, employees … Read moreOccidental Seeking Federal Lifeline For U.S. Oil Industry
By Lorcan Roche Kelly Apr 9, 2020 (Bloomberg) Another mammoth jobless number expected, oil producers meet to agree on cuts, and Powell due to speak. Here are some of the things people in markets are talking about today. Claims Weekly jobless numbers, fast becoming the closest-watched economic data point of the coronavirus crisis, are expected to post another multi-million number when … Read moreFive Things to Know in World Business Today
By Stephen Cunningham Apr 8, 2020 (Bloomberg) Before he became America’s president, Donald Trump wasn’t a huge fan of OPEC. In fact, he devoted a section of his 2011 book “Time to Get Tough” to assailing the cartel for unfairly fixing oil prices, and he supported legislation that would have stripped OPEC members of the sovereign … Read moreTrump Says He Used to Hate OPEC. Now He’s Had a Change of Heart
By Barbara Powell Apr 9, 2020 (Bloomberg) The next step for some U.S. refineries that have already cut way back may be a full stop. Marathon Petroleum Corp. plans to idle its Gallup, New Mexico, refinery next week, according to a person familiar with the matter. It’s the first U.S. facility to shut as the coronavirus … Read moreSome of America’s Oil Refineries May Be on the Brink of Shutting
By Nathaniel Bullard Apr 9, 2020 (Bloomberg) On Tuesday, Exxon Mobil Corp said that it would slash its capital expenditures by $10 billion, to about two-thirds of what it had planned just a month ago. It’s the second-largest capex cut in the company’s modern history, according to Bloomberg News’ Joe Carroll and Kevin Crowley. Exxon is hardly alone … Read moreOil’s Belt-Tightening Is Bad News for Clean Power, Too
By Christopher Sell Apr 8, 2020 (Bloomberg) Oil faces a critical week as Saudi Arabia, Russia and other global producers work frantically to secure a deal aimed at stemming the crash in oil prices. The former partners-in-cuts traded barbs over the weekend over who’s to blame for crude’s crash, which led to a virtual meeting being … Read moreIn the Big OPEC++ Output Deal, Who’s In and Who’s Out?
By James Thornhill and Alex Longley Apr 9, 2020 (Bloomberg) Oil rose but trading was volatile as the world’s top producers inched towards a deal to curb output.Brent futures were higher on the day, but fell sharply by about $2 a barrel on concerns that any deal may not be enough to stem rising inventories. The OPEC+ meeting … Read moreOil Rises in Volatile Trading as Production Deal Nears
April 08, 2020 ET | Source: KLX Energy Services LLC WELLINGTON, Fla., April 08, 2020 (GLOBE NEWSWIRE) — KLX Energy Services Holdings, Inc. (“KLX Energy Services” or the “Company”) (NASDAQ: KLXE) announced today several additional cost reduction measures being taken in response to rapidly deteriorating market conditions as a result of the unprecedented demand destruction being caused by the … Read moreKLX Energy Services Announces Additional Cost Reduction Measures in Response to Current Depressed Market Conditions
Today’s hospital shipment is one component of the DTE Foundation’s expansive coronavirus relief campaign. “We’re just getting started,” DTE Energy President and CEO Jerry Norcia declares. April 08, 2020 | Source: DTE Energy photo-release DTE employee Ken Crandall delivers KN95 respirator masks to Henry Ford Health System as part of the DTE Foundation’s donation of 100,000 of … Read moreDTE Energy Foundation bolsters historic COVID-19 relief campaign: 100,000 respirator masks delivered to area hospitals with two million more on order
April 08, 2020 | Source: U.S. Well Services, Inc. HOUSTON and PITTSBURGH, April 08, 2020 (GLOBE NEWSWIRE) — U.S. Well Services, Inc. (Nasdaq: USWS) today announced it has executed a long-term contract to provide electric hydraulic fracturing services for EQT Corporation (NYSE: EQT) using its next-generation Clean Fleet® technology. Pursuant to the terms of the agreement, U.S. … Read moreU.S. Well Services, Inc. and EQT Corporation Finalize Long-Term Electric Frac Contract
By Anna Shiryaevskaya Apr 8, 2020 (Bloomberg) Shipments of liquefied natural gas will decline from record levels as global economic growth weakens and energy consumers work through a glut, an industry group said.LNG imports surged 13% to 354.7 million tons after production surged from new plants in the U.S., Russia and Australia, the French-based group known … Read moreAfter a Record Year, LNG Industry Heads for Slump in Deliveries
The CEO of TC Energy Corp. says the company is fine-tuning its plan to guard against the spread of COVID-19 as it moves ahead with site preparation for the US$8-billion Keystone XL Pipeline project. Russ Girling says crews are working on right-of-way clearing and moving pipe and equipment into position while starting to drill river crossings and constructing … Read moreCOVID-19 plan key part of Keystone XL construction acceleration, says CEO
By Lorcan Roche Kelly Apr 8, 2020 (Bloomberg) White House prepares plan to reopen the economy, EU finance chiefs fail to reach agreement, and grim coronavirus forecasts. Here are some of the things people in markets are talking about today. A plan The Trump administration is developing a plan to get the U.S. economy back on track based on more … Read moreFive Things to Know in World Business Today
By James Thornhill and Alex Longley Apr 8, 2020 (Bloomberg) Oil rose as investors weighed whether output cuts being discussed by the world’s top producers will be enough to offset the demand destruction wrought by the coronavirus. Futures in New York climbed around 3% toward $25 a barrel. Saudi Arabia and Russia are hammering out an … Read moreOil Moves Higher With Impact of Possible Output Cuts in Focus
By Joe Carroll and Sheela Tobben Apr 7, 2020 (Bloomberg) Some old-guard Texas oil drillers are urging state regulators to clamp down on crude production to halt a price collapse more severe than any of them have ever lived through.The largest U.S. oil-producing state hasn’t restricted crude production in almost 50 years but a growing chorus of explorers … Read moreShale Drillers Warming to a Once-Unthinkable Idea: a Cap on Oil
By Yakob Peterseil Apr 8, 2020 (Bloomberg) The biggest oil crash in almost three decades is all but wiping out investors in a complex structured product that’s traditionally marketed to savers and retirees.As the crude market reels from both the raging price war between exporting powers and the historic collapse in demand, debt securities tied to … Read moreOil Crash Spurs 92% Loss in JPMorgan Note and Clobbers Many More
By Javier Blas and Grant Smith Apr 7, 2020 (Bloomberg) The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically. While the forecast reflects what President Donald Trump has called an “automatic” reduction by U.S. explorers, not a commitment from … Read moreGlobal Oil Deal Gains Traction With U.S. Predicting Big Drop
By James Thornhill Apr 7, 2020 (Bloomberg) Crude steadied in Asia, holding under $25 a barrel as traders weighed whether output cuts being discussed by the world’s top producers would be enough to offset an unprecedented demand loss from the coronavirus outbreak.Futures in New York rose as much as 3.5%, after sliding more than 9% on … Read moreOil Holds Below $25 on Worries an Output Cut Won’t Be Big Enough
CALGARY, Alberta: dmg::events announces postponement of its flagship North American event, the Global Energy Show. The annual exhibition and conference were set to host more than 53,000 local and international delegates coming from more than 110 countries around the world and was Canada’s largest B2B tradeshow in 2019. The Global Energy Show has confirmed new … Read moreGlobal Energy Show Postpones 2020 Event Due to COVID-19 Pandemic
BILLINGS, Mont. — A Canadian company said Monday that it’s started construction on the long-stalled Keystone XL oil sands pipeline across the U.S.-Canada border, despite calls from tribal leaders and environmentalists to delay the $8 billion project amid the coronavirus pandemic. A spokesman for TC Energy said work began over the weekend at the border … Read moreWork starts in Montana on Keystone XL Canada-US oil pipeline
April 7, 2020 Business Wire IRVING, Texas – ExxonMobil said today it is reducing its 2020 capital spending by 30 percent and lowering cash operating expenses by 15 percent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic. Capital investments for 2020 are now expected to be about $23 billion, down … Read moreExxonMobil reduces 2020 capex by 30%, cash opex by 15%; maintains long-term outlook
By Rachel Adams-Heard Apr 6, 2020 (Bloomberg) Collapsing oil prices are having at least one positive side effect: less flaring in North America’s biggest shale field. In the Permian Basin, flaring — the process of burning off unwanted natural gas flowing from oil wells — dropped in the first quarter to the lowest since the third quarter of … Read moreOil’s Big Crash Has Permian Explorers Flaring Less Gas
By Laura Hurst and Kevin Crowley Apr 6, 2020 (Bloomberg) About $25 billion of oil and gas deals are hanging in the balance following crude’s historic collapse, potentially doing further harm to the finances of companies already battered by the slump. Companies including Occidental Petroleum Corp., BP Plc and Exxon Mobil Corp. are relying on asset … Read moreHistoric Oil Slump Puts Multibillion-Dollar Deals in Balance
By Clara Ferreira Marques Apr 7, 2020 (Bloomberg Opinion) In the eyes of Moscow hardliners, the shale boom that turned the U.S. into a leading oil exporter has also encouraged Washington’s belligerence. Back in early March, low prices were a welcome means of pushing American producers over the edge; Russia’s bolstered state finances and its lower-cost oil companies meant it could take … Read morePutin’s Oil Price Gambit Has Run Out of Road: Clara Ferreira Marques
By Laura Hurst Apr 7, 2020 (Bloomberg)Royal Dutch Shell Plc’s greenhouse gas emissions edged lower last year due to asset sales, while the amount of natural gas burned off wastefully from its facilities — known as flaring — increased. Shell’s direct emissions fell to 70 million tons of carbon dioxide equivalent in 2019 from 71 … Read moreShell’s 2019 Greenhouse Gas Emissions Fell Due to Asset Sales
By Lorcan Roche Kelly Apr 7, 2020 (Bloomberg) China reports no new virus cases, oil powers eye deal to slash output, and markets rally. Here are some of the things people in markets are talking about today. Slowing British Prime Minister Boris Johnson was moved to intensive care yesterday after his condition worsened. Officials said he was receiving oxygen, but … Read moreFive Things to Know in World Business Today
By James Thornhill and Alex Longley Apr 7, 2020 (Bloomberg) Oil resumed gains on signs that the world’s biggest producers are moving toward a deal to end their price war and cut output as the coronavirus eviscerates energy demand.Futures in New York rose 3.6% to trade near $27 a barrel. Saudi Arabia and Russia are closing … Read moreOil Edges Higher as Producers Move Toward Deal to Curb Output
By Javier Blas and Grant Smith Apr 7, 2020 (Bloomberg) The world’s largest oil producers are hammering out the terms of an unprecedented deal to mitigate the devastating impact of the coronavirus crisis as they prepare for an extraordinary meeting this week. Saudi Arabia and Russia are closing in on an agreement to curb output, which … Read moreGlobal Oil Powers Close In on Historic Deal to Curb Output
By Jennifer A. Dlouhy and David Wethe Apr 7, 2020 (Bloomberg) Inside more than a thousand offshore drilling rigs and oil production platforms that dot the Gulf of Mexico, workers navigate narrow corridors, sleep in shared rooms and dine in crowded mess halls.It’s an environment designed for efficiency — not for keeping a lethal coronavirus … Read moreIn Gulf’s Offshore Rigs, Crews Fight Virus to Keep Oil Flowing
April 6, 20205:27 PM Reuters U.S. President Donald Trump President Donald Trump said on Monday that OPEC had not pressed him to ask U.S. oil producers to reduce their output to support global prices, which have been hard-hit by the economic fallout of the coronavirus pandemic.Trump said U.S. oil production had already fallen, anyway. “I think … Read moreTrump says OPEC has not asked him for a U.S. oil production cut
April 6, 2020 Reuters Saudi Arabia and Russia are close to a deal on oil output cuts to reduce a global glut, a top Russian oil negotiator said on Monday, but details such as how to share out production curbs remained unclear ahead of talks planned for later this week.A supply deal between OPEC, Russia and … Read moreRussia and Saudi ‘very close’ to oil deal, Moscow envoy says
By Alex Longley and Sheela Tobben Apr 6, 2020 (Bloomberg) Oil fell on signals that a glut is growing at America’s key oil storage hub, offsetting earlier support from signs that Saudi Arabia and Russia are making progress toward a supply-curb agreement. Futures were trading 6% lower in New York Monday, having earlier plunged as much … Read moreOil Slips After Forecast for Large Stockpile Gain at Key Hub
April 6, 2020 Reuters Oilfield services firm Halliburton on Monday was cutting about 350 employees in Oklahoma, according to a filing with the state, amid a deepening oil bust from the spread of coronavirus and a price war between Russia and Saudi Arabia. Staff cuts could begin this week at its Duncan, Oklahoma facility, the filing … Read moreOilfield firm Halliburton cuts more U.S. jobs as oil bust deepens
DTE joins coalition of business groups raising awareness of Paycheck Protection Program forgivable loans April 06, 2020 | Source: DTE Energy Detroit, April 06, 2020 (GLOBE NEWSWIRE) — DETROIT, Apr. 6, 2020 — DTE Energy, Michigan’s largest energy company, is making its business customers aware of programs that can provide financial lifelines, as well as offering guidance on … Read moreDTE Energy offering critical resources to business customers to help them through coronavirus crisis
By Justin Sink and Mario Parker Apr 5, 2020 (Bloomberg)President Donald Trump said he doesn’t think he’ll have to impose tariffs on imported oil to blunt the impact of a price war between Russia and Saudi Arabia, but held out the option to protect U.S. oil producers. “I would use tariffs if I have to,” … Read moreTrump Says He Doesn’t Expect to Impose Tariffs on Oil Imports
By Javier Blas and Henry Meyer Apr 6, 2020 (Bloomberg) Saudi Arabia, Russia and other large oil producers are racing to negotiate a deal to stem the historic price crash as diplomats said some progress was made on Sunday. The talks still face significant obstacles: a meeting of producers from OPEC+ and beyond — delayed once … Read moreOil Negotiators Race for Pact With U.S. Role in Balance
By Elizabeth Low and Alex Longley Apr 6, 2020 (Bloomberg)Oil pared losses amid signs that Saudi Arabia and Russia are making progress toward an agreement to curb crude output as the coronavirus wreaks havoc on the global economy. Futures fell 3.3% in New York, having earlier plunged 11%. Large oil-producing nations are racing to negotiate a deal … Read moreOil Pares Loss as Investors Weigh Chance of Price-War Truce
By Lorcan Roche Kelly Apr 6, 2020 (Bloomberg)Trump sees signs of a peak in U.S. outbreak, oil producers set to meet, and stocks rally. Here are some of the things people in markets are talking about today. Light at the end of the tunnel President Donald Trump said he is seeing signs that the coronavirus outbreak … Read moreFive Things to Know in World Business Today
By Steven T. Dennis, Laura Davison and Mike Dorning Apr 6, 2020 (Bloomberg) This is normally the time of year when the federal government is collecting taxes due, but the devastating coronavirus now has the U.S. trying to rapidly dole out hundreds of billions of dollars in aid and tax breaks to businesses large and small. … Read moreBillions in Stimulus Cash: Who Gets it and How to Get Access
By Brian Eckhouse Apr 6, 2020 (Bloomberg) When the coronavirus hit China late last year, America’s solar industry immediately started worrying about manufacturing. Asia is the main source of panels and other equipment, and with residential installers anticipating a bumper year, a bottleneck in the supply chain could be a major hindrance. Turns out the industry’s biggest … Read moreThe Solar Industry Was Poised for a Strong Year, But Now Demand is Plummeting
Click here to download the report The impact of particulate solids on hydrocarbon liquid pump performance, maintenance and longevity is an extensive topic and the subject of much discussion. So is the subject of effective particulate control in pump applications. Examples of particulate impacts, including black powder contamination impacts, on differing types of pumps … Read moreTECHNICAL PAPER: Effective Filtration on the Suction Side of Pumps – Black Powder Solutions
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April 03, 2020 | Source: Amplify Energy Corp. HOUSTON, April 03, 2020 (GLOBE NEWSWIRE) — Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today that Ken Mariani, Amplify’s President & CEO, has notified the Board of his planned retirement from the Company, effective April 3, 2020. Amplify’s Board has appointed Martyn Willsher, Amplify’s current … Read moreAmplify Energy Announces Retirement of Ken Mariani, Appointment of Martyn Willsher as Interim CEO, Appointment of Chris Hamm as Lead Director
By Justin Sink and Anthony Di Paola Apr 5, 2020 (Bloomberg) President Donald Trump ramped up threats to use tariffs to protect the U.S. energy industry from a historic glut of oil, as efforts to forge a global deal to cut output appeared to lose momentum. Trump said Saturday at a White House press briefing he’d … Read moreTrump Steps Up Oil Tariff Threat Amid Saudi-Russia Rift
By Javier Blas and Henry Meyer Apr 5, 2020 (Bloomberg) Saudi Arabia, Russia and other oil large producers are racing to negotiate a deal to stem the historic price rout, as diplomats pressed to get the U.S. to join the coalition. “President Putin and the Russian side in general are keen to engage in constructive negotiations, … Read moreSaudi Arabia, Russia Push Negotiations for Global Oil Pact that includes the U.S.
By Javier Blas and Alex Longley Apr 3, 2020 (Bloomberg) To outsiders, the oil trade of the day is so astonishing that even President Donald Trump sounded flabbergasted when he described it. “There’s oil all over the oceans right now. That’s where they are storing oil; we have never seen anything like that,” Trump said this … Read moreThe Most Profitable Trade: ‘Oil All Over the Oceans Right Now’
By Rachel Adams-Heard Apr 4, 2020 (Bloomberg) In just a matter of weeks, Ryan Sitton went from being a lame-duck commissioner of an obscure Texas agency to one of the key figures in a global effort to save the oil market from plummeting prices. Sitton, a Republican who lost the primary election for his own seat … Read moreA Lame-Duck Regulator Who Became the Face of Shale in Oil Wars
By Zaid Sabah, Grant Smith and Javier Blas Apr 4, 2020 (Bloomberg) OPEC+ delayed a meeting aimed at ending the oil price war, as Riyadh and Moscow trade barbs about who’s to blame for the collapse in oil prices.The alliance is tentatively aiming to hold the virtual gathering on April 9 instead of Monday as it … Read moreOPEC+ Meeting Delayed on New Saudi, Russia Rift
By Mikael Holter Apr 4, 2020 (Bloomberg) Norway, the biggest oil producer in western Europe, said it would consider cutting its output if there was a broad international agreement to curb supply. The Nordic nation, whose oil output is set to grow over the next few years, hasn’t been a part of coordinated international cuts to … Read moreNorway May Join Oil Output Cuts for First Time Since 2002
By Liam Denning Apr 3, 2020 (Bloomberg Opinion)It is entirely fitting that the one of best performing energy stock on Friday morning was recently bankrupt Whiting Petroleum Corp. As President Donald Trump’s initial tweet-heard-round-the-(oil)-world has snowballed into a seething mass of optimistic rumor, so the more — how to put this? — speculative stocks have floated to the … Read moreOil Market Is Desperate for Saudi Arabia to Flatten the Curve: Liam Denning
(Reuters) – U.S. energy companies reduced the number of active oil rigs for a third week in a row in their biggest weekly cut in five years as they slashed spending on new drilling due to a coronavirus-related slump in economic activity and fuel demand. Drillers cut 62 oil rigs in the week to April … Read moreU.S. drillers cut most oil rigs in a week since 2015: Baker Hughes
By Irina Reznik, Olga Tanas, Henry Meyer and Ilya Arkhipov Apr 3, 2020 (Bloomberg) Russian President Vladimir Putin said his country is prepared to take part in deep cuts in oil production together with Saudi Arabia and other major producers to halt the slide in prices, echoing an announcement by his U.S. counterpart Donald Trump. “We … Read morePutin Echoes Trump’s Call for Oil Producers to Cut Output
By Lorcan Roche Kelly Apr 3, 2020 (Bloomberg) More virus restrictions and stimulus, OPEC+ set to meet, and European PMIs are dismal. Here are some of the things people in markets are talking about today. 1 million The growth in the number of coronavirus cases globally shows little sign of slowing with the reported total passing 1 million yesterday, … Read moreFive Things to Know in World Business Today
By Grant Smith, Javier Blas and Olga Tanas Apr 3, 2020 (Bloomberg) The OPEC+ coalition is pressing other oil producers to join a deep reduction in global crude output and stem a historic price crash, as Russia’s energy industry signaled it is ready to move. Oil surged on the prospect that an idea first touted by … Read moreOPEC+ Urges Global Cut to Stem Rout as Russia Ready to Move
By Anna Shiryaevskaya and Naureen S. Malik Apr 3, 2020 (Bloomberg) Liquefied natural gas traders are following the latest trend in the oil market by storing huge amounts of the commodity on tankers, hoping prices will rise before the ship docks. But while crude can sit for months or even years in a tank, super-chilled LNG … Read moreThe Natural Gas Glut Moves Offshore
By Irina Reznik, Olga Tanas, Henry Meyer and Ilya Arkhipov Apr 3, 2020 (Bloomberg) Russia’s oil industry is ready to agree to cuts in production together with Saudi Arabia and other major producers in a desperate bid to halt the slide in prices, according to five people familiar with the efforts. While the Kremlin hasn’t confirmed … Read moreRussian Producers Ready for Oil Cuts to Stop Price Rout
By Alex Longley Apr 3, 2020 (Bloomberg) Oil jumped more than 16% in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10 million barrels a day of global production being discussed. The coalition will hold a meeting of its members by video conference on … Read moreOil Surges as Producers Eye 10 Million Barrel a Day Output Cut
By Jennifer A. Dlouhy, Stephen Cunningham and Jordan Fabian Apr 3, 2020 (Bloomberg) President Donald Trump will convene an extraordinary gathering of the oil industry’s competing factions at the White House on Friday, as a global pandemic and oil-price war weigh on markets. Chief executives of the nation’s biggest refiners and producers are expected to discuss … Read moreTrump Convenes Fractious U.S. Oil Rivals in Bid to Reverse Rout
April 02, 2020 | Source: Extraction Oil & Gas, Inc. DENVER, April 02, 2020 (GLOBE NEWSWIRE) — Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction” or the “Company”) today announced reductions to its capital and G&A budgets. In response to recent commodity price weakness, The Company has reduced its 2020 upstream capital budget by 42% to $250-300 … Read moreExtraction Provides Update to 2020 Capital and G&A Budgets
April 02, 2020 | Source: Apache Corporation Offshore Suriname, Block 58 On April 2, 2020, Apache Corporation and Total S.A. announced a significant oil discovery at the Sapakara West-1 well drilled offshore Suriname on Block 58. This follows the January 2020 announcement of a discovery at the Maka Central-1 well. The next two exploration wells on Block 58 … Read moreApache Corporation Announces Significant Oil Discovery Offshore Suriname at Sapakara West-1
By Joe Carroll Apr 1, 2020 (Bloomberg) The unprecedented collapse in global oil markets is wreaking havoc in all corners of the North American crude industry, pushing shale drillers, deepwater-equipment haulers and oil-sand miners to desperate measures.In the space of less than an hour on Wednesday, a former high-flying shale operator and an offshore transport company … Read moreThe Oil Market Crash Is Starting to Claim Victims Across North America
April 2, 2020 CNW DENVER, April 2, 2020 /CNW/ – Ovintiv Inc. (NYSE, TSX: OVV) restructured its crude oil derivatives positions to provide additional downside protection for the balance of 2020. In addition, the Company now plans to further reduce its second quarter investments by an additional $200 million, bringing total capital reductions in the second quarter to $500 million. Updated … Read moreOvintiv restructures crude oil derivatives to provide additional downside protection; company now plans to reduce second quarter 2020 investments by $500 million
April 2, 2020 Saudi Arabia supports cooperation between oil producers to stabilize the oil market but Russia’s opposition to a proposal last month to deepen oil supply cuts has caused market turmoil, a senior Gulf source familiar with Saudi thinking told Reuters.International crude prices have fallen over 50 percent to under $26 a barrel since … Read moreSaudi wants cooperation to bolster oil, blames Russia for turmoil
April 2, 2020 Reuters U.S. President Donald Trump U.S. President Donald Trump on Thursday said he had spoken to Saudi crown prince Mohammed bin Salman and that he expects Saudi Arabia and Russia to cut oil output by as much as 15 million barrels per day, as the two countries signaled willingness for a deal.In a … Read moreTrump says oil output cut could be more than 10 mln bbls
By Nathaniel Bullard 2, 2020 (Bloomberg)Markets of every sort, in every part of the world, are responding to the shock of Covid-19. Almost nothing is left untouched, whether it’s consumer-facing, business-to-business, a luxury, or a commodity. Looking across a number of markets this week, there are two states: bending and breaking. Here’s a bending market: U.S. aviation. … Read moreThe Virus Is Bending Most Markets. Will Renewable Energy Break?
By Lorcan Roche Kelly Apr 2, 2020 (Bloomberg) Mammoth jobless claims data expected, China rejects U.S. charge on virus numbers, and finally some good news for oil. Here are some of the things people in markets are talking about today. Millions Weekly jobless claims numbers due 8:30 a.m. Eastern Time are expected to show another record high with the median expectation … Read moreFive Things to Know in World Business Today
By Sharon Cho and Alex Longley Apr 2, 2020 (Bloomberg)Oil surged in London as China planned to start buying up cheap crude for its strategic reserves, while the U.S. president said he thought Saudi Arabia and Russia would resolve their differences to ease the price war.Brent futures rose as much as 13% as Beijing instructed government agencies … Read moreOil Rebounds on China’s Crude Buying and Trump’s Diplomatic Push
By Bloomberg News Apr 2, 2020 (Bloomberg) China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter.The world’s biggest importer is taking advantage of a 60% plunge this year to snatch up cheaper barrels for its stockpiles, a source … Read moreChina to Start Buying Oil for State Reserves After Crash
By Kevin Orland and Robert Tuttle Apr 1, 2020 (Bloomberg) The last major oil-sands mine to start operating in northern Alberta could be Canada’s first big casualty of the Saudi-Russian price war and the Covid-19 pandemic.Teck Resources Ltd., one of the partners in the Fort Hills project that formally opened in September 2018, is considering a full shutdown … Read moreMassive New Mine Could Be Oil-Sands’ First Big Price War Victim
April 01, 2020 | Source: Natural Gas Services Group, Inc. Midland, April 01, 2020 (GLOBE NEWSWIRE) Natural Gas Services Group, Inc. (NYSE:NGS), a leading provider of gas compression equipment and services to the natural gas and oil industry, announces its financial results for the three months and full year ended December 31, 2019. Financial results contained herein … Read moreNatural Gas Services Group, Inc. Reports Fourth Quarter 2019 Earnings
April 02, 2020 | Source: Shell Midstream Partners, L.P. Houston, April 02, 2020 (GLOBE NEWSWIRE) — Shell Midstream Partners, L.P. (NYSE: SHLX) (the “Partnership” or “SHLX”) today announced that on April 1, 2020 it closed the transactions contemplated by the previously announced Restructuring Agreement with its general partner to eliminate all incentive distribution rights (“IDRs”) and … Read moreShell Midstream Partners, L.P. Closes on Previously Announced Transactions and Announces Updated Guidance
By Jeffrey Bair Apr 1, 2020 (Bloomberg) With jets grounded and cars parked, diesel fuel for trucking is giving some relief to refiners as the coronavirus spread cuts deep into demand.The diesel revenue is sorely needed for the refining industry which has seen plants shut from South Africa to Canada and widepsread production cutbacks due to the pandemic-driven … Read moreTrucking Demand Throws a Lifeline to Ailing Refineries
April 1, 2020 Reuters U.S. President Donald Trump said on Wednesday he expected Saudi Arabia and Russia to reach a deal in the next few days on oil production to end a price war that has “ravaged” the oil industry worldwide.“I think that they will work it out over the next few days. … Both know … Read moreTrump says he expects Saudi-Russia oil production deal in coming days
By Ari Natter, Jennifer A. Dlouhy and Kevin Crowley Apr 1, 2020 (Bloomberg) Oil company executives reeling from a massive drop in prices were set to meet with President Donald Trump Friday as the administration seeks ways to help the beleaguered industry. The meeting, which was confirmed by the American Petroleum Institute comes just as Saudi … Read moreTrump to Meet With Oil Executives Reeling From Price Drop
By Joe Carroll and Jeremy Hill Apr 1, 2020 (Bloomberg) The unprecedented collapse in global oil markets brought another driller to its knees, forcing a champion of what was once the premier U.S. shale field to seek protection from creditors. Whiting Petroleum Corp., facing more than a quarter-billion dollar debt maturity, filed for bankruptcy Wednesday, perhaps … Read moreOil’s Crash Tips Former Titan of U.S. Shale Into Bankruptcy
By Lorcan Roche Kelly Apr 1, 2020 (Bloomberg) Trump warns of painful two weeks, bank shares slump on dividend halt, and Saudi Arabia moves ahead on plan to flood oil market. Here are some of the things people in markets are talking about today. Reality sets in There was a notable change in tone from President Donald Trump when he addressed … Read moreFive Things to Know in World Business Today
April 01, 2020 | Source: Apache Corporation HOUSTON, April 01, 2020 (GLOBE NEWSWIRE) — Apache Corporation (NYSE, Nasdaq: APA) today provided an update regarding the cost savings associated with its previously announced organizational redesign. Apache now expects to deliver an annualized G&A and LOE cost reduction in excess of $300 million, up from an original target … Read moreApache Corporation Doubles Estimate of Annual Cost Savings From Recent Organizational Redesign
By Ben Sharples Apr 1, 2020 (Bloomberg) Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come. Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy … Read moreOil’s Apocalyptic April Could Reverberate for Years to Come
By Rachel Adams-Heard Apr 1, 2020 (Bloomberg)One of the biggest changes in the shale industry since the last bust: Private equity is trying to get out of the game, not in. Even before crude prices fell off a cliff, the creation of new funds to invest in oil and gas had dwindled. Now, with demand … Read morePrivate Equity Can’t Escape the Pain of Shale Country’s Collapse
By Justin Sink and Brian Eckhouse Apr 1, 2020 (Bloomberg) President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of stanching an historic plunge in oil prices. Trump, speaking at the White House Tuesday, said he’s raised the issue in conversations with Russian President Vladimir Putin and Saudi Crown … Read moreTrump Says World’s Biggest Oil Producers to Meet on Market Crash
By Alex Longley Apr 1, 2020 (Bloomberg) Oil held near $20 a barrel as Saudi Aramco’s output surged above 12 million barrels a day, but Russia said it would refrain from further production hikes. Crude futures in New York were little changed Wednesday, following a record decline in the first quarter. While state-run Aramco’s oil … Read moreOil Holds Above $20 as Saudi Output Surges, Russia’s Won’t Rise
By Kevin Orland Mar 31, 2020 (Bloomberg) North America’s most infamous oil pipeline project just got a surprise $5.3 billion financial aid package from Alberta as the Canadian province fights to rescue its battered oil-sands industry. Keystone XL, which for years has faced court challenges and environmental opposition in the U.S., will get a $1.1 billion … Read moreKeystone XL Oil Pipeline Gets Go-Ahead After Alberta Puts Up $1.1 Billion
March 31, 2020 Reuters A rift in the Organization of the Petroleum Exporting Countries (OPEC) has widened after members failed to agree unanimously on an emergency low-level meeting to discuss a market collapse that has seen global oil prices hit 18-year lows.OPEC president Algeria, which has been instrumental in organising the producer group’s efforts to … Read moreOPEC rift widens as group fails to set date for emergency talks
By Lorcan Roche Kelly Mar 31, 2020 (Bloomberg) Congress looks to another stimulus package, economic forecasts worsen, and some relief for oil. Here are some of the things people in markets are talking about today. Ready to do more The White House and congressional Democrats are preparing for another round of economic stimulus to get the U.S. through the virus … Read moreFive Things to Know in World Business Today
By Naureen S. Malik, Anna Shiryaevskaya and Stephen Stapczynski Mar 31, 2020 (Bloomberg) One of the world’s biggest liquefied natural gas exporters is signaling it may throttle back production.Cheniere Energy Inc. has tendered to buy six shipments for delivery to Europe later this year, a rare step for a company that’s fundamentally a seller of the … Read moreU.S. LNG Behemoth Signals It May Curb Production
By David Wethe and Jeffrey Bair Mar 31, 2020 (Bloomberg)America’s biggest fuel makers are taking advantage of plunging oil prices to capture profits while slowing fuel production. Marathon Petroleum Corp., Phillips 66 and Valero Energy Corp. are some of the U.S. refiners that cash in when crude costs fall faster than fuel prices. Some grades … Read moreRefiners Benefiting From Crude-Price Plunge Even as Plants Slow
By David Wethe Mar 31, 2020 (Bloomberg) Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash. Pioneer Natural Resources Co. and Parsley Energy Inc. asked the three-member Texas Railroad Commission on Monday to call an emergency virtual meeting no … Read moreTwo Shale CEOs Back Plan to Cut Texas Output After Oil’s Crash
By Javier Blas and Brian Wingfield Mar 31, 2020 (Bloomberg)Saudi Arabia has made good on its pledge to ramp up oil exports in April, with a first wave of crude already on its way toward Europe and the U.S., a clear sign the oil price war remains in full swing. The kingdom has loaded several … Read moreSaudis Start to Unleash Oil Wave Despite U.S. Political Pressure
By Julian Lee Mar 31, 2020 (Bloomberg Opinion) Well there’s a surprise. During a telephone conversation on Monday, Presidents Donald Trump and Vladimir Putin “agreed on the importance of stability in global energy markets.” However, it’s very unlikely either will go beyond extolling stability and waiting for (or pressuring) somebody else to do something about it. According to the Kremlin, energy officials … Read moreTrump and Putin Are All Talk on Oil Price Plunge: Julian Lee
By Sharon Cho and Alex Longley Mar 31, 2020 (Bloomberg)Oil clawed back some losses as Chinese manufacturing data beat expectations, but futures were still heading for the worst quarter on record as the physical market showed further signs of collapse. Futures in New York were higher on Tuesday but crude is still down 65% since the end … Read moreOil Heads for Worst Quarter Ever as Real Crude Prices Plunge
March 31, 2020 | Source: Viper Energy Partners LP MIDLAND, Texas, March 31, 2020 (GLOBE NEWSWIRE) — Viper Energy Partners LP (NASDAQ: VNOM) (“Viper” or the “Company”) today provided an update to its oil hedge position for the remainder of 2020. The Company has now hedged the majority of its production through collars to protect cash … Read moreViper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Provides Supplementary Update on 2020 Hedge Position
March 31, 2020 06:00 ET | Source: Diamondback Energy, Inc. MIDLAND, Texas, March 31, 2020 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today provided revised full year 2020 guidance and updated hedge positions. REVISED 2020 GUIDANCE HIGHLIGHTS Full year revised 2020 production guidance of 295.0 – 310.0 MBOE/d Full year revised 2020 … Read moreDIAMONDBACK ENERGY, INC. PROVIDES REVISED 2020 GUIDANCE AND UPDATED HEDGE POSITIONS
Shell first quarter 2020 update note March 31, 2020 | Source: Royal Dutch Shell The Hague, March 31, 2020 – This is an update to the first quarter 2020 outlook provided in the fourth quarter results announcement on January 30, 2020. The impacts presented here may vary from the actual results and are subject to finalisation of the … Read more
By Will Wade Mar 30, 2020 (Bloomberg) Over the last few weeks, hundreds of itinerant nuclear-plant workers converged on a sleepy lakeside town south of Detroit. They arrived in pickup trucks, campers and SUVs, and are now working side-by-side to refuel the Fermi 2 reactor. It’s one of 32 in the U.S. scheduled to have fuel rods replaced this spring … Read morePandemic Doesn’t Stop Nuclear Reactor Refueling
March 31, 2020 | Source: Range Resources Corporation FORT WORTH, Texas, March 31, 2020 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that it has reduced its 2020 all-in capital budget from $520 million to $430 million. Range still expects to maintain production at approximately 2.3 Bcfe per day for 2020. “This announcement is a continuation … Read moreRange Announces Updated 2020 Capital Program
March 31, 2020| Source: Denbury Resources Inc. Actions to Preserve and Enhance Liquidity Include: – Reducing 2020 Capital Budget by $80 Million, or 44% – Deferring Cedar Creek Anticline Development Project – Restructuring Hedges Intention to Seek Stockholder Approval of Reverse Stock Split PLANO, Texas, March 31, 2020 (GLOBE NEWSWIRE) — Denbury Resources Inc. (NYSE: DNR) … Read moreDENBURY RESOURCES PROVIDES OPERATIONAL AND FINANCIAL UPDATE
Construction will lead to thousands of new jobs, billions in economic stimulus and enhanced North American energy security March 31, 2020 | Source: TC Energy Corporation CALGARY, Alberta and HOUSTON, March 31, 2020 (GLOBE NEWSWIRE) — – News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that it will proceed with … Read moreTC Energy to Build Keystone XL Pipeline – Thousands of New Jobs, Billions in Economic Stimulus and Enhanced North American Energy Security
March 30, 2020 Reuters U.S. natural gas futures edged up on Monday on expectations production will decline in coming weeks and months after the rig count dropped last week. The small increase came despite a near 9% drop in oil prices and forecasts for milder weather and lower heating demand over the next two weeks than … Read moreU.S. natgas edges up with big drop in rig count, forecasts for less output
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By Jordan Fabian, David Marino and Jennifer A. Dlouhy Mar 30, 2020 (Bloomberg)President Donald Trump said he’s concerned oil prices have fallen too far and called Vladimir Putin on Monday to discuss Russia’s oil-price war with Saudi Arabia.The leaders, who also talked about the spread of the coronavirus, agreed to discussions on oil between energy … Read moreTrump Shifts to Worry Over Oil Rout, Discusses Prices With Putin
March 30, 2020 Reuters Global commodities trader Trafigura’s chief economist said oil demand could fall by more than 30 million barrels per day (bpd) in April, as the global economy grinds to a near halt due to the coronavirus. The forecast, the highest yet from a senior industry forecaster, equates to around a third of the … Read moreGlobal oil demand could fall around a third next month
Bernard Marr Enterprise Tech In the coming months, businesses are going to become more reliant than ever on their digital strategy. Without wanting to sound too alarmist, in many cases it will be the deciding factor in whether they make it through the tough times ahead. The unprecedented, almost-total disappearance of all channels related to … Read moreWhy Companies Are Turning To Digital Marketing To Survive COVID-19 – Bernard Marr: Forbes.com
By Lorcan Roche Kelly Mar 30, 2020 (Bloomberg) Trump extends virus guidance to end of April, countries add more stimulus, and the oil market is just broken. Here are some of the things people in markets are talking about today. Changing plans President Donald Trump abandoned his goal to reopen the U.S. economy in two weeks time, … Read moreFive Things to Know in World Business Today
By Alex Longley Mar 30, 2020 (Bloomberg)Oil tumbled to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus. Futures in London fell as much as 9.4% to the lowest since November 2002, while New York crude briefly dipped below $20 a … Read moreOil Plummets to 17-Year Low as Broken Market Drowns in Crude
By Will Wade Mar 30, 2020 (Bloomberg)The coronavirus is starting to affect U.S. coal country. Consol Energy Inc. has idled a Pennsylvania mine after two workers tested positive, and Alliance Resource Partners LP is shuttering all of its operations in Illinois as the deadly virus drags down the global economy. The announcements Monday come as … Read moreU.S. Miners Are Idling Operations as Virus Comes to Coal Country
By Sharon Cho Mar 30, 2020 (Bloomberg) Oil demand is getting hammered at a faster pace than anyone had predicted and landlocked crude production in the U.S., Russia and Canada is most vulnerable, according to Goldman Sachs Group Inc. Consumption will drop by 26 million barrels, or 25%, this week as social-distancing measures to contain the … Read moreGoldman Sees U.S., Russian Oil Most Vulnerable to Demand Crash
March 30, 2020 | Source: Apergy Corporation THE WOODLANDS, Texas, March 30, 2020 (GLOBE NEWSWIRE) — Apergy Corporation (“Apergy”) (NYSE: APY) announced today that Soma Somasundaram, President and Chief Executive Officer, will host a business update call facilitated by David Anderson of Barclays on Tuesday, March 31, 2020 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). Deric Bryant, … Read moreApergy Announces Business and Merger Update Conference Call
March 30, 2020| Source: Devon Energy Corporation OKLAHOMA CITY, March 30, 2020 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today provided updates to its 2020 capital expenditure outlook and hedge position. Based on current market conditions, Devon has elected to further reduce its capital expenditures by an additional $300 million for the full-year 2020. The … Read moreDevon Energy Provides Revised 2020 Capital Expenditure Outlook and Hedge Update
By Julian Lee Mar 28, 2020 (Bloomberg Opinion) At the point we’re now at, postponing the oil-price war won’t make a lot of difference for an industry that’s already breaking down under the weight of demand destruction. It’s too late to use diplomacy and artful negotiations to share the burden of output cuts that are now inevitable. The pumping … Read moreThe Coronavirus Means It’s A Truly Free Market For Oil – Julian Lee
By Scott DiSavino March 27 (Reuters) – U.S. energy firms cut the most oil rigs in a week since April 2015, removing rigs for a second week in a row as a coronavirus-related slump in economic activity and fuel demand has forced massive retrenchment in investment by oil and gas companies. Drillers cut 40 oil … Read moreU.S. oil drillers cut the most rigs in a week in nearly 5 years -Baker Hughes
By Isis Almeida, Fabiana Batista and Michael Hirtzer (Bloomberg) The coronavirus and cheap oil are hitting the fuel business so hard that ethanol plants are shutting down. Some may never come back.The entire biofuel industry is facing a reckoning. Long before the pandemic emptied roads and exacerbated an oil price war, producers were battling chronic oversupply … Read moreGreen Fuel Plants Are Shutting Down and Some May Never Come Back
March 29, 2020 The first oil refinery shutdowns in India and Europe were announced on Friday while global refinery runs drop like a stone in response to plunging demand as countries worldwide implement lockdowns.Italy’s API said it would close operations temporarily at its Ancona refinery, which has capacity of 85,000 barrels per day (bpd). In … Read moreGlobal oil refiners shut down as coronavirus destroys demand
Announces Addition of Securities Industry Professional to the Board March 27, 2020 | Source: Petroteq Energy Inc. SHERMAN OAKS, Calif., March 27, 2020 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE:PQCF), an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, announces it is reducing production … Read morePETROTEQ DOWNSCALES PRODUCTION CITING MARKET CONDITIONS
March 27, 2020 | Source: Laredo Petroleum, Inc. TULSA, OK, March 27, 2020 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc., a Delaware corporation (NYSE: LPI) (“Laredo” or the “Company”), announced today that on March 26, 2020, it received formal notice from the New York Stock Exchange (“NYSE”) that the average closing price of the Company’s common stock … Read moreLaredo Petroleum Receives Continued Listing Standard Notice From NYSE
March 27, 2020 | Source: Range Resources Corporation FORT WORTH, Texas, March 27, 2020 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that its $3.0 billion borrowing base was reaffirmed under the Company’s credit facility in accordance with the redetermination process. Aggregate bank commitments under the credit facility remain at $2.4 billion. At year-end 2019, Range’s … Read moreRANGE ANNOUNCES REAFFIRMATION OF BANK CREDIT FACILITY
By Javier Blas and Olga Tanas Mar 27, 2020 (Bloomberg) Saudi Arabia held firm on its position in the price war with Russia, saying on Friday that the kingdom hasn’t had any contacts with Moscow about oil production cuts or enlarging the OPEC+ alliance.The comments from the Saudi Energy Ministry dispelled speculation that Riyadh and Moscow … Read moreSaudis Hold Firm on No Talks With Russia On Oil Output Cuts
By Javier Blas, Alex Longley and Sheela Tobben Mar 28, 2020 (Bloomberg) The global oil market is broken, overwhelmed by an unmanageable surplus as virus lockdowns cascade through the world’s largest economies. Onshore tanks in many markets are full, forcing traders to store excess oil in idle supertankers. Refineries are starting to shut down because nobody … Read moreThe Global Oil Market Is Broken, Drowning in Crude Nobody Needs Right Now
By Javier Blas and Sheela Tobben Mar 28, 2020 (Bloomberg)In an obscure corner of the American physical oil market, crude prices have turned negative — producers are actually paying consumers to take away the black stuff. The first crude stream to turn upside down was Wyoming Asphalt Sour, a dense oil used mostly to produce … Read moreOne Corner of U.S. Oil Market Has Already Seen Negative Prices
By Javier Blas, Sheela Tobben and Rachel Adams-Heard Mar 28, 2020 (Bloomberg)American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity. Plains All American Pipeline LP, one of the biggest shippers of crude in the U.S., … Read morePipelines Ask U.S. Oil Drillers to Curb Output as Tanks Fill Up
By Sam Potter, Anchalee Worrachate and Justina Lee Mar 27, 2020 (Bloomberg) It’s more than a month since the sell-off began. In that time, tens of trillions of dollars of value was wiped off global stock gauges, corporate borrowing costs exploded, and access to short-term funding all but evaporated. It was nothing to what was happening … Read moreFive More Crazy Days on Wall Street Drag Markets Back From Brink
By Jackie Davalos and Alex Longley Mar 27, 2020 (Bloomberg)Oil declined for a fifth straight week amid a one-two punch from collapsing demand due to the coronavirus crisis and ballooning supply from producers vying for market share. Futures in New York slumped 4.8% on Friday and are poised for the biggest quarterly drop on record as … Read moreOil Drops Fifth Straight Week on Heightened Supply-Demand Shock
By Lorcan Roche Kelly Mar 27, 2020 (Bloomberg) The economy needs fast bureaucracy, U.S. virus cases surpass China, and markets slip. Here are some of the things people in markets are talking about today. Bill speed The House is set to pass the $2 trillion stimulus package today and send it to the White House for President Donald Trump’s signature. … Read moreFive Things to Know in World Business Today
March 27, 2020 Reuters A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia’s sovereign wealth fund said, adding that countries should also cooperate to cushion the economic fallout from coronavirus. A pact between the Organization of the Petroleum Exporting Countries and other producers, including … Read moreRussia calls for new enlarged OPEC deal to tackle oil demand collapse
By Lorcan Roche Kelly Mar 27, 2020 (Bloomberg) The economy needs fast bureaucracy, U.S. virus cases surpass China, and markets slip. Here are some of the things people in markets are talking about today. Bill speed The House is set to pass the $2 trillion stimulus package today and send it to the White House for President Donald Trump’s signature. … Read moreFive Things to Know in World Business Today
By Natalia Kniazhevich Mar 26, 2020 (Bloomberg) It was only in early February that Charles Roemer was talking up the prospects of his latest energy project: a natural gas plant that would capture and sell tons of carbon dioxide to oil producers when it got turned on in 2026. The Louisiana project, part of larger proposed … Read moreOil Crash Dims Glimmer of Promise in Green Carbon Push
By Catherine Ngai Mar 27, 2020 (Bloomberg) The oil market turmoil sparked by Saudi Arabia and Russia is threatening U.S. jobs even in Cut Bank, Montana, and Magnolia, Arkansas — relatively obscure communities in the world of energy. In such places, mom-and-pop outfits run so-called stripper wells, which generate no more than 15 barrels a day. After … Read moreOil Pain Spreads Beyond Permian to Small Towns Across America
By Javier Blas Mar 27, 2020 (Bloomberg) Only the old hands at the Coffeyville oil refinery could remember anything like the prices posted this month. The small Kansas plant in the heart of rural America was offering just $1.75 a barrel for Wyoming sweet crude. With more than two billion people on virus lockdown from India … Read moreOil Industry Braces for Biggest Idling of Wells in 35 Years
By Alex Longley and Ann Koh Mar 27, 2020 (Bloomberg) Oil traded near $23 as traders weighed the collapse in global consumption as a result of the coronavirus outbreak, which continues to roil markets, against a broader fiscal response.Futures in New York pared earlier gains but are set to eke out a small weekly increase. While … Read moreOil Near $23 as Traders Weigh Stimulus Versus Demand Woes
By Robert Tuttle Mar 27, 2020 (Bloomberg) Canadian heavy crude has become so cheap that the cost of shipping it to refineries exceeds the value of the oil itself, a situation that may result in even more oil-sands producers shutting operations.Western Canadian Select crude in Alberta dropped $2.84 to a record low of $6.45 a … Read moreCanadian Crude Is So Cheap It Costs More to Ship It Than Buy It
March 27, 2020 | Source: Apache Corporation HOUSTON, March 27, 2020 (GLOBE NEWSWIRE) — Apache Corporation (NYSE, Nasdaq: APA) today provided additional information related to the strength of its liquidity position and capital structure in response to Standard and Poor’s decision yesterday to lower Apache’s credit rating. On March 26, 2020, Standard & Poor’s reduced Apache’s … Read moreApache Corporation Comments on Financial Position and Liquidity
March 27, 2020 | Source: Greenfields Petroleum Corporation HOUSTON, March 27, 2020 (GLOBE NEWSWIRE) — Greenfields Petroleum Corporation (the “Company” or “Greenfields”) (TSX VENTURE: GNF), a production focused company with operating assets in Azerbaijan, announces that Vitol Energy (Bermuda) Ltd. (“Vitol”), the Company’s senior debt lender, has agreed to further amend the forbearance agreement executed on … Read moreGreenfields Petroleum Corporation Announces Extension of Forbearance Agreement and Agreement to Defer Payment of its Senior Secured Debt
March 27, 2020 | Source: Centennial Resource Development DENVER, March 27, 2020 (GLOBE NEWSWIRE) — Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced it is implementing its previously announced leadership transition plan in light of the fact that Mark G. Papa has elected to accelerate the timing of his retirement as Chairman … Read moreCentennial Resource Development Announces Leadership Changes
“Social Distancing” Does Not Mean “Business Distancing” THE TIME IS NOW to Ensure Your Marketing Strategy Includes a Strong Digital Marketing Presence! Keep Your Company in Sight & Relevant, Not Out-of-Mind! THE WORLD HAS CHANGED QUICKLY! In just a few short weeks (and well into the foreseeable future), a strong digital marketing presence just became … Read moreDISTANCE YOURSELF: NOT YOUR BUSINESS: The Shift to Digital to Survive COVID-19: See EnergyNow’s Reduced Pricing, Extended Coverage & Digital Support! – Click HERE for Details
March 26, 20209:28 AM Reuters Brent oil futures may be trading at $27 per barrel but oil producers are selling their crude in the physical market at lower prices not seen since the aftermath of the Asian financial crisis of the late 1990s.Most are offloading their oil for below $20 a barrel as the coronavirus pandemic … Read moreIn oil markets, it’s back to 1998 crisis pricing
The U.S. Department of Energy said on Thursday it has ditched plans to purchase crude for the nation’s emergency reserve due to a lack of funding from Congress, dealing a blow to President Donald Trump’s plan to give relief to energy companies amid the global oil market collapse. Energy Secretary Dan Brouillette had asked lawmakers … Read moreU.S. Department of Energy ditches plans to buy oil for strategic reserve
By Lorcan Roche Kelly Mar 26, 2020 (Bloomberg) All eyes on jobless claims, Senate passes $2 trillion virus plan, and WHO says countries are wasting time. Here are some of the things people in markets are talking about today. Record number This week’s initial jobless claims data at 8:30 a.m. Eastern Time is the most hotly anticipated in years … Read moreFive Things to Know in World Business Today
By Ewa Krukowska and Laura Millan Lombrana Mar 26, 2020 The European Union is likely to make greening the economy an essential part of efforts to recover from the shock of the coronavirus pandemic. Heads of government are due to meet by video on Thursday and are considering a proposal that would their emergency measures … Read moreGreen Focus for EU Bailout Plan Now Seems More Likely
By Ann Koh and Alex Longley Mar 26, 2020 (Bloomberg)Oil’s recovery rally went into reverse as broad weakness across physical crude markets compounded mounting evidence of the demand devastation being wrought by the coronavirus. Futures in New York fell 3.2% to below $24 a barrel. Goldman Sachs Group Inc. warned that crude demand would decline … Read moreOil Rally Falters With Demand Dread Precipitating Huge Glut
By Glen Carey, Javier Blas, Nick Wadhams and Stephen Cunningham Mar 25, 2020, 4:25 PM (Bloomberg)The Trump administration is pressing Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia sent crude prices crashing to their lowest levels in almost two decades. The U.S. wants Saudi Arabia … Read moreU.S. Calling on Saudis to Halt Plan to Unleash Record Oil Supply
By Akshat Rathi Mar 26, 2020 (Bloomberg)Hydropower—converting moving water into energy—is the single biggest source of clean power in the world, but relies on a 200-year-old technology that hasn’t changed all that much. Natel Energy Inc., a California-based hydro power startup, has developed a new turbine that updates that technology, and now the company is … Read moreBill Gates-led Fund Invests in Startup That Built a New Hydropower Turbine
March 25, 2020 | Source: Precision Drilling Corporation This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For important information with respect to such forward-looking information and statements and the further assumptions and risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in … Read morePRECISION DRILLING ANNOUNCES RECEIPT OF CONTINUED LISTING STANDARD NOTICE FROM NYSE
March 25, 2020 | Source: VAALCO Energy, Inc. HOUSTON, March 25, 2020 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today provided an update on the successful completion of its 2019/2020 drilling program as well as an operational update. Highlights Successfully completed the South East Etame 4H development well including … Read moreVAALCO ANNOUNCES SOUTH EAST ETAME 4H WELL HAS BEEN SUCCESSFULLY COMPLETED AND PLACED ON PRODUCTION
March 25, 2020 | Source: Battalion Oil Corporation HOUSTON, March 25, 2020 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSEA: BATL, “Battalion” or the “Company”) today reported results of operations for the three months and full year ended December 31, 2019. 2019 and Fourth Quarter Highlights Increased 2019 annual oil production by 6% over 2018 to 10,356 barrels … Read moreBattalion Announces Fourth Quarter 2019 Results and Provides 2020 Guidance
March 26, 2020 | Source: Envision Solar International, Inc. Rapidly deployed off-grid EV charging and energy security for municipal fleets, enterprise workplace and public amenity charging SAN DIEGO, March 26, 2020 (GLOBE NEWSWIRE) — Envision Solar International, Inc., (Nasdaq: EVSI, EVSIW) (“Envision Solar,” or the “Company”), the leading producer of unique and sustainable infrastructure products for electric vehicle charging, … Read moreENVISION SOLAR DELIVERS MULTIPLE EV ARC™ SOLAR-POWERED EV CHARGING INFRASTRUCTURE PRODUCTS ACROSS THREE STATES THIS WEEK
March 25, 2020 Reuters Oil Storage Tanks at Cushing, OK From Canada and the Caribbean to the Baltic and Singapore, oil tanks around the world are filling fast, despite a 50%-100% jump in lease costs, as oil companies and traders scramble to park unwanted crude and refined products.Millions of barrels are struggling to find buyers among … Read moreGlobal oil storage fills to the brim despite leap in costs
By Lorcan Roche Kelly Mar 25, 2020 (Bloomberg) Deal struck on U.S. stimulus, Germany opens the taps and markets add to rally. Here are some of the things people in markets are talking about today. Agreement Republican and Democrat Senators reached a deal with the White House on a stimulus package that is set to unleash more than $2 trillion in … Read moreFive Things to Know in World Business Today
by Sherri Hilton Work from home. Physical distancing. Self-isolation. Quarantines. Layoffs. Job losses. Market crashes. These are just a few of the phrases that have become commonplace over the past ten days. As a leader these are truly the most difficult of times and now, more than ever, the world needs calm, resilient, and compassionate … Read more10 Ways to Lead in Turbulent Times – Sherri Hilton, MAL, CEC, PCC
By Josh Wingrove and Laura Litvan Mar 24, 2020, 11:05 PM (Bloomberg) Senators were negotiating the final sticking points in a roughly $2 trillion stimulus bill to help the U.S. economy get through the coronavirus pandemic. Majority Leader Mitch McConnell criticized Democrats for blocking two procedural votes that pushed back the timeline for passing the relief package.Treasury … Read moreWhite House, Senators Strike Stimulus Deal: Congress Update
By Dan Murtaugh, Alfred Cang and Debjit Chakraborty Mar 25, 2020 (Bloomberg) As the U.S. finds itself in the unfamiliar position of lobbying for higher oil prices, China’s enjoying what amounts to a major rebate from crude’s crash just as it tries to recover from the coronavirus.The world’s biggest oil importer is saving about $250 million a … Read moreAs Trump Seeks Pricier Oil, China Saves $250 Million Daily
By Liam Denning Mar 25, 2020 Depending on how you look at it, now is either the best or worst time for oil and gas companies to make their annual proxy filings. On one hand, who’s really paying attention what with everything going on? On the other, what with everything going on, the industry is even less … Read moreCommentary: Fracker Bailout:? Check Out Oil Boss Bonuses First
By Alex Longley and Annmarie Hordern Mar 25, 2020 (Bloomberg) Oil turned lower on an unprecedented hit to consumption, even as policy makers committed trillions of dollars to offset the harm from the global pandemic.Futures in London erased earlier gains to trade down 3.3%. The boss of Vitol Group said demand is down about 15 … Read moreOil Slumps Again as Collapsing Demand Counters Stimulus Efforts
By Alex Longley and Javier Blas Mar 25, 2020 (Bloomberg) As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still. Having collapsed by about 60% this year, Brent and West Texas Intermediate crude have … Read moreOil’s 60% Crash Is the Tip of an Iceberg. The Reality Is Worse
Alternative to Generators, The EV ARC™ is Transportable, Deployed in Minutes, Silent and Emissions-Free March 25, 2020 08:00 ET | Source: Envision Solar International, Inc. SAN DIEGO, March 25, 2020 (GLOBE NEWSWIRE) — Envision Solar International, Inc., (Nasdaq: EVSI, EVSIW) (“Envision Solar,” or the “Company”), the leading producer of unique and sustainable infrastructure products for electric vehicle charging, … Read moreENVISION SOLAR WILL PRIORITIZE MANUFACTURING OF SOLAR-POWERED EMERGENCY POWER PRODUCTS FOR COVID-19 HEALTHCARE DISASTER RESPONSE
March 25, 2020 | Source: Key Energy Services, Inc. HOUSTON, March 25, 2020 (GLOBE NEWSWIRE) — Key Energy Services, Inc. (“Key” or the “Company”) announced today has named Mr. J. Marshall Dodson as the Company’s President and Chief Executive Officer. Mr. Dodson began serving in the capacity as the Company’s Interim Chief Executive Officer in December 2019, … Read moreKey Energy Services Announces Permanent President and Chief Executive Officer
These are certainly interesting times we find ourselves in. A global pandemic has now seeped through the porous borders of North America. In many places, employees are already working from home offices. Here in North America we are fortunate to have some of the most advanced infrastructure to support a remote workforce. However, most blue-collar … Read moreCOVID-19 – Maintenance during Reduced Operations or Shutdown
By Jessica Summers and Barbara Powell Mar 24, 2020 Oil refiners across the U.S. are being forced to throttle back operations amid a historic plunge in gasoline demand and prices. Plants representing more than 10% of U.S. fuel-making capacity have cut back. Exxon Mobil Corp. has slowed rates at facilities in Texas and Louisiana, while … Read moreCheapest Gasoline Since 1999 Has America’s Refiners Throttling Back
By Brian Eckhouse Mar 23, 2020 (Bloomberg) The leading U.S. solar-trade group warns fallout from the coronavirus could slash the industry’s workforce in half. The Solar Energy Industries Association made the projection Monday as part of a campaign to convince Congress to make the federal tax credit for the sector refundable or payable directly to businesses … Read moreU.S. Solar Workforce Could Be Halved By Virus, Group Says
(Bloomberg) Chevron Corp. became the latest major oil company to take an ax to its budget after halting its $5 billion-a-year share buyback and halving spending in the Permian Basin, which means a large decrease in projected output from America’s biggest shale region. The California-based oil giant said Tuesday it’s lowering projected 2020 capital spending by … Read moreChevron Halts Share Buybacks, Slashes Permian on Oil Rout
By Lorcan Roche Kelly Mar 24, 2020 (Bloomberg) Pelosi pushes $2.5 trillion bill, it’s PMI day, and markets rally. Here are some of the things people in markets are talking about today. Stimulus House Speaker Nancy Pelosi unveiled a $2.5 trillion spending bill as she attempts to take control of negotiations over the second stimulus package debate after the … Read moreFive Things to Know in World Business Today
By Will Wade Mar 24, 2020 (Bloomberg) U.S. regulators are willing to let nuclear power plants defer some maintenance and inspections as the coronavirus threatens availability of workers. The Nuclear Regulatory Commission expects to issue guidelines on Friday for operators to request permission for employees to work longer than allowed under current regulations. The agency expects … Read moreU.S. to Let Nuclear Plants Defer Repairs, Schedule Longer Shifts
By Ann Koh and Alex Longley Mar 24, 2020 (Bloomberg) Oil rallied with other risky assets after the U.S. Federal Reserve unveiled a sweeping set of measures to support the world’s largest economy. Futures in London rose for a second session by as much as 6%, to almost $29 a barrel, as the U.S. central bank said it would buy unlimited … Read moreOil Finds Firmer Ground After Fed Unleashes Support Measures
By Mike Jeffers and Jackie Davalos Mar 23, 2020 (Bloomberg) U.S. gasoline futures settled at the lowest in more than two decades as the coronavirus pandemic crushed demand and forced local governments across the country to issue shelter-in-place orders. Nymex futures prices fell 32% on Monday. The price fallout has also forced widespread production cuts at … Read moreGasoline Futures Plummet to 20-Year Low On Flatlining Demand
By Anthony DiPaola, Verity Ratcliffe and Mahmoud Habboush Mar 23, 2020 (Bloomberg)With the shackles of OPEC’s output limits thrown off and a price war under way, the group’s biggest oil producers are preparing to churn out more barrels to protect market share. But making up in volume for what they’re losing in price is looking … Read moreAs OPEC Pursues Oil Supply War, Here’s Who Has Most Firepower
March 24, 2020 | Source: Precision Drilling Corporation This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For important information with respect to such forward-looking information and statements and the further assumptions and risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in … Read morePRECISION DRILLING ANNOUNCES COVID-19 RESPONSE, REDUCTIONS IN CAPITAL EXPENDITURE PLAN AND FIXED COSTS, AND UPDATES ITS LIQUIDITY POSITION AND STRATEGIC PRIORITIES
March 23, 2020 | Source: Laredo Petroleum, Inc. TULSA, OK, March 23, 2020 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or “the Company”), today provided an update to the Company’s 2020 capital budget and operating plan. Prioritizing Free Cash Flow1, returns and balance sheet strength in a volatile commodity price environment, the Company has … Read moreLaredo Petroleum Announces 2020 Capital Budget Reduction of 36% and Provides Operational and Hedging Updates
March 23, 2020 | Source: Apergy Corporation Implementing immediate downturn contingency plans expected to result in approximately $65 million of annual cost savings to preserve margins and cash flow Capital expenditures in 2020 to be reduced by approximately 65% from 2019 Available liquidity of over $270 million Continuing to monitor market developments and prepared to take additional actions … Read moreApergy Provides Business Update
March 23, 2020 Reuters The Trump administration will appoint Victoria Coates as a special energy representative to Saudi Arabia as Washington struggles to deal with a global oil price crash that drags on the economy and threatens U.S. energy producers, an Energy Department official said. Coates, who was one of President Donald Trump’s longest serving security … Read moreTrying to Find a Solution: U.S. to Send Coates as Special Energy Envoy to Saudi Arabia
March 23, 2020 Reuters Oil storage tanks near Cushing, OK U.S. physical crude markets in Cushing, Oklahoma, on Monday signaled a prolonged period of oversupply, with prices to roll positions forward to the next month sinking to the weakest in nearly a decade.Tanks in Cushing, one of the biggest storage hubs in the world, are … Read moreU.S. physical crude markets signal heavy oversupply
March 23, 2020 Reuters Russian President Vladimir Putin with Saudi Arabia King Salman bin Abdulaziz al-Saud In Russia’s battle for oil market share with Saudi Arabia, a sharp fall in the rouble has handed the Russians one advantage – they can now produce cheaper than the Saudis, according to Reuters calculations.The Russian currency has lost nearly … Read moreIn oil market standoff with Saudi Arabia, weakened rouble helps Russia
By Joe Carroll Rachel Adams-Heard Kevin Crowley Texas regulators, drillers split over wisdom of imposing caps Proponent of limits in Texas fields says industry’s at risk Prospects of a rare détente between OPEC and the biggest U.S. oil state faded as quickly as they rose as Texas regulators and explorers clashed over a proposal to … Read moreFleeting OPEC-Shale Détente Exposes Wildcat Roots of U.S. Oil
By Lorcan Roche Kelly Mar 23, 2020 (Bloomberg) Congress fails to agree on stimulus, virus measures tighten further, and markets drop. Here are some of the things people in markets are talking about today. No agreement yet While lawmakers in Washington are almost universally united on the need to introduce a very large stimulus bill to fight the economic fallout … Read moreFive Things to Know in World Business Today
By Ann Koh, James Thornhill and Grant Smith Mar 23, 2020 (Bloomberg) Oil dropped toward the lowest level since 2003 as demand plunged as governments froze economic activity to combat the coronavirus, and prospects for a OPEC-Texas production deal faded.Futures in London fell 5.6% to near $25 a barrel as some traders estimate crude demand will collapse by … Read moreOil Falls to Near 2003 Levels as Demand Plunges, OPEC Hopes Fade
By Dina Khrennikova Mar 22, 2020 (Bloomberg) Russia’s Energy Minister Alexander Novak will meet executives from the nation’s key oil companies Monday as global crude prices hover at their lowest in nearly two decades, according to a person familiar with the schedule. The ministry plans to hold the meeting face to face rather than via a … Read moreRussian Energy Minister Novak Said to Meet Oil CEOs Monday
By Brian Eckhouse Mar 23, 2020 (Bloomberg) The novel coronavirus pandemic is testing the residential-solar sector, which had forecast strong growth this year but hasn’t faced a recession since it reached the American mainstream. Its key challenges are similar to those facing many other industries: how to close sales, complete installations, and convince homeowners to add solar … Read moreCoronavirus Is Pushing Door-to-Door Solar Salesmen Online
By Joanna Ossinger Mar 23, 2020 (Bloomberg) As the week begins with another tumble in U.S. equity futures, market participants are increasingly veering away from any attempt to predict a bottom, while ramping up analysis of what might presage one. “There seems little natural support for stocks,” Amir Anvarzadeh, a three-decade stock-market veteran who’s a strategist … Read moreBeyond Virus Count, Some Signs to Watch for a Market Rebound
March 23, 2020 | Source: Royal Dutch Shell The Hague, March 23, 2020 – As the COVID-19 virus spreads across the world – seriously impacting people’s health, our way of life and global markets – Shell is putting the safety and health of our people and customers first, along with the safe operations of all our businesses. … Read moreShell acts to reinforce business resilience and financial strength
March 23, 2020 08:00 ET | Source: Frank’s International N.V. HOUSTON, March 23, 2020 (GLOBE NEWSWIRE) — Frank’s International N.V. (NYSE: FI) (the “Company” or “Frank’s”) today provided the following update in response to current and potential business disruptions resulting from the spread of COVID-19 as well as recent changes in the oil and gas supply and demand … Read moreFRANK’S INTERNATIONAL ANNOUNCES BUSINESS UPDATE
March 23, 2020 | Source: DCP Midstream LP DENVER, March 23, 2020 (GLOBE NEWSWIRE) — Today, in response to extraordinary and volatile market conditions, DCP Midstream, LP (NYSE: DCP) announced the following decisive actions. First, the board of directors of its general partner approved a plan to reduce quarterly distributions to its common unitholders to $0.39 per … Read moreDCP MIDSTREAM ANNOUNCES DISTRIBUTION, CAPITAL, AND COST REDUCTIONS
March 22, 2020 Reuters Exxon Mobil Corp is notifying contractors and vendors of planned near-term cuts in capital and operating expenses over a coronavirus pandemic, and will announce the plans once they are final, company spokesman Jeremy Eikenberry said on Sunday.”Based on this unprecedented environment, we are evaluating all appropriate steps to significantly reduce capital and … Read moreExxon notifies contractors, vendors of spending cuts over coronavirus
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By Julian Lee Mar 22, 2020 (Bloomberg Opinion) Don’t expect Russia or Saudi Arabia to bail out shale again. Balancing the oil demand destruction resulting from the global spread of the Covid-19 virus requires action from all producers, and the leaders to make it happen. The forecasts for oil demand are grim. Analysts from Goldman … Read moreStop the Finger Pointing: To Stop the Oil Price War, Trump Must Step in to Strike a Deal: Julian Lee
By David Fickling Mar 21, 2020 For much of the world, oil wealth is a curse. Endowed with ample reserves of hydrocarbons, the likes of Nigeria, Angola, Kazakhstan, Mexico and Venezuela frittered the benefits away. Only in the Persian Gulf has oil been a nation-building blessing. The discoveries of petroleum in the mid-20th century turned an … Read moreThe Decline and Fall of the Gulf’s Oil Empire Is Looming: David Fickling
March 20, 2020 | Source: Enservco Full Year Results – 2019 vs. 2018 Total revenue increased slightly to $43.0 million from $42.8 million Production services revenue increased to $14.7 million from $14.5 million Completion services revenue increased to $28.3 million from $28.2 million Net loss increased to $7.7 million from $5.9 million Adjusted EBITDA declined to … Read moreEnservco Reports 2019 Fourth Quarter and Full Year Financial Results
By David Wethe Mar 20, 2020 (Bloomberg) One of the most painful busts in the history of crude oil happened just six years ago when a sharp price drop cost 200,000 roughnecks, almost half the entire workforce, their jobs.And now, the spread of the coronavirus coupled with an oil-price war between Russia and Saudi Arabia threatens … Read moreTens of Thousands Are Getting Laid Off in U.S. Shale Patch
March 20, 2020 Reuters U.S. energy firms cut the most oil rigs in a week in almost a year as a meltdown in oil and natural gas prices due to the coronavirus outbreak has forced producers to deepen cuts in spending on new drilling.Drillers cut 19 oil rigs in the week to March 20, bringing the … Read moreU.S. drillers this week cut most oil rigs since April -Baker Hughes
By Jackie Davalos Mar 20, 2020 (Bloomberg) Oil capped its biggest weekly decline in almost three decades as concern that the collapse of global fuel demand will deepen outweighed talks between OPEC and Texas’s energy regulator.Futures in New York tumbled 11% Friday, bringing the week’s plunge to 29%, the biggest since January 1991. Some traders … Read moreOil Suffers Biggest Weekly Loss Since 1991 With Demand in Focus
By Will Kennedy March 20, 2020 First Russia tossed a hand grenade into global oil markets. Then Saudi Arabia dropped a bomb. After the dramatic collapse of an alliance between the OPEC oil cartel and Russia, a plunge in the price of oil to an 18-year low sent shockwaves through financial markets already reeling from the fallout of the coronavirus pandemic. … Read moreWhy the OPEC-Russia Blowup Sparked All-Out Oil Price War
By Javier Blas Mar 21, 2020 (Bloomberg) Imagine U.S. President Donald Trump makes a deal with Saudi Arabia and Russia to cut oil production. Envisage Washington, Moscow and Riyadh going big, each cutting by one million barrels a day. Bullish, right? Now come back to the reality of today’s oil market, where demand is collapsing — … Read moreOil Demand Catastrophe Is Making the Price War a Sideshow
Mar 21, 2020 (Bloomberg) Prospects of a rare détente between OPEC and the biggest U.S. oil state faded as quickly as they rose as Texas regulators and explorers clashed over a proposal to cap crude output for the first time in almost 50 years. Just hours after one of the most powerful officials in Texas … Read moreOPEC-Shale Peace Prospects Crumble Hours After Historic Call
By Stephen Cunningham and Lucia Kassai Mar 20, 2020 (Bloomberg)The Trump administration’s plan to aid struggling American shale drillers involves buying as much as $3 billion worth of oil from domestic producers who employ 5,000 people or less.About 300 publicly traded U.S. explorers meet the criteria, including Continental Resources Inc., the shale company owned by … Read moreTrump’s Big Oil Buy Could Benefit Hundreds of Shale Drillers
March 20, 2020 Reuters The United States believes Saudi Arabia’s flooding of oil markets compounds the coronavirus-caused global economic crash and intends to send a senior official to Riyadh for months to boost efforts to stabilize energy markets, senior U.S. officials said on Friday.The Energy Department official will work closely with U.S State Department officials … Read moreU.S. to send senior official to Saudi Arabia for months to help stabilize oil markets
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