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Global Oil Demand Has Yet to Peak, Energy Watchdog Predicts

By Javier Blas May 25, 2020 (Bloomberg) Global oil consumption hasn’t peaked, the head of the International Energy Agency warned, throwing cold water on hopes the coronavirus will cap demand and reduce climate-changing emissions. “In the absence of strong government policies, a sustained economic recovery and low oil prices are likely to take global oil demand … Read moreGlobal Oil Demand Has Yet to Peak, Energy Watchdog Predicts

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Oil Edges Past $33 But Rising U.S.-China Tensions Cap Rally

By Sharon Cho and Alex Longley May 25, 2020 (Bloomberg) —Oil traded near $33 a barrel as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in demand. China warned on Sunday that some in the U.S. were pushing the countries toward a new Cold … Read moreOil Edges Past $33 But Rising U.S.-China Tensions Cap Rally

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Technical Stream: Zero Emissions, Low Cost Hydrogen Production from Oil Reservoirs – May 27, Global Energy Show

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About This Webinar Technical Stream | In partnership with Energy Now and Empowering Pumps & Equipment The oil sands deposits in Western Canada not only represent a vast store of hydrocarbons (oil) that can be converted into fuel and petrochemicals but also a vast hydrogen store? A super clean valuable energy vector and chemical feedstock. … Read moreTechnical Stream: Zero Emissions, Low Cost Hydrogen Production from Oil Reservoirs – May 27, Global Energy Show

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You’re invite to a virtual happy hour to discuss video analytics/machine learning and its role in the emerging digital oilfield

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What is video analytics and computer vision, what does it do, how does it work, what are the benefits? Maybe you already know and want to share your insights, maybe you know less and are curious to learn more? Bring your beverage of choice. Connect with your fellow colleagues and Osperity to share ideas, ask … Read moreYou’re invite to a virtual happy hour to discuss video analytics/machine learning and its role in the emerging digital oilfield

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Becht Donates 18,000 Masks to Local Communities

Becht’s core value of “One Team – One Dream” extends beyond business to our neighbors and friends, especially during times of crisis.  COVID 19 has created market instability, domestic and international travel shutdowns, quarantines and multiple difficulties that have rippled through our global communities. During these challenging times, we often find that those most in … Read moreBecht Donates 18,000 Masks to Local Communities

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Memorial Day Oil Market Asks ‘Are We There Yet?’: Liam Denning

By Liam Denning May 22, 2020 (Bloomberg Opinion) This Memorial Day weekend, it’s the oil market that’s asking “are we there yet?”Friday morning delivered a weary “no,” with crude futures giving up a chunk of this week’s rally. That probably had more to do with China suspending economic-growth guidance than any sudden realization U.S. roads wouldn’t be as clogged as … Read moreMemorial Day Oil Market Asks ‘Are We There Yet?’: Liam Denning

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BP Scales Back Management as It Goes Ahead With Reorganization

By Laura Hurst May 22, 2020 (Bloomberg) When BP Plc announced its plans to tackle its carbon emissions in February, it overshadowed another big change: Getting rid of the traditional Big Oil corporate structure split between refining and production.Those changes are now pressing ahead as Chief Executive Officer Bernard Looney, in a memo sent to staff … Read moreBP Scales Back Management as It Goes Ahead With Reorganization

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Putin Orders Support for Russia’s Oil Industry Amid OPEC+ Cuts

By Olga Tanas May 23, 2020 (Bloomberg) Russian President Vladimir Putin gave his government until June 15 to come up with a plan to support the country’s oil industry while output is slashed under an agreement among the world’s main producers.Putin ordered ministers to work out “special rates” that pipeline operator Transneft PJSC and Russian Railways … Read morePutin Orders Support for Russia’s Oil Industry Amid OPEC+ Cuts

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Oil’s Sudden Rebound Is Exposing the Achilles’ Heel of Shale

By Rachel Adams-Heard, Kevin Crowley and David Wethe May 24, 2020 (Bloomberg) Oil prices have surged more than 75% in the U.S. this month. But don’t expect a quick rebound in supply from shale explorers.The quick turnaround in oil markets is exposing the shale industry’s big weak spot: Lightning-fast production declines. Shale gushers turn to trickles so quickly that … Read moreOil’s Sudden Rebound Is Exposing the Achilles’ Heel of Shale

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Analysts Ditch Tiny Shale Stocks After Market Collapses

By Michael Bellusci May 22, 2020 (Bloomberg) –The smallest shale oil drillers have endured their fair share of pain in this spring’s energy collapse and, with ailing stock prices, analysts are finding it even tougher to cover the group. Early Friday, energy researcher Heikkinen Energy Advisors and investment bank Tudor Pickering Holt & Co LLC, … Read moreAnalysts Ditch Tiny Shale Stocks After Market Collapses

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THE OIL FUTURES REBOUND – Dean Foreman – API Chief Economist

Dean Foreman Posted May 21, 2020 After crude oil futures prices plunged into negative territory for a day last month, there was a good deal of speculation that the same thing could happen this month. Some even pointed to the April futures meltdown as a “doomsday” scenario for U.S. natural gas and oil. Well, a number of things … Read moreTHE OIL FUTURES REBOUND – Dean Foreman – API Chief Economist

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Oil Retreats From Two-Month High With Doubts Over China Economy

By Ann Koh and Alex Longley May 22, 2020 (Bloomberg) Oil retreated from the highest level in more than two months with doubts emerging over the strength of China’s economic recovery and as tensions rose between Washington and Beijing.Futures in New York fell 3.4%. Beijing won’t set a target for economic growth this year due to “great uncertainty” … Read moreOil Retreats From Two-Month High With Doubts Over China Economy

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Built by Oil’s Riches, Houston Goes 100% Green Years Earlier

By David Wethe  May 22, 2020 (Bloomberg)The oil and natural gas capital of the world is going all-in on solar power.Houston will begin a new five-year contact in July with NRG Energy Inc. to power all of its city-owned properties, from fire stations to airports, with renewable energy. The move means the nation’s fourth-largest city … Read moreBuilt by Oil’s Riches, Houston Goes 100% Green Years Earlier

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North American oil & gas rig count falls to record lows: Baker Hughes

Scott DiSavino (Reuters) – The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in … Read moreNorth American oil & gas rig count falls to record lows: Baker Hughes

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U.S. LNG Cancellations Swell With Storage Space Vanishing

By Stephen Stapczynski and Anna Shiryaevskaya May 21, 2020 (Bloomberg) U.S. liquefied natural gas producers face a wave of order cancellations as global buyers struggle with growing stockpiles of the fuel along with demand weakened by the coronavirus crisis. All U.S. projects could get requests to cancel a total of 35-45 cargoes for July loading, which … Read moreU.S. LNG Cancellations Swell With Storage Space Vanishing

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2020 Louisiana Energy Conference Will Be 100% Online and Feature 13 Online Presentations May 27 – 28

May 21, 2020  | Source: Louisiana Energy Conference NEW ORLEANS, May 21, 2020 (GLOBE NEWSWIRE) — Due to the impact on traveling and in-person meetings caused by the COVID-19 pandemic, the 2020 Louisiana Energy Conference (“LEC”) will be held 100% online at www.LouisianaEnergyConference.com.  This year’s LEC will feature a series of 13 presentations and discussions on Wednesday, … Read more2020 Louisiana Energy Conference Will Be 100% Online and Feature 13 Online Presentations May 27 – 28

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Shale Drillers Face Multibillion-Dollar Hedging Crunch Amid Rout

By Catherine Ngai, Olivia Raimonde and Alex Longley May 20, 2020 (Bloomberg) U.S. shale drillers spooked by the epic meltdown in oil markets are trying to figure out how to protect themselves in the future. It won’t come easy, or cheap.After oil’s crash below zero, explorers face hefty premiums for the financial instruments they rely upon … Read moreShale Drillers Face Multibillion-Dollar Hedging Crunch Amid Rout

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From Siberia to Iraq, Real Oil Is Soaring Almost Everywhere

By Serene Cheong, Sharon Cho, Sherry Su, Bill Lehane and Sheela Tobben May 21, 2020 (Bloomberg) From the Middle East to Siberia, the North Sea down to Latin America, the prices of physical cargoes of crude oil are rallying hard almost everywhere, underpinning a surge in headline futures markets. Now, though, attention is turning toward just … Read moreFrom Siberia to Iraq, Real Oil Is Soaring Almost Everywhere

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Oil Gains for a Sixth Session After American Stockpiles Shrink

By Ann Koh and Alex Longley  May 21, 2020 (Bloomberg) Oil was headed for its longest run of daily gains since February 2019 after a drop in U.S. crude stockpiles added to signs that the market is starting to balance. West Texas Intermediate futures rose for a sixth day in New York to above $34 a … Read moreOil Gains for a Sixth Session After American Stockpiles Shrink

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Envision Solar Opens New International Market with First Canadian Order

EV ARC™ 2020 Delivered to First Municipal Customer North of the U.S. Border May 21, 2020 | Source: Envision Solar International, Inc. SAN DIEGO, May 21, 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, energy security and outdoor … Read moreEnvision Solar Opens New International Market with First Canadian Order

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Superior Energy Services Announces First Quarter 2020 Results

May 21, 2020  | Source: Superior Energy Services, Inc. HOUSTON, May 21, 2020 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (NYSE: SPN) (the “Company”) today announced a net loss from continuing operations for the first quarter of 2020 of $32.3 million, or $2.18 per share, on revenue of $321.5 million.  This compares to a net loss … Read moreSuperior Energy Services Announces First Quarter 2020 Results

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Biggest Fall in Global Emissions Shows the Limits of Individual Action

(Bloomberg) Grounded flights, emptied highways and shuttered factories caused global carbon-dioxide emissions to fall to levels not seen since 2006 as stay-at-home orders peaked last month.On April 7, global CO₂ emissions were 17% lower compared to the same time last year. That’s the conclusion of a new analysis by climate researchers who estimated this year’s CO₂ data across 69 countries, … Read moreBiggest Fall in Global Emissions Shows the Limits of Individual Action

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How to Make Coronavirus Restrictions Easier to Swallow: Cass R. Sunstein

(Bloomberg Opinion) To address the coronavirus pandemic, it’s essential to influence human behavior; to promote social distancing, to get people to wear masks, to encourage people to stay home. Many nations have imposed mandates as well. But to enforce the mandates and to promote safer choices as the mandates wind down, people have to be nudged. To organize current and … Read moreHow to Make Coronavirus Restrictions Easier to Swallow: Cass R. Sunstein

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A Month After Oil Plunged Into the Abyss, Prices Are Surging

By James Herron, Grant Smith, Debjit Chakraborty and Sheela Tobben May 20, 2020 (Bloomberg)For the world’s most important commodity, there’s never been a month like it.Just a few weeks ago, crude oil was akin to industrial waste in some parts of the world, something you had to pay people to take away. Now prices are … Read moreA Month After Oil Plunged Into the Abyss, Prices Are Surging

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Renewable Power Heads for Its First Decline in Two Decades

By William Mathis  May 20, 2020 (Bloomberg) New power from wind and solar is set to fall this year for the first time in two decades. Construction of new wind and solar farms is being delayed by factory closures, workers’ needs for social distancing and developers’ financial concerns as they emerge from the coronavirus crisis, according … Read moreRenewable Power Heads for Its First Decline in Two Decades

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Stocks Rise; Oil Gains for Fifth Consecutive Day: Markets Wrap

By Todd White May 20, 2020 (Bloomberg) U.S. stocks rebounded from a late-session selloff as investors keyed on signs the American economy will continue to reopen and key retail earnings showed signs of resiliency. Crude oil added to its four-day rally. The S&P 500 jumped more than 1% after Lowe’s Cos. and Target Corp. reported sales … Read moreStocks Rise; Oil Gains for Fifth Consecutive Day: Markets Wrap

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Oil Edges Higher to $32 With Market’s Demand Recovery Extending

By Ann Koh and Alex Longley  May 20, 2020 (Bloomberg) Oil rose for a fifth day as investors weighed signs the market is rebalancing against what’s still a precarious economic outlook. Futures in New York for July delivery gained to above $32 a barrel. A report that a virus vaccine study didn’t produce enough critical data to assess … Read moreOil Edges Higher to $32 With Market’s Demand Recovery Extending

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Aramco Is First Oil Major to Regain Pre-Price-War Share Price

By Filipe Pacheco May 19, 2020 (Bloomberg) Saudi Aramco is the first major global oil producer to see its stock recover to the level it traded at before the price war between Russia and Saudi Arabia.Aramco climbed 3.1% in Riyadh on Tuesday, advancing for a record sixth day alongside an extended increase in the price of … Read moreAramco Is First Oil Major to Regain Pre-Price-War Share Price

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FREE Informative Online Dr. Spotfire User Session on Wednesday, May 27 – Cadeon

http://bit.ly/Cadeon-TIBCO-SpotFire-Group-March23

Get your plaguing questions answered with our very own Dr. Spotfire at this informative session where Cadeon will also explain the NEWLY released features of Spotfire 10.9! Keep up with the latest trends to ensure you are making the most out of your software. Details Tune in online for this quick and informative 30-minute session … Read moreFREE Informative Online Dr. Spotfire User Session on Wednesday, May 27 – Cadeon

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FREE EVALUATION: New all-in-one solution “OMNI” to help companies in the energy industry manage their sites & assets remotely, safely and more efficiently

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Osperity’s all-in-one OMNI solution empowers organizations to remotely monitor and inspect industrial sites & assets with visual AI-driven event detection and exception-based alerting. Contact us today to find out about a free evaluation/trial

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Next U.S. Solar Fight May Put State Subsidies in Federal Hands

By Stephen Cunningham May 18, 2020 (Bloomberg) A battle over whether appointees of President Donald Trump should start regulating state incentives for rooftop solar panels threatens to upend clean energy in the U.S.A New Hampshire-based group is asking the Federal Energy Regulatory Commission to oversee how utilities pay homeowners for excess solar power they feed onto … Read moreNext U.S. Solar Fight May Put State Subsidies in Federal Hands

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Oil Continues to Rise With Demand Rebound Lifting Prices

By Ann Koh and Alex Longley  May 19, 2020 (Bloomberg)Oil held near a two-month high of $35 a barrel as supply curbs tighten the market and demand rebounds in the world’s largest consuming countries. Prices for oil cargoes from Russia to Brazil have surged as fuel demand has recovered. Indian fuel sales have jumped in the first … Read moreOil Continues to Rise With Demand Rebound Lifting Prices

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Battle Over World’s Biggest Wind Turbine Is Heating Up

By William Mathis May 19, 2020 (Bloomberg) Siemens Gamesa Renewable Energy SA, the Spanish wind turbine manufacturer, is to build what will be the world’s biggest windmill, by the thinnest of margins. The 14-megawatt machine with a rotor diameter of 222 meters (728 feet) will be just two meters bigger than General Electric Co’s own massive … Read moreBattle Over World’s Biggest Wind Turbine Is Heating Up

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FEATURE: Harvard’s Reinhart and Rogoff Say This Financial Crisis Really Is Different

By Simon Kennedy (Bloomberg Markets)  When Carmen Reinhart and Kenneth Rogoff published their heavyweight history of financial crises in late 2009, the title was ironic. This Time Is Different: Eight Centuries of Financial Folly reminded readers that the catastrophic 2008-09 credit crisis was far from unique. The authors became the go-to experts on the history of government … Read moreFEATURE: Harvard’s Reinhart and Rogoff Say This Financial Crisis Really Is Different

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As Covid-19 Hits Electric Vehicles, Some Thrive, Others Die

May 18, 2020 (Bloomberg) Electric vehicles generally don’t coast; they are designed either to accelerate or brake at any given time. The electric vehicle market is much the same. The pandemic ravaged economy is expected to give electric vehicles a boost in China, Europe and countries committed to sparking battery power via financial stimulus and infrastructure spending, according … Read moreAs Covid-19 Hits Electric Vehicles, Some Thrive, Others Die

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U.S. oil output from major shale to drop in June to nearly 2-year low

By Stephen Cunningham and Sheela Tobben May 19, 2020 (Bloomberg) Oil production from the top seven shale regions in the U.S. is set to tumble to levels not seen since 2018 as drillers scale back in response to the recent price collapse. Losses will be led by the Permian Basin — which straddles Texas and New Mexico — … Read moreU.S. oil output from major shale to drop in June to nearly 2-year low

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Biden vowing to rip up Keystone XL approvals if former VP wins White House

WASHINGTON — Joe Biden’s campaign says the former vice-president will rip up President Donald Trump’s approvals for the Keystone XL pipeline if he takes over the White House next year. Campaign officials made Biden’s first policy pronouncements on the controversial cross-border pipeline expansion, designed to ferry Alberta oilsands bitumen to refineries on the U.S. Gulf Coast, in a … Read moreBiden vowing to rip up Keystone XL approvals if former VP wins White House

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A month after negative oil prices, U.S. crude contract expiry looms

Oil Storage

May 17, 2020 Reuters A month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday – and so far there is little sign of a repeat of the historic plunge.The extent of the damage that … Read moreA month after negative oil prices, U.S. crude contract expiry looms

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U.S. natgas futures jump over 10% as output slows

Natural Gas

May 18, 2020 Reuters U.S. natural gas futures jumped over 10% on Monday on slowing output as energy firms shut wells and slash spending on new oil drilling after crude prices sank earlier this year due to coronavirus-led demand destruction. Those oil wells also produce a lot of gas.Front-month gas futures for June delivery on the … Read moreU.S. natgas futures jump over 10% as output slows

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Occidental Issues Statement Regarding Agreement With Total

May 18, 2020  | Source: Occidental HOUSTON, May 18, 2020 (GLOBE NEWSWIRE) — Occidental Petroleum Corporation (NYSE: OXY) today issued the following statement regarding its agreement with Total to acquire Anadarko’s assets in Africa: In August 2019, Total and Occidental entered into a Purchase and Sale Agreement in order for Total to acquire Anadarko’s assets in Africa. Under … Read moreOccidental Issues Statement Regarding Agreement With Total

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Denbury Resources Reports First Quarter 2020 Results

May 18, 2020 | Source: Denbury Resources Inc. PLANO, Texas, May 18, 2020 (GLOBE NEWSWIRE) — Denbury Resources Inc. (NYSE: DNR) (“Denbury” or the “Company”) today announced its first quarter 2020 financial and operating results. FIRST QUARTER HIGHLIGHTS Net income of $74 million, or $0.14 per diluted share Adjusted net income(1) (a non-GAAP measure) of $27 million, or … Read moreDenbury Resources Reports First Quarter 2020 Results

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Diamondback Energy, Inc. Announces Commencement of Tender Offer by Energen Corporation for Any and All of Energen Corporation’s 4.625% Senior Notes Due 2021

May 18, 2020 | Source: Diamondback Energy, Inc. MIDLAND, Texas, May 18, 2020 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback” or the “Company”) today announced that its wholly-owned subsidiary, Energen Corporation (“Energen”), has commenced a cash tender offer to purchase any and all of Energen’s 4.625% Senior Notes due 2021. As of May 15, 2020, Energen … Read moreDiamondback Energy, Inc. Announces Commencement of Tender Offer by Energen Corporation for Any and All of Energen Corporation’s 4.625% Senior Notes Due 2021

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‘Stealth Bailout’ Shovels Millions of Dollars to Oil Companies

By Jennifer A. Dlouhy (Bloomberg) As it headed toward bankruptcy, Diamond Offshore Drilling Inc. took advantage of a little-noticed provision in the stimulus bill Congress passed in March to get a $9.7 million tax refund. Then, it asked a bankruptcy judge to authorize the same amount as bonuses to nine executives.The rig operator is one of dozens of … Read more‘Stealth Bailout’ Shovels Millions of Dollars to Oil Companies

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Oil at Two-Month High With Chinese Demand Near Pre-Virus Levels

FILE PHOTO: An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China July 4, 2018. Picture taken July 4, 2018. REUTERS/Stringer

By Ann Koh and Alex Longley May 18, 2020 (Bloomberg) Oil rose to the highest in two months as demand in China returned to near pre-virus levels and output curbs continued in the U.S. and elsewhere.Futures in New York climbed as much as 9.8%. Chinese oil use is at 13 million barrels a day, just shy of the … Read moreOil at Two-Month High With Chinese Demand Near Pre-Virus Levels

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Centennial Resource Development Announces Termination of Water Infrastructure Transaction

May 15, 2020  | Source: Centennial Resource Development DENVER, May 15, 2020 (GLOBE NEWSWIRE) — Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced that, effective May 15, 2020, the previously announced divestiture by its wholly-owned subsidiary, Centennial Resource Production, LLC, of saltwater disposal wells and associated produced water infrastructure located primarily in … Read moreCentennial Resource Development Announces Termination of Water Infrastructure Transaction

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Chinese Oil Demand Is Almost Back to Pre-Virus Crisis Levels

By Bloomberg News May 18, 2020 (Bloomberg) Chinese oil demand is all but back to levels last seen before Beijing imposed a national lockdown to fight the coronavirus outbreak, according to people with inside knowledge of the country’s energy industry.China is the world’s second largest oil consumer, behind only the U.S., and the country’s quick turnaround … Read moreChinese Oil Demand Is Almost Back to Pre-Virus Crisis Levels

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Flat Oil Futures Should Keep Frackers Quiet: Liam Denning

May 15, 2020 (Bloomberg Opinion) Almost a month after its plunge into minus-land, oil is on a tear. Or not. It depends which oil price you’re watching. The front-month Nymex oil future — for June, currently — has surged by more than 50% so far this month and now trades close to $30 a barrel. Peer further out, though, … Read moreFlat Oil Futures Should Keep Frackers Quiet: Liam Denning

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Economy in Crisis: Why Canada Needs to Back Its Energy Industry Now – May 20, Global Energy Show

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About This Webinar Strategic Stream | In partnership with Energy Now and Empowering Pumps & Equipment Canada’s economy is currently in chaos phase as businesses struggle with resilience and governments examine stimulus measures aimed at recovery. Since the economy has become a topic of discussion in our daily repertoire, perhaps now is the time to … Read moreEconomy in Crisis: Why Canada Needs to Back Its Energy Industry Now – May 20, Global Energy Show

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Becht Opens Europe Office in Netherlands and Hires Chris Van der Beek

Becht is pleased to announce the grand opening of our The Hague, Netherlands office in June 2020 to serve the EMEA Region. Chris van der Beek, former senior leader within Shell, will serve as Becht’s Director, Europe Operations. Chris brings with him a deep passion for solving problems and serving industry, aligning with Becht’s core … Read moreBecht Opens Europe Office in Netherlands and Hires Chris Van der Beek

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You’re invited to a virtual happy hour to discuss video analytics/machine learning and its role in the emerging digital oilfield

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What is video analytics and computer vision, what does it do, how does it work, what are the benefits? Maybe you already know and want to share your insights, maybe you know less and are curious to learn more? Bring your beverage of choice. Connect with your fellow colleagues and Osperity to share ideas, ask … Read moreYou’re invited to a virtual happy hour to discuss video analytics/machine learning and its role in the emerging digital oilfield

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Dril-Quip Announces Management Promotions

May 15, 2020 | Source: Dril-Quip, Inc. HOUSTON, May 15, 2020 (GLOBE NEWSWIRE) — Dril-Quip, Inc. (NYSE: DRQ) today announced the promotions of Jeffrey J. Bird to President and Chief Operating Officer and Raj Kumar to Vice President and Chief Financial Officer, effective as of May 14, 2020. These new roles will complement the leadership of Blake … Read moreDril-Quip Announces Management Promotions

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Powell Warns U.S. Recovery Could Stretch Through End of 2021

By Alister Bull May 17, 2020 (Bloomberg) The U.S. economy will recover from the coronavirus pandemic, but the process could stretch through until the end of next year and depend on the delivery of a vaccine, said Federal Reserve Chairman Jerome Powell.“Assuming there’s not a second wave of the coronavirus, I think you’ll see the economy … Read morePowell Warns U.S. Recovery Could Stretch Through End of 2021

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No One Expected U.S. Shale Oil Output Cuts to Happen So Fast

By Robert Tuttle May 16, 2020 (Bloomberg) In brokering the end to the global oil-price war last month, the Trump administration assured leaders that America’s shale patch would throttle back production.But few expected that the cuts would run this deep — and happen so quickly. Drillers are laying down rigs and shutting in wells at a frantic pace … Read moreNo One Expected U.S. Shale Oil Output Cuts to Happen So Fast

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U.S. Oil Companies Line Up With Russia, Saudi Arabia: Julian Lee

Drilling Rig pipes

By Julian Lee (Bloomberg Opinion) American oil producers have cut much more output than you think. Their reaction to market forces has been bigger than official data suggest, and that means the U.S. is actually working alongside Saudi Arabia, Russia and other big oil producers, to help balance oil supply and demand — even if that wasn’t quite … Read moreU.S. Oil Companies Line Up With Russia, Saudi Arabia: Julian Lee

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Enservco Reports 2020 First Quarter Financial Results

May 15, 2020 | Source: Enservco Total revenue declined to $9.4 million from $24.8 million  Production services revenue of $3.2 million vs. $4.1 million  Completion services revenue of $6.2 million vs. $20.7 million  Net loss of $2.8 million vs. net income of $4.3 million  Adjusted EBITDA loss of $0.5 million vs. positive $7.9 million DENVER, May 15, … Read moreEnservco Reports 2020 First Quarter Financial Results

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North Dakota Says Oil Recovery Will Be Slow Even as Wells Start

By Stephen Cunningham May 15, 2020 (Bloomberg) Producers are already restarting oil wells in North Dakota as prices come off record lows, but talk of a recovery is premature, said the state’s energy regulator. The historic price rout has in recent weeks curbed output in the second-biggest producing state by a third to below 1 million … Read moreNorth Dakota Says Oil Recovery Will Be Slow Even as Wells Start

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Oil Watchers Applaud Swift Delivery of OPEC+ Supply Cuts

By Grant Smith, Javier Blas, Julian Lee and Sharon Cho May 16, 2020 (Bloomberg)OPEC+ is responding to the oil market’s collapse with an urgency never seen before.The alliance’s program of production cutbacks this month is well on the way to trimming 9.7 million barrels of daily crude output — roughly 10% of global supplies, according … Read moreOil Watchers Applaud Swift Delivery of OPEC+ Supply Cuts

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U.S. oil & gas rig count plunges to record low for second week: Baker Hughes

Scott DiSavino (Reuters) – U.S. energy firms cut number of U.S. oil and natural gas rigs operating to an all-time low for a second week in a row as producers slash spending on new drilling after oil prices collapsed due to a slump in demand caused by global lockdowns to stop the coronavirus pandemic. The … Read moreU.S. oil & gas rig count plunges to record low for second week: Baker Hughes

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Ultra Petroleum Corp. Signs Restructuring Support Agreement for Comprehensive Balance Sheet Restructuring, Launches Solicitation for Prepackaged Plan of Reorganization, Voluntarily Files for Chapter 11 to Implement an Agreement in Principle with Certain Lenders and Noteholders and Pursue Consensual Financial Restructuring to Right-Size Long-Term Capital Structure

May 14, 2020 20:59 ET | Source: Ultra Petroleum Corp. ENGLEWOOD, Colo., May 14, 2020 (GLOBE NEWSWIRE) — Ultra Petroleum Corp. (“Ultra” or the “Company”) (OTCQX: UPLC) has agreed to the terms of a comprehensive balance-sheet restructuring with key creditor constituencies, more specifically including holders of 100% of the loans under its first lien RBL credit facility, 85% … Read moreUltra Petroleum Corp. Signs Restructuring Support Agreement for Comprehensive Balance Sheet Restructuring, Launches Solicitation for Prepackaged Plan of Reorganization, Voluntarily Files for Chapter 11 to Implement an Agreement in Principle with Certain Lenders and Noteholders and Pursue Consensual Financial Restructuring to Right-Size Long-Term Capital Structure

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Where to Worry About Catching Covid-19, and Where Not To – Faye Flam

By Faye Flam May 15, 2020 (Bloomberg Opinion) Each virus has its unique pattern of spread, and scientists are starting get a handle on how the novel coronavirus behaves. This understanding is making it possible to rank the risks of different activities from high to low to trivial. The most informative studies show how the disease … Read moreWhere to Worry About Catching Covid-19, and Where Not To – Faye Flam

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The Huge Glut of Oil Sitting on Tankers Shows Signs of Shrinking

By Alex Longley, Javier Blas and Sherry Su May 15, 2020 (Bloomberg) One of the oil market’s most obvious signs of oversupply — millions of barrels being stored on tankers all over the world — is showing very tentative signs of shrinking. On Thursday, North Sea oil traders offered almost 8 million barrels of crude for … Read moreThe Huge Glut of Oil Sitting on Tankers Shows Signs of Shrinking

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Oil Trades at Six-Week High on Supply Cuts and Demand Recovery

By Saket Sundria and Alex Longley  May 15, 2020 (Bloomberg) Oil is heading for a third weekly gain on signs the market is slowly rebalancing as major producers slash supply and consumption recovers after a historic collapse in demand due to the coronavirus.Futures in New York are up about 13% this week and traded near a … Read moreOil Trades at Six-Week High on Supply Cuts and Demand Recovery

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Pandemic Punches 1.7-Billion-Barrel Hole in Global Oil Demand

By Julian Lee May 15, 2020 (Bloomberg) A fifth of global demand for oil will disappear this quarter. All three of the major forecasting agencies now agree that the world faces its biggest-ever slump in oil consumption, after governments imposed movement restrictions on billions of people to combat the coronavirus. The scale of the demand hit means that despite producers implementing unprecedented output … Read morePandemic Punches 1.7-Billion-Barrel Hole in Global Oil Demand

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Key Energy Services Reports First Quarter 2020 Earnings

May 13, 2020  | Source: Key Energy Services, Inc. HOUSTON, May 13, 2020 (GLOBE NEWSWIRE) — Key Energy Services, Inc. (“Key” or the “Company”) reported first quarter 2020 consolidated revenues of $75.3 million and a net income of $109.0 million, or $26.66 per basic share as compared to consolidated revenues of $85.1 million and a net … Read moreKey Energy Services Reports First Quarter 2020 Earnings

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Cowboys Owner Jones’ Shale Driller Selling Shares; Stock Tumbles

By Joe Carroll May 14, 2020 (Bloomberg)Comstock Resources Inc., the shale driller controlled by Dallas Cowboys owner Jerry Jones, plans to sell at least 40 million shares of common stock to redeem preferred convertible stock and reduce debt.The offering announced late Wednesday would represent a 21% dilution to current investors; that expands to 24% if … Read moreCowboys Owner Jones’ Shale Driller Selling Shares; Stock Tumbles

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Coal’s U.S. Downfall Is a Lesson for Power Markets

By Nathaniel Bullard May 14, 2020 (Bloomberg) Imagine that you’re a power engineer in 1975, designing and building the U.S. electrical grid. Coal is undoubtedly king, generating nearly three times as much as gas, oil, or hydropower. Nuclear power is a much smaller contributor, and there’s basically nothing else. Now imagine a time-traveling engineer from 2020 shows up and tells … Read moreCoal’s U.S. Downfall Is a Lesson for Power Markets

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IEA Sees Oil Market Improving Amid Sharp Drop in Production

By Grant Smith May 14, 2020 (Bloomberg)The outlook for global oil markets has “improved somewhat,” with demand a little stronger than expected and supply reined in by a brutal price crash, the International Energy Agency said. World oil production is on track for a “historic decline” this month to the lowest level in nine years, … Read moreIEA Sees Oil Market Improving Amid Sharp Drop in Production

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World’s Biggest Wealth Fund Dumps $3 Billion in Fossil Fuels

Offshore drilling

By Stephen Treloar and Mikael Holter May 13, 2020 (Bloomberg) Norway’s $1 trillion wealth fund is doubling down on its climate action by making deeper cuts to its fossil fuel exposure.The exclusions span some of the world’s biggest coal miners and make use of climate rules for the first time to exit oil-sands firms. Glencore Plc … Read moreWorld’s Biggest Wealth Fund Dumps $3 Billion in Fossil Fuels

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Oil Falls With Doubts Over a Demand Recovery Looming Over Market

Crude Oil Shipments In The Persian Gulf

By Olivia Raimonde and Alex Longley  May 13, 2020 (Bloomberg) Oil fell as investors weighed stockpile declines against a darker outlook for demand and economic recovery.Futures in New York dropped 1.9% on Wednesday after the Energy Information Administration reported the lowest crude input by U.S. refineries since 2008 suggesting that demand recovery will take more time. … Read moreOil Falls With Doubts Over a Demand Recovery Looming Over Market

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Saudi Arabia, Russia See Oil Recovery While Cuts Take Effect

Saudi-Deputy-Crown-Prince-Mohammed-bin-Salman_Vladimir-Putin-Russia

By Javier Blas and Dina Khrennikova May 13, 2020 (Bloomberg) Saudi Arabia and Russia see signs that oil demand is recovering as countries around the world start to relax lockdowns imposed to fight the spread of the coronavirus outbreak.The Saudi-Russia statement comes as oil traders and consultants notice an increase in oil demand, particularly in Asia, … Read moreSaudi Arabia, Russia See Oil Recovery While Cuts Take Effect

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IEA Head Sees Oil Use Below Pre-Virus Levels for at Least a Year

By Anthony Di Paola May 13, 2020 (Bloomberg)It will take more than a year, and perhaps several, for oil demand to recover to what it was before the coronavirus shuttered economies and caused energy markets to collapse, according to the head of the International Energy Agency. Crude demand of about 100 million barrels a day … Read moreIEA Head Sees Oil Use Below Pre-Virus Levels for at Least a Year

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Oil rises on second wave outbreak fears, rise in U.S. inventories

May 13, 2020 Reuters Oil prices rose on Wednesday on worries about a possible second wave of coronavirus cases in countries starting to ease lockdowns, while industry data showed a rise in U.S. crude inventories.The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, … Read moreOil rises on second wave outbreak fears, rise in U.S. inventories

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Oil’s Nightmare Scenario of Storage Exhaustion Starts to Fade

By Grant Smith and  Sheela Tobben Global inventory builds are slowing, China falling: Kayrros Oil market now on path towards rebalancing: Goldman Sachs While the global oil market remains in a dire situation, it’s starting to look like the nightmare scenario envisioned for the past month might just be averted. The industry feared a flood … Read moreOil’s Nightmare Scenario of Storage Exhaustion Starts to Fade

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Montana judge upholds ruling that canceled Keystone XL pipeline permit

Keystone xl pipeline

May 12, 2020 Reuters Keystone XL workers laying pipe across the Canada-U.S. border. A federal judge in Montana on Monday upheld his ruling last month that canceled an environmental permit for the long-delayed Keystone XL oil pipeline and threatened other oil and natural gas pipeline projects with delays.Chief U.S. District Judge Brian Morris denied a request … Read moreMontana judge upholds ruling that canceled Keystone XL pipeline permit

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Oklahoma Oil Producer Chaparral Energy Raises Going Concern Doubts

Reuters May 12, 2020 Oklahoma oil and gas producer Chaparral Energy Inc. on May 11 warned of its ability to continue as a going concern amid a historic plunge in commodity prices and said it has hired legal and financial advisers. A fall in economic activity due to the COVID-19 pandemic and a price war … Read moreOklahoma Oil Producer Chaparral Energy Raises Going Concern Doubts

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Oil Rally Gains Steam After U.S. Lowers Production Forecast

By Olivia Raimonde and Alex Longley  May 12, 2020 (Bloomberg) Oil extended its rally after the U.S. government lowered its output forecast for the year. Futures in New York gained as much as 8.7% on Tuesday and are set to close at a five-week high. The Energy Information Administration revised down its 2020 and 2021 crude … Read moreOil Rally Gains Steam After U.S. Lowers Production Forecast

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Big Oil Has Big Plans for Net Zero. Are They Credible?

By Akshat Rathi May 12, 2020 (Bloomberg)There are now four major oil companies pledging to cut emissions to “net zero,” after Total followed Repsol, BP, and Shell in laying out its plans. And, yet, each one of them defines that vital goal in a different way. The variations might seem small and technical, but they matter. Oil companies sell … Read moreBig Oil Has Big Plans for Net Zero. Are They Credible?

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Trump Says Rising Oil Prices Will Benefit U.S. Energy Companies

Donald Trump

By Justin Sink May 12, 2020 (Bloomberg) President Donald Trump celebrated rising oil prices Tuesday, saying production cuts by Saudi Arabia secured as part of a global deal among crude producers after a historic price crash would benefit American energy companies. Crude Oil prices going up as Saudi Arabia cuts production levels. Our great Energy Companies, … Read moreTrump Says Rising Oil Prices Will Benefit U.S. Energy Companies

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Arctic Oil to Draw Bids Despite Rout, Interior Chief Predicts

By Jennifer A. Dlouhy May 11, 2020 (Bloomberg) Bleak crude prices and fuel demand forecasts won’t blunt oil company bidding for Arctic drilling rights, Interior Secretary David Bernhardt said Monday. Instead, companies are more likely to make offers based on longer-term forecasts and other considerations, Bernhardt said, as his agency weighs a sale this year of … Read moreArctic Oil to Draw Bids Despite Rout, Interior Chief Predicts

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Oil Boosted by Demand Rise and Deeper Saudi Arabian Output Cuts

By Alex Longley and Saket Sundria  May 12, 2020 (Bloomberg) Oil rose as demand continued to show signs of recovery and Saudi Arabia pledged to unilaterally deepen its production cuts.Futures gained 5.1% in New York with equity markets also turning higher. Pockets of demand are starting to emerge in India and China, and while a huge glut remains, the … Read moreOil Boosted by Demand Rise and Deeper Saudi Arabian Output Cuts

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Shale Drillers Are Already Reopening Wells, Pipe Giant Says

By Rachel Adams-Heard May 12, 2020 (Bloomberg) Some drillers in the biggest North American oil field are reopening wells shut in response to the pandemic-driven price collapse, according to pipeline giant Energy Transfer LP. In the Permian Basin’s Midland region, about 8% of oil volumes that feed Energy Transfer’s pipe network had been shut at the … Read moreShale Drillers Are Already Reopening Wells, Pipe Giant Says

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Vantage Drilling International Reports First Quarter Results for 2020

May 12, 2020| Source: Vantage Drilling International HOUSTON, May 12, 2020 (GLOBE NEWSWIRE) — Vantage Drilling International (“Vantage” or the “Company”) reported a net loss attributable to controlling interest of approximately $30.6 million or $2.33 per diluted share for the three months ended March 31, 2020, based on the weighted average shares outstanding after the conversion … Read moreVantage Drilling International Reports First Quarter Results for 2020

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VAALCO Energy, Inc. Announces First Quarter 2020 Results

May 11, 2020 | Source: VAALCO Energy, Inc. HOUSTON, May 11, 2020 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) today reported operational and financial results for the first quarter 2020. Highlights and Recent Key Items: Produced 4,944 net revenue interest (“NRI”)(1) barrels of crude oil per day (“BOPD”), or 5,683 working interest (“WI”)(2) BOPD near the … Read moreVAALCO Energy, Inc. Announces First Quarter 2020 Results

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Battalion Oil Corporation Announces First Quarter 2020 Results

May 11, 2020  | Source: Battalion Oil Corporation HOUSTON, May 11, 2020 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSEA: BATL, “Battalion” or the “Company”) today announced its first quarter 2020 results. Average daily net production for the quarter ended March 31, 2020 was 18,791 barrels of oil equivalent per day (“Boepd”), of which oil represented 10,297 … Read moreBattalion Oil Corporation Announces First Quarter 2020 Results

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Chaparral Energy Announces First Quarter 2020 Financial and Operational Results

May 11, 2020 | Source: Chaparral Energy Inc OKLAHOMA CITY, May 11, 2020 (GLOBE NEWSWIRE) — Chaparral Energy, Inc. (NYSE: CHAP), (the “Company” or “Chaparral”) announced today its first quarter 2020 financial and operational results. The Company will hold its quarterly earnings call Tuesday, May 12, at 9 a.m. Central. Highlights Achieved first quarter 2020 production of … Read moreChaparral Energy Announces First Quarter 2020 Financial and Operational Results

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Extraction Oil & Gas, Inc. Announces First-Quarter 2020 Results

May 11, 2020  | Source: Extraction Oil & Gas, Inc. DENVER, May 11, 2020 (GLOBE NEWSWIRE) — Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction” or the “Company”) today reported financial and operational results for the first quarter of 2020. First-Quarter 2020 Highlights Average net sales volumes of 94,247 barrels of oil equivalent per day (Boe/d), … Read moreExtraction Oil & Gas, Inc. Announces First-Quarter 2020 Results

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Frank’s International N.V. Announces First Quarter 2020 Results

May 11, 2020| Source: Frank’s International N.V. HOUSTON, May 11, 2020 (GLOBE NEWSWIRE) — Frank’s International N.V. (NYSE: FI) (the “Company” or “Frank’s”) today reported financial and operational results for the three months ended March 31, 2020. First Quarter 2020 Financial Highlights First quarter revenue of $123.5 million down from prior periods due to expected rig … Read moreFrank’s International N.V. Announces First Quarter 2020 Results

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Saudi Arabia Deepens Oil Output Cuts in Effort to Prop Up Market

By Javier Blas May 11, 2020 (Bloomberg) Saudi Arabia announced a voluntary and unilateral cut of 1 million barrels a day in its oil production, bringing output to its lowest in 18 years, as the kingdom tries to prop up a nascent recovery in global energy markets.Saudi Arabia aims to pump in June just under 7.5 … Read moreSaudi Arabia Deepens Oil Output Cuts in Effort to Prop Up Market

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Oil Falls on Fears a Second Virus Wave Would Pummel Demand Again

By Saket Sundria and Alex Longley May 11, 2020 (Bloomberg) Oil pared last week’s gain as fears of a potential resurgence in global coronavirus cases countered tentative signs of a demand recovery.Futures fell 2.3% in New York to trade near $24 a barrel. China put Shulan, a city near the North Korean border, in lockdown over the weekend, … Read moreOil Falls on Fears a Second Virus Wave Would Pummel Demand Again

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Hottest U.S. Solar Market Fizzles, an Unlikely Oil-Bust Casualty

By Chris Martin May 11, 2020 (Bloomberg) The oil crash is yanking the rug out from under the hottest U.S. solar market. Developers including Cypress Creek Renewables LLC and 8minute Solar Energy have scrapped plans to build at least 13 solar farms in Texas since crude prices began plummeting in March. Analysts warn more may follow. The canceled projects, which … Read moreHottest U.S. Solar Market Fizzles, an Unlikely Oil-Bust Casualty

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Harold Hamm’s Continental Is Curtailing 70% of Oil Output in May

By Rachel Adams-Heard and David Wethe May 11, 2020 (Bloomberg) Continental Resources Inc., the oil explorer founded by billionaire Harold Hamm, is curtailing about 70% of its crude output in May in one of the most aggressive production cuts announced to date among U.S. producers. The Oklahoma City-based company, which doesn’t typically hedge its production, withdrew … Read moreHarold Hamm’s Continental Is Curtailing 70% of Oil Output in May

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The Car Is Staging a Comeback, Spurring Oil’s Recovery

By Bloomberg News  May 10, 2020 (Bloomberg) James Li, a public relations account director, would rather spend an hour sitting in Beijing traffic than risk 30 minutes exposed to crowds on a train. “Traffic is as bad as it could be” but the subway is still too dicey, he said. In Frankfurt, real estate assistant Anna … Read moreThe Car Is Staging a Comeback, Spurring Oil’s Recovery

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Oil Stockpiles Have Stopped Growing in World’s Biggest Buyer

By Dan Murtaugh  May 11, 2020 (Bloomberg)The great oil glut of 2020 may have already peaked in the world’s biggest crude importer. Crude inventories in China have shrunk in recent weeks after rising to record levels, according to analysts and satellite observations. Supplies have been drawn out of storage as refineries ramp up operations to meet … Read moreOil Stockpiles Have Stopped Growing in World’s Biggest Buyer

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RigNet Announces First Quarter 2020 Earnings Results

May 08, 2020  | Source: RigNet, Inc. HOUSTON, May 08, 2020 (GLOBE NEWSWIRE) — RigNet, Inc. (NASDAQ: RNET, the “Company”), a leading provider of ultra-secure, intelligent networking solutions and specialized applications, announced its results for the quarter ended March 31, 2020. First quarter 2020 revenue of $58.8 million, net loss of $26.8 million or $1.34 per … Read moreRigNet Announces First Quarter 2020 Earnings Results

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U.S. Well Services Announces First Quarter 2020 Financial and Operational Results

May 11, 2020  | Source: U.S. Well Services, Inc. HOUSTON, May 11, 2020 (GLOBE NEWSWIRE) — U.S. Well Services, Inc. (the “Company”, “U.S. Well Services” or “we”) (NASDAQ: USWS) today reported first quarter 2020 financial and operational results. First Quarter 2020 Highlights Finalized a long-term contract with EQT Corporation in April 2020 to provide electric fracturing … Read moreU.S. Well Services Announces First Quarter 2020 Financial and Operational Results

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TerraForm Power Reports First Quarter 2020 Results

May 11, 2020 | Source: TerraForm Power, Inc. NEW YORK, May 11, 2020 (GLOBE NEWSWIRE) — TerraForm Power, Inc. (Nasdaq: TERP) (“TerraForm Power”) today reported financial results for the quarter ended March 31, 2020. Recent Highlights Net (Loss) Income attributable to Class A shareholders, Adjusted EBITDA and CAFD of $(55) million, $180 million and $20 million, respectively, … Read moreTerraForm Power Reports First Quarter 2020 Results

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Mammoth Energy Services, Inc. Announces First Quarter 2020 Operational and Financial Results

May 11, 2020  | Source: Mammoth Energy Services, Inc. OKLAHOMA CITY, May 11, 2020 (GLOBE NEWSWIRE) — Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (NASDAQ: TUSK) today reported financial and operational results for the first quarter ended March 31, 2020. Financial Highlights for the First Quarter 2020: Total revenue was $97.4 million for the three months … Read moreMammoth Energy Services, Inc. Announces First Quarter 2020 Operational and Financial Results

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Near Bankruptcy, Debt-stricken Chesapeake Energy to Prepay Incentive Executive Pay

May 10, 2020 Reuters Chesapeake Energy Corp said it would prepay a total of $25 million in incentive compensation to 21 top executives to ensure they are motivated, even as it prepares to file for bankruptcy protection to tackle its nearly $9 billion debt pile.The Oklahoma City-based company, co-founded by late wildcatter and outspoken natural gas … Read moreNear Bankruptcy, Debt-stricken Chesapeake Energy to Prepay Incentive Executive Pay

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U.S. drillers cut oil & gas rigs to historic low -Baker Hughes

Scott DiSavino (Reuters) – The number of operating oil and natural gas rigs fell to an all-time low – reflecting data going back 80 years – as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. The rig count, an early indicator of future output, fell by 34 … Read moreU.S. drillers cut oil & gas rigs to historic low -Baker Hughes

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WEBINAR SERIES: Knowledge-on-Demand Turndown and Shutdown Considerations

Becht recently completed its ninth webinar in their Shutdown and Turndown Consideration Webinar Series. In total, over 3,000 downstream professional from 65 countries attended Becht’s Webinar Series, which covered the following topics: FCC Turndown and Shutdown Considerations Crude Unit Turndown and Shutdown Considerations Coking and Heavy Oil Turndown and Shutdown Considerations Alkylation Unit Turndown and … Read moreWEBINAR SERIES: Knowledge-on-Demand Turndown and Shutdown Considerations

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Lawmakers Urge Punishment For Banks That Won’t Back Drillers

By Jennifer A. Dlouhy May 8, 2020 (Bloomberg)Three dozen lawmakers are pushing the Trump administration to get tough on banks and asset managers that restrict financing for oil drilling and coal mining, arguing they are “discriminating against America’s energy sector” and it “must be confronted.”In a letter released Friday, the lawmakers told President Donald Trump … Read moreLawmakers Urge Punishment For Banks That Won’t Back Drillers

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Shale Drillers Risk Relapse Into Rampant Oil Output at $30 Crude

By Joe Carroll, Rachel Adams-Heard and David Wethe May 6, 2020 (Bloomberg) Shale drillers are signaling they’ll throw off restraints on oil production if crude reaches $30 a barrel, an ominous portent for a global industry still drowning in a supply glut.The about-face is stunning for a sector scorched by the once-unthinkable twin disasters of a … Read moreShale Drillers Risk Relapse Into Rampant Oil Output at $30 Crude

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Turning Oil Wells Back on Is Trickier Than Shutting Them Off

By Rachel Adams-Heard, David Wethe and Kevin Crowley May 8, 2020 (Bloomberg) With thousands of oil wells choking back or completely shutting off production, companies already are looking ahead to what may prove to be an even bigger challenge: turning wells back on.U.S. and Canadian oil producers are curbing as much as 4.5 million barrels of daily … Read moreTurning Oil Wells Back on Is Trickier Than Shutting Them Off

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Oil Set for Second Weekly Gain With Market Starting to Rebalance

By Paul Burkhardt and Elizabeth Low May 8, 2020 (Bloomberg) Oil headed for its first back-to-back weekly gain since February as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude.Futures in New York rose toward $25 a barrel on Friday and are up about 21% … Read moreOil Set for Second Weekly Gain With Market Starting to Rebalance

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Gulfport Energy Corporation Reports First Quarter 2020 Financial and Operating Results

May 07, 2020  | Source: Gulfport Energy Corporation OKLAHOMA CITY, May 07, 2020 (GLOBE NEWSWIRE) — Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the “Company”) today reported financial and operational results for the three-months ended March 31, 2020 and provided an update on its 2020 activities.  Key highlights are as follows: Reduced total long-term debt by approximately … Read moreGulfport Energy Corporation Reports First Quarter 2020 Financial and Operating Results

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Bonanza Creek Energy Announces First Quarter 2020 Financial Results and Updates 2020 Guidance

May 07, 2020  | Source: Bonanza Creek Energy, Inc. DENVER, May 07, 2020 (GLOBE NEWSWIRE) — Bonanza Creek Energy, Inc. (NYSE: BCEI) (the “Company” or “Bonanza Creek”) today announced its first quarter 2020 financial results and operating outlook. The Company has also posted an updated investor presentation to its website. Highlights of the first quarter 2020 … Read moreBonanza Creek Energy Announces First Quarter 2020 Financial Results and Updates 2020 Guidance

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Delek US Holdings Announces Closing of Bakersfield Refinery Sale

May 07, 2020 | Source: Delek US Holdings, Inc BRENTWOOD, Tenn., May 07, 2020 (GLOBE NEWSWIRE) — Delek US Holdings, Inc. (NYSE: DK) (“Delek”) announced today that it has closed the sale of the equity interests in Alon Bakersfield Property, Inc., an indirect wholly-owned subsidiary that owns a refinery in Bakersfield, California, to a subsidiary of Global … Read moreDelek US Holdings Announces Closing of Bakersfield Refinery Sale

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PDC Energy Announces 2020 First Quarter Results and Provides Projected 2020 Guidance

May 07, 2020 | Source: PDC Energy, Inc. DENVER, May 07, 2020 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) today announced its 2020 first quarter operating and financial results.  The Company also provided detailed commentary regarding its 2020 operating plan. 2020 First Quarter Highlights: In May, the Company’s semi-annual redetermination resulted in a … Read morePDC Energy Announces 2020 First Quarter Results and Provides Projected 2020 Guidance

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UPDATE — Infrastructure and Energy Alternatives, Inc. Announces First Quarter 2020 Financial Results

May 07, 2020 | Source: Infrastructure and Energy Alternatives, Inc. INDIANAPOLIS, May 07, 2020 (GLOBE NEWSWIRE) — Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with renewable energy and specialty civil expertise, today announced its financial results for the quarter ended March 31, 2020. Quarter Highlights Revenue totaled … Read moreUPDATE — Infrastructure and Energy Alternatives, Inc. Announces First Quarter 2020 Financial Results

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The New Math for Investors in a World of Cheap Energy

By Nathaniel Bullard (Bloomberg) As oil prices swooned last month but before the West Texas Intermediate benchmark closed negative for the first time ever, I wrote that Big Oil’s belt-tightening would be bad news for clean energy. Reduced capital expenditures from major investors would be detrimental across the sector, and falling production would mean fewer renewables contracts signed in the … Read moreThe New Math for Investors in a World of Cheap Energy

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Murphy Oil Corporation, facing an unprecedented industry oil price collapse, is relocating corporate headquarters to Houston, Texas

May 7, 2020 Business Wire EL DORADO, Ark. – In recognition of the extraordinary drop in crude oil prices, independent oil and natural gas exploration and production company, Murphy Oil Corporation (NYSE: MUR), is closing its legacy headquarters office in El Dorado, Arkansas, home to approximately 80 employees, as well as its longstanding office in Calgary, … Read moreMurphy Oil Corporation, facing an unprecedented industry oil price collapse, is relocating corporate headquarters to Houston, Texas

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Warren Blasts ‘Bailout’ for Oil Companies as Trump Eyes Aid

By Jennifer A. Dlouhy May 7, 2020 (Bloomberg) The Trump administration shouldn’t create a special relief program to bolster oil and gas producers while ignoring companies with “legitimate needs” that have been harmed by the coronavirus, Senator Elizabeth Warren argued Thursday. Oil companies “do not deserve special access to taxpayer-financed bailout funds at a time when … Read moreWarren Blasts ‘Bailout’ for Oil Companies as Trump Eyes Aid

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Oil Jumps After Saudi Arabia Raises Prices to Shore Up Recovery

May 7, 2020 (Bloomberg) Oil surged after Saudi Arabia raised prices for its crude globally.Futures in London added as much as 7.1%, moving beyond $31 a barrel, while U.S. crude rose 11%. State-run Saudi Aramco, which earlier this year initiated a war by offering massive discounts on its crude, raised prices on almost all grades for … Read moreOil Jumps After Saudi Arabia Raises Prices to Shore Up Recovery

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Oil Bust Forces College Grads to Rethink a Well-Paid Career Path

By Rachel Adams-Heard and Catarina Saraiva (Bloomberg)Hanzelle Kleeman was all set to head home to Houston until the oil crash upended her plans for the summer — and potentially, for her entire career. Kleeman, a 20-year-old mechanical-engineering major, had an internship lined up in the drilling group of a publicly traded crude producer. She was … Read moreOil Bust Forces College Grads to Rethink a Well-Paid Career Path

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Shell Midstream Partners, L.P. 1st Quarter 2020 Unaudited Results

May 07, 2020 | Source: Shell Midstream Partners, L.P. Houston, May 07, 2020 (GLOBE NEWSWIRE) — Shell Midstream Partners, L.P. (NYSE: SHLX) (the “Partnership” or “SHLX”) reported net income attributable to the Partnership of $138 million for the first quarter of 2020, which equated to $0.36 per common limited partner unit. Shell Midstream Partners also generated adjusted … Read moreShell Midstream Partners, L.P. 1st Quarter 2020 Unaudited Results

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COMSTOCK RESOURCES, INC. REPORTS FIRST QUARTER 2020 FINANCIAL AND OPERATING RESULTS

May 06, 2020  | Source: Comstock Resources, Inc. FRISCO, TX, May 06, 2020 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter ended March 31, 2020. On July 16, 2019, Comstock completed the acquisition of Covey Park Energy LLC (“Covey Park”). The Company’s financial … Read moreCOMSTOCK RESOURCES, INC. REPORTS FIRST QUARTER 2020 FINANCIAL AND OPERATING RESULTS

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CVR Energy Reports First Quarter 2020 Results and Announces Cash Dividend of 40 Cents

May 06, 2020 | Source: CVR Energy, Inc. SUGAR LAND, Texas, May 06, 2020 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI) today announced a net loss of $87 million, or 87 cents per diluted share, on net sales of $1.1 billion for the first quarter of 2020, compared to net income of $101 million, or $1.00 … Read moreCVR Energy Reports First Quarter 2020 Results and Announces Cash Dividend of 40 Cents

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Natural Gas Services Group, Inc. Reports First Quarter 2020 Financial and Operating Results

May 07, 2020 | Source: Natural Gas Services Group, Inc. Midland, TX, May 07, 2020 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (“NGS” or the “Company”) (NYSE:NGS), a leading provider of natural gas compression equipment and services to the energy industry, today announced financial results for the three months ended March 31, 2020. First Quarter … Read moreNatural Gas Services Group, Inc. Reports First Quarter 2020 Financial and Operating Results

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Targa Resources Corp. Reports First Quarter 2020 Financial Results

Targa Resources

May 07, 2020  | Source: Targa Resources Corp. HOUSTON, May 07, 2020 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“TRC”, the “Company” or “Targa”) today reported first quarter 2020 results. First Quarter 2020 Financial Results First quarter 2020 net loss attributable to Targa Resources Corp. was $(1,737.8) million compared to a net loss of $(38.9) million … Read moreTarga Resources Corp. Reports First Quarter 2020 Financial Results

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Saudi Arabia Gains an Edge in Oil Market After Price Plunge

By Anthony Di Paola, Brian Wingfield and Julian Lee  May 6, 2020 (Bloomberg) The uneasy truce that settled over oil markets this month as some of the world’s largest producers began cutting output belies the raging competition among exporters seeking to preserve their share of a diminished market.Saudi Arabia, the world’s biggest exporter, appears to be … Read moreSaudi Arabia Gains an Edge in Oil Market After Price Plunge

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Shale Producers Hint at Possible Fracking Revival at $30 Oil

By Rachel Adams-Heard and David Wethe  May 5, 2020 (Bloomberg) A pair of prominent shale producers said all they need is oil around $30 a barrel to consider bringing back curtailed crude output and fracking new wells. Diamondback Energy Inc. is curbing production this month by 10% to 15% and sending home most of its fracking … Read moreShale Producers Hint at Possible Fracking Revival at $30 Oil

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Oil Erases Gains With Five-Day Rally Juddering to a Halt

By Elizabeth Low and Alex Longley  May 6, 2020 (Bloomberg) Oil fell toward $23 a barrel in New York, snapping a run of gains that had seen prices double over five days. The drop reflects persistent concern that the global glut will take a long time to eliminate as demand remains crushed by the coronavirus. Economic … Read moreOil Erases Gains With Five-Day Rally Juddering to a Halt

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Double Black Swan Hitting Texas Drags Down Rest of the U.S.

By Steve Matthews, Catarina Saraiva and Devon Pendleton May 6, 2020 (Bloomberg) In all his years in the Texas oil patch, the billionaire Russell Gordy has never seen a bust like this. The nightmarish collapse in crude prices that has accompanied the coronavirus pandemic is sinking fortunes across the Lone Star State, the nation’s second-largest economy. … Read moreDouble Black Swan Hitting Texas Drags Down Rest of the U.S.

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Delek US Holdings Reports First Quarter 2020 Results

May 05, 2020  | Source: Delek US Holdings, Inc Reported first quarter net loss of $(314.4) million and Adjusted EBITDA of $(29.7) million Reducing 2020 capital expenditures by approximately $75 million representing a 23% decrease Improving cost structure with 10% reduction (~$100 million) in operating & overhead expenses 2020 vs. 2019 Currently benefiting from steep crude … Read moreDelek US Holdings Reports First Quarter 2020 Results

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Centennial Resource Development, Inc. Announces Extension of Early Tender Date of the Exchange Offers and Consent Solicitations

May 06, 2020  | Source: Centennial Resource Development DENVER, May 06, 2020 (GLOBE NEWSWIRE) — Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced that its operating subsidiary, Centennial Resource Production, LLC (“CRP”), has extended the date by which early tenders must be received (the “Early Tender Date”) for its previously announced offers … Read moreCentennial Resource Development, Inc. Announces Extension of Early Tender Date of the Exchange Offers and Consent Solicitations

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Amplify Energy Announces First Quarter 2020 Results and Over $80 Million of Liquidity Enhancement Initiatives

May 06, 2020 07:00 ET | Source: Amplify Energy Corp. HOUSTON, May 06, 2020 (GLOBE NEWSWIRE) — Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the first quarter of 2020. Key Highlights Liquidity Enhancement Initiatives: — Reduced future operating expenses by approximately $18 million annually — Reduced annualized general … Read moreAmplify Energy Announces First Quarter 2020 Results and Over $80 Million of Liquidity Enhancement Initiatives

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WEBINAR (May 12): Automated Real-Time Methane Leak Detection with Uncooled Thermal Imaging – Hosted by FLIR / IntelliView Technologies

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Register Now For unmanned and remote gas operations spanning production, processing and distribution, reliable continuous methane monitoring is instrumental in meeting methane mitigation targets and goals in the areas of safety and efficiency. Existing technologies, however, can be cost-prohibitive to a majority of operators or impractical for certain applications. This free webinar introduces a cost-effective … Read moreWEBINAR (May 12): Automated Real-Time Methane Leak Detection with Uncooled Thermal Imaging – Hosted by FLIR / IntelliView Technologies

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Occidental Announces 1st Quarter 2020 Results

May 05, 2020 | Source: Occidental HOUSTON, May 05, 2020 (GLOBE NEWSWIRE) — Occidental Petroleum Corporation (NYSE:OXY) today announced its first quarter 2020 financial results. The announcement and financial schedules can be accessed via the Investor Relations section of the company’s website, oxy.com. The earnings release is also available on the U.S. Securities and Exchange Commission’s website at sec.gov. The company will … Read moreOccidental Announces 1st Quarter 2020 Results

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Devon reports bigger quarterly loss on $2.8 bln impairment charge

May 5, 2020 Reuters Oil and gas producer Devon Energy on Tuesday reported a bigger quarterly loss as it took a non-cash impairment charge of $2.8 billion, and said it expects to cut 10,000 barrels of oil per day in the second quarter as oil prices cratered to historic lows. Net loss attributable to the company … Read moreDevon reports bigger quarterly loss on $2.8 bln impairment charge

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No injuries after Enbridge’s natgas pipeline explodes in Kentucky

May 5, 20201:40 PM Reuters No injuries were reported in an explosion on Enbridge’s Line 10 pipeline, part of its Texas Eastern Natural Gas System, in a wooded area in Fleming County, Kentucky on Monday evening, WKYT news reported on its website.“Our crews are on site and have secured the area. The impacted section of pipe … Read moreNo injuries after Enbridge’s natgas pipeline explodes in Kentucky

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Saudi Arabia’s oil exports to drop in May as demand slides

May 5, 2020 Reuters0 Comments Saudi Arabia’s crude oil exports in May are expected to drop to about 6 million barrels per day (bpd), the lowest in almost a decade, and domestic refining output is likely to fall as the coronavirus crisis hits demand, industry sources and analysts say.The world’s top oil exporter will cut crude … Read moreSaudi Arabia’s oil exports to drop in May as demand slides

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Oil Climbs for a Fifth Day With Output Cuts Easing Glut Concern

Oil Pump

By Alex Longley  May 5, 2020 (Bloomberg) Oil headed for the longest run of daily gains in more than nine months as the impact of production cuts indicated a huge glut may be beginning to ease. Futures in New York rose for a fifth day, with OPEC+ producers and Texas drillers slashing output. On Tuesday, Genscape reported an … Read moreOil Climbs for a Fifth Day With Output Cuts Easing Glut Concern

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Oil Giant Total Targets Carbon Neutrality in 2050

By Francois de Beaupuy May 5, 2020 (Bloomberg) Total SA set out bolder commitments to eliminate most of its carbon emissions by 2050, while curbing spending on oil and gas projects due to the crude-price slump. The French company’s commitment to invest more in clean energy, despite a sharp drop in profit as the coronavirus hammers … Read moreOil Giant Total Targets Carbon Neutrality in 2050

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Five Things  to Know in World Business Today

World Business

By Lorcan Roche Kelly May 5, 2020 (Bloomberg) Accusations fly between China and the U.S., German court gives the ECB a deadline, and reopenings gather pace. Here are some of the things people in markets are talking about today. Name calling In the latest chapter of its dispute with the U.S. over the coronavirus outbreak, Chinese state media … Read moreFive Things  to Know in World Business Today

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Canadian Heavy Crude Is in High Demand With Output Cuts

By Robert Tuttle May 4, 2020 (Bloomberg) Canadian heavy crude surged to its strongest price versus futures since at least 2008 as producers curtailed output and Enbridge Inc. agreed to open part of its pipeline system for storage.Enbridge on Monday said it would use a section of an old oil pipeline running between Saskatchewan and Manitoba … Read moreCanadian Heavy Crude Is in High Demand With Output Cuts

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Oil’s Recovery Could Take Decades, Not Years: Julian Lee

By Julian Lee (Bloomberg Opinion) Who knows what the new normal for oil demand will be once Covid-19 is firmly in the rear view mirror? Not me, that’s for sure. But it is likely to be lower than it was in 2019, and it could be that way for many years. That’s going to create overcapacity … Read moreOil’s Recovery Could Take Decades, Not Years: Julian Lee

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The Time To Digitally Transform Is Now – Cadeon

http://bit.ly/Cadeon-TIBCO-SpotFire-Group-March23

I hope my note finds you well and that you are safe and sound and protected by your loved ones. At Cadeon, we continue to operate from our office and remotely in both Canada and the USA. Now, more than ever, we need to embrace digital transformation, especially when it comes to: Cyber security Data … Read moreThe Time To Digitally Transform Is Now – Cadeon

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Osperity Launches a New All-In-One Solution “OMNI” to Help Companies in the Energy Industry Manage Their Remote Locations & Assets Safely and More Efficiently

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Osperity’s all-in-one OMNI solution empowers organizations to remotely monitor and inspect industrial sites & assets with visual AI-driven event detection and exception-based alerting. Click here to see the benefits and the savings

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Presentation Regarding Apergy’s Planned Merger with ChampionX Posted on Apergy’s Website

May 04, 2020  | Source: Apergy Corporation THE WOODLANDS, Texas, May 04, 2020 (GLOBE NEWSWIRE) — Apergy Corporation (“Apergy”) (NYSE: APY) today posted a presentation regarding its planned merger with ChampionX to its website to coincide with a meeting for equity research analysts on the combined company. The presentation is available at https://investors.apergy.com/events-and-presentations/presentations. About Apergy Apergy is … Read morePresentation Regarding Apergy’s Planned Merger with ChampionX Posted on Apergy’s Website

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Diamondback Energy, Inc. Announces First Quarter 2020 Financial and Operating Results

May 04, 2020 | Source: Diamondback Energy, Inc. MIDLAND, Texas, May 04, 2020 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2020. FIRST QUARTER 2020 HIGHLIGHTS Q1 2020 average production of 201.4 MBO/d (321.1 MBOE/d), with average oil production up 3% … Read moreDiamondback Energy, Inc. Announces First Quarter 2020 Financial and Operating Results

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Archrock Reports First Quarter 2020 Results

May 04, 2020  | Source: Archrock HOUSTON, May 04, 2020 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock”) today reported results for the first quarter of 2020. First Quarter 2020 Financial Results Revenue for the first quarter of 2020 was $249.7 million compared to $236.2 million in the first quarter of 2019. Net loss for the … Read moreArchrock Reports First Quarter 2020 Results

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HighPoint Resources Reports First Quarter 2020 Financial and Operating Results

May 04, 2020 | Source: HighPoint Resources Corporation Reported production sales volume of 2.9 million barrels of oil equivalent (“MMBoe”) for the first quarter of 2020, above the high end of guidance Oil production sales volume of 1.6 million barrels of oil (“MMBbls”) for the first quarter of 2020; 55% of total equivalent production sales volume and … Read moreHighPoint Resources Reports First Quarter 2020 Financial and Operating Results

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Viper Energy Partners LP, A Subsidiary of Diamondback Energy, Inc., Reports First Quarter 2020 Financial and Operating Results

May 04, 2020 | Source: Viper Energy Partners LP MIDLAND, Texas, May 04, 2020 (GLOBE NEWSWIRE) — MIDLAND, Texas, May 4, 2020 (GLOBE NEWSWIRE) — Viper Energy Partners LP (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the first quarter ended March 31, 2020. FIRST … Read moreViper Energy Partners LP, A Subsidiary of Diamondback Energy, Inc., Reports First Quarter 2020 Financial and Operating Results

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Centennial Resource Development Announces First Quarter 2020 Results and Updated Operational Plans

May 04, 2020  | Source: Centennial Resource Development DENVER, May 04, 2020 (GLOBE NEWSWIRE) — Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced first quarter 2020 financial and operational results and updated 2020 operational plans. Recent Financial and Operational Highlights Reduced current operated rig count from five to zero Initiated plan to … Read moreCentennial Resource Development Announces First Quarter 2020 Results and Updated Operational Plans

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Texas Oil Quotas ‘Dead,’ Says Regulator Who Touted Them

By Rachel Adams-Heard, Vonnie Quinn and Guy Johnson May 4, 2020 (Bloomberg) A lame-duck Texas regulator who proposed mandatory oil-output cuts said the effort is “dead” a day before the biggest U.S. crude-producing state was set to vote on the measure.Texas Railroad Commissioner Ryan Sitton said in an interview on Bloomberg TV that the three-member agency … Read moreTexas Oil Quotas ‘Dead,’ Says Regulator Who Touted Them

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Permian Drillers Cut Output Themselves With Texas Caps Dead

Drilling Rig pipes

By Rachel Adams-Heard and David Wethe May 4, 2020 (Bloomberg) On the same day OPEC-style oil quotas in Texas were pronounced dead on arrival, shale drillers disclosed more supply cuts in response to the crude market collapse.Diamondback Energy Inc., Parsley Energy Inc. and Centennial Resource Development Inc. on Monday became the latest Permian Basin shale explorers … Read morePermian Drillers Cut Output Themselves With Texas Caps Dead

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In Historic Oil Shutdown, Hard Part Is Picking Which Well Closes

By David Wethe May 4, 2020 (Bloomberg) Turns out shutting an oil well is easy, in many cases it can be done with a few taps on an iPhone. Figuring out which to shut, and for how long, is the hard part.In the wake of a killer pandemic and the worst crude crash in history, the … Read moreIn Historic Oil Shutdown, Hard Part Is Picking Which Well Closes

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Exxon and Chevron Plot Permian Cuts With Shale Spending Axed

By Rachel Adams-Heard (Bloomberg) Exxon Mobil Corp. and Chevron Corp. are curbing production in the Permian Basin as shale spending bears the brunt of budget cuts spurred by a crash in crude prices.Irving, Texas-based Exxon expects to shut in about 100,000 barrels of oil equivalent a day in the West Texas and New Mexico oil field … Read moreExxon and Chevron Plot Permian Cuts With Shale Spending Axed

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly May 4, 2020 (Bloomberg) U.S.-China tensions heat up, investors in risk-off moods and economies slowly get back to business. Here are some of the things people in markets are talking about today. Conclusive report President Donald Trump yesterday promised a “conclusive” report on the Chinese origins of the coronavirus outbreak after Secretary of State Michael Pompeo said there … Read moreFive Things to Know in World Business Today

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Oil Falls After Three-Day Rebound as Funds Shun Short-Term Crude

By Elizabeth Low and Grant Smith May 4, 2020 (Bloomberg) Oil fell after a three-day rebound as a number of funds shifted away from near-term contracts, fearing a repeat of the meltdown last month that saw prices plunge below zero. Futures fell 8% toward $18 a barrel in New York as investors worried that a massive … Read moreOil Falls After Three-Day Rebound as Funds Shun Short-Term Crude

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Nuclear is Getting Hammered by Green Power and the Pandemic

By Lars Paulsson and Rachel Morison May 4, 2020 Generating power without harmful carbon emissions has never been more urgent, yet one of the biggest sources of clean power is struggling to turn a profit. The nuclear industry has been vying for a role as the perfect partner to the surging, but intermittent, renewables sector for … Read moreNuclear is Getting Hammered by Green Power and the Pandemic

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Pure Acquisition Corp. Announces Business Combination Transaction

May 04, 2020  | Source: Pure Acquisition Corp. FORT WORTH, Texas, May 04, 2020 (GLOBE NEWSWIRE) — Pure Acquisition Corp. (“Pure”) (NASDAQ: PACQ, PACQU, PACQW), an oil and gas exploration and production focused special purpose acquisition entity, today announced that it has entered into a Business Combination Agreement (the “HPK Business Combination Agreement”) with, among others, … Read morePure Acquisition Corp. Announces Business Combination Transaction

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KLX Energy Services and Quintana Energy Services to Combine in an All-Stock Merger, Establishing an Industry-Leading Provider of Asset-Light Oilfield Solutions Across the Full Well Lifecycle Including Drilling, Completion and Production Related Products and Services

  May 03, 2020 | Source: KLX Energy Services LLC Transaction Highlights Highly complementary product and service offerings across all major US oil and gas basins provide for increased scale to serve a blue-chip customer base Accretive to free cash flow per share within 12 months of closing Significant annualized cost synergies of at least $40 … Read moreKLX Energy Services and Quintana Energy Services to Combine in an All-Stock Merger, Establishing an Industry-Leading Provider of Asset-Light Oilfield Solutions Across the Full Well Lifecycle Including Drilling, Completion and Production Related Products and Services

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Global Oil Demand Starts a Long, Painful and Uncertain Recovery

By Javier Blas May 3, 2020 (Bloomberg) Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting to recover in America.He only needed to look at the streets … Read moreGlobal Oil Demand Starts a Long, Painful and Uncertain Recovery

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FREE WEBINARS May 5th & May7th: Shutdown and Turndown Considerations for Mechanical Integrity & Maximizing Margin

Current market conditions are forcing many refiners into an unfamiliar operating state.  A different approach may be required to rebalance and reduce refinery intake and maximize products that are still in demand.  Unit and equipment specific impacts of this approach will depend on the severity of the rate reduction as well as the duration. Aligning … Read moreFREE WEBINARS May 5th & May7th: Shutdown and Turndown Considerations for Mechanical Integrity & Maximizing Margin

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North American oil producers slash spending by about 34% amid crude price rout – See the list

Oil Pump

May 1, 2020 North American oil and gas producers have cut their 2020 spending by nearly 34%, or about $41.6 billion, data compiled by Reuters showed, following a slump in crude prices. Since Saudi Arabia and Russia launched an oil price war on March 9, U.S. crude has more than halved to under $20 per … Read moreNorth American oil producers slash spending by about 34% amid crude price rout – See the list

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Mexico Indefinitely Halts New Clean-Energy Plans, Blaming Virus

By Justin Villamil May 2, 2020 (Bloomberg)Mexico’s Centro Nacional de Control de Energia (Cenace), which oversees the electrical system, indefinitely suspended critical tests for new clean-energy projects as the nation grapples with the spread of the coronavirus. Preoperative tests of intermittent power plants would be suspended along with other measures to increase the reliability of … Read moreMexico Indefinitely Halts New Clean-Energy Plans, Blaming Virus

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U.S. drillers cut oil rigs for seventh week in a row

May 1, 2020 Reuters U.S. energy firms cut oil rigs for a seventh week in a row as major producers slam the brakes on shale oil production at a time when crude prices and fuel demand have plunged due to global lockdowns to fight the coronavirus pandemic.Drillers cut 53 oil rigs in the week to May … Read moreU.S. drillers cut oil rigs for seventh week in a row

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The Great Shale Shut-In Has Begun, Making Good on Trump’s Pledge

By Catherine Traywick, Kevin Crowley and Sheela Tobben (Bloomberg) American shale explorers are rapidly crimping production in the country’s most prolific oil fields as the worst price crash in history threatens the industry’s survival. Three of the biggest oil explorers in the U.S. — Exxon Mobil Corp., Chevron Corp., and ConocoPhillips — plan to curb as … Read moreThe Great Shale Shut-In Has Begun, Making Good on Trump’s Pledge

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TC Energy Says Montana Ruling Could Delay Keystone XL by a Year

Pipeline

By Kevin Orland (Bloomberg) TC Energy Corp. said a federal judge’s decision to block a key permit for the Keystone XL crude oil pipeline last month could delay the project for as much as a year.The Canadian pipeline giant thinks it can overcome the issues presented by the ruling and has been trying to mitigate … Read moreTC Energy Says Montana Ruling Could Delay Keystone XL by a Year

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Fed Changes Open the Door for More Oil Companies to Get Loans

By Jennifer A. Dlouhy, Ari Natter and Saleha Mohsin Apr 30, 2020 The Federal Reserve revamped its Main Street Lending Program in ways that will allow battered oil companies to qualify for the aid after industry allies lobbied the Trump administration for changes.Larger, more heavily indebted companies can now qualify and use the money to pay off … Read moreFed Changes Open the Door for More Oil Companies to Get Loans

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WEBINAR SERIES: The Global Energy Show invites you to join “Surviving the Slump – Oil and Gas Business Support, Capital and Liquidity Resources for 2020”

Global Energy Show GES Feature Logo 400x270

In partnership with  EnergyNow.com and Empowering Pumps & Equipment, this webinar will explain the various financial support options and resources made available federally and provincially to help exploration and production and oilfield service companies assist their staff, sustain operations and maintain liquidity until oil prices and business activity starts to recover. Major topics will include: … Read moreWEBINAR SERIES: The Global Energy Show invites you to join “Surviving the Slump – Oil and Gas Business Support, Capital and Liquidity Resources for 2020”

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Chevron announces first quarter 2020 results

May 1, 2020 Business Wire First quarter earnings of $3.6 billion Cash flow from operations of $4.7 billion Taking actions to protect the dividend, sustain long-term value and preserve cash Further reducing 2020 capital expenditure guidance to as low as $14 billion Completed asset sales in the Philippines and Azerbaijan SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Corporation (NYSE: … Read moreChevron announces first quarter 2020 results

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When the Flames Go Out, the Permian’s Methane Problem Worsens

By Rachel Adams-Heard and Akshat Rathi Apr 30, 2020 (Bloomberg) The orange flames that dot the Permian Basin have sparked criticism from investment bankers and shale pioneers who say the energy industry is wasting a valuable resource by burning off natural gas. Yet the flares are proving a bigger contributor to climate change if they are … Read moreWhen the Flames Go Out, the Permian’s Methane Problem Worsens

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly May 1, 2020 (Bloomberg) The pandemic is likely to last years, less good tech results, and Trump’s campaign against China continues. Here are some of the things people in markets are talking about today. Going nowhere A report from a group of experts at the Center for Infectious Disease Research and Policy at the … Read moreFive Things to Know in World Business Today

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Oil in First Weekly Gain in a Month With Output Cuts Deepening

By Elizabeth Low and Alex Longley May 1, 2020 (Bloomberg) Oil headed for its first weekly gain in a month as global production cuts start to lift physical markets and demand shows tentative signs of recovery. Futures in New York rose to near $20 a barrel on Friday and are up about $3 this week. U.S. … Read moreOil in First Weekly Gain in a Month With Output Cuts Deepening

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Chevron Opposes U.S. Oil Bailouts Amid Shale-Patch Shutdowns

  May 1, 2020 The Chevron Corp. El Segundo Refinery stands in El Segundo, California, U.S. Chevron Corp. said it opposes U.S. government “bailouts” for oil companies that haven’t prepared themselves well enough for a historic crash in crude prices that’s leading to unprecedented shutdowns in the shale patch. “As companies that have not positioned themselves … Read moreChevron Opposes U.S. Oil Bailouts Amid Shale-Patch Shutdowns

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Exxon Posts Historic Loss on Rout With Chevron in Retreat

By Kevin Crowley and Joe Carroll May 1, 2020, (Bloomberg) Exxon Mobil Corp. posted its first loss in at least 32 years while Chevron Corp. deepened spending cuts amid the economic and industrial devastation wrought by the Covid-19 contagion. The worst may be yet to come.Exxon reported a $610 million loss on Friday, the oil giant’s … Read moreExxon Posts Historic Loss on Rout With Chevron in Retreat

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Lilis Energy Announces 2019 Fourth Quarter and Full-Year Results

April 30, 2020  | Source: Lilis Energy, Inc. FORT WORTH, Texas, April 30, 2020 (GLOBE NEWSWIRE) — Lilis Energy, Inc. (NYSE American: LLEX) (the “Company”), an exploration and development company operating in the Permian Basin of West Texas and Southeastern New Mexico, today announced its 2019 fourth-quarter and full-year results. Joseph C. Daches, Chief Executive Officer and … Read moreLilis Energy Announces 2019 Fourth Quarter and Full-Year Results

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Range Announces First Quarter 2020 Financial Results

April 30, 2020  | Source: Range Resources Corporation FORT WORTH, Texas, April 30, 2020 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its first quarter 2020 financial results. First Quarter Highlights – GAAP cash flow provided from operating activities of $125 million, and non-GAAP cash flow of $125 million GAAP net income of $145 million ($0.58 … Read moreRange Announces First Quarter 2020 Financial Results

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Cevian Technologies are excited to announce the launch of our newest feature update, FracNet™ 1.9

We are excited to announce the launch of our newest feature update, FracNet™ 1.9: https://bit.ly/2xWagUS FracNet users can expect to see three key feature updates: smart alarms on digital display cards, pumping threshold NPT reporting, and a brand new support page. As always, our mission is to provide our clients with the best possible data experience. … Read moreCevian Technologies are excited to announce the launch of our newest feature update, FracNet™ 1.9

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ConocoPhillips reports first-quarter 2020 results; announces quarterly dividend and additional curtailments

FILE PHOTO: Logos of ConocoPhillips are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai/File Photo - RC11AEA51EE0

April 30, 2020 Business Wire HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) today reported a first-quarter 2020 loss of $1.7 billion, or ($1.60) per share, compared with first-quarter 2019 earnings of $1.8 billion, or $1.60 per share. Excluding special items, first-quarter 2020 adjusted earnings were $0.5 billion, or $0.45 per share, compared with first-quarter 2019 adjusted earnings of $1.1 … Read moreConocoPhillips reports first-quarter 2020 results; announces quarterly dividend and additional curtailments

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Trump told Saudis: Cut oil supply or lose U.S. military support

April 30, 2020 Reuters U.S. President Donald Trump As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting … Read moreTrump told Saudis: Cut oil supply or lose U.S. military support

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Don’t Leave America’s Post-Pandemic Energy Policy to Chance: Liam Denning

By Liam Denning Apr 29, 2020 (Bloomberg Opinion) As the coronavirus pandemic continues, Bloomberg Opinion will be running a series of features by our columnists that consider the long-term consequences of the crisis. This column is part of a package on how to navigate the pandemic-induced turmoil in energy markets. Remember how the mundane act of having a … Read moreDon’t Leave America’s Post-Pandemic Energy Policy to Chance: Liam Denning

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Coal Demand Set for Biggest Annual Drop Since World War II

By Jeremy Hodges and Ronan Martin Apr 30, 2020 (Bloomberg) Global coal demand is heading for its biggest annual drop since World War II as economic activity plunges due to coronavirus lockdowns.Burning coal to make electricity in several European countries has become unprofitable and socially untenable — crowded out by cheap natural gas and the proliferation … Read moreCoal Demand Set for Biggest Annual Drop Since World War II

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Blackstone Discloses 7% Stake in Kelcy Warren’s Energy Transfer

By Rachel Adams-Heard Apr 30, 2020 (Bloomberg) Blackstone Group disclosed a 6.9% stake in Energy Transfer LP that would make it the second-biggest holder in the pipeline giant after billionaire founder and Chief Executive Officer Kelcy Warren. The New York-based investment firm said the interest includes units owned by Harvest Fund Advisors, which it bought in 2017. … Read moreBlackstone Discloses 7% Stake in Kelcy Warren’s Energy Transfer

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Shell CEO Says Pandemic May Change the Oil Business Forever

By Anna Edwards and Laura Hurst  Apr 30, 2020 (Bloomberg)Europe’s largest oil company is bracing for permanent change in customer behavior, signaling demand may not fully recover once the coronavirus pandemic is over. The global spread of the virus has roiled oil markets, dragging down profits at some of the biggest producers and promising worse to come … Read moreShell CEO Says Pandemic May Change the Oil Business Forever

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 30, 2020 (Bloomberg) Jobless claims likely to add to litany of dire economic news, Apple among the companies reporting, and it’s ECB decision day. Here are some of the things people in markets are talking about today. Millions more Weekly jobless claims published at 8:30 a.m. Eastern Time are expected to drop to … Read moreFive Things to Know in World Business Today

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Oil Jumps on Output Cuts and Early Signs of Demand Recovery

By Alex Longley Apr 30, 2020 (Bloomberg) Oil jumped for a second day as global production cuts deepened and signs of a recovery in physical markets emerge. Futures in New York rose by more than $2. Norway said it will participate in oil-output cuts for the first time since 2002, joining other major producers in reining … Read moreOil Jumps on Output Cuts and Early Signs of Demand Recovery

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Royal Dutch Shell Cuts Dividend for First Time Since World War Two

(Bloomberg) Royal Dutch Shell Plc cut its dividend for the first time since at least the Second World War as the oil slump triggered by the coronavirus pandemic reshapes the energy industry. The surprise move is the latest illustration of how the international spread of the deadly disease is causing the biggest upheaval for generations. Energy … Read moreRoyal Dutch Shell Cuts Dividend for First Time Since World War Two

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Norway Joins Oil Production Cuts for First Time Since 2002

Offshore drilling

By Mikael Holter Apr 30, 2020 (Bloomberg) Norway, western Europe’s biggest oil producer, joined international efforts to curb supply for the first time in almost two decades after prices plumbed new depths. The Nordic country will cut production by 250,000 barrels a day in June and 134,000 barrels in the second half of the year, the … Read moreNorway Joins Oil Production Cuts for First Time Since 2002

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Oil Fields Face Disorderly Shutdown Despite OPEC+ Cuts, IEA Says

By Grant Smith Apr 29, 2020 (Bloomberg) Some oil fields are set to suffer chaotic stoppages despite efforts by OPEC+ to mitigate the impact of coronavirus on global markets, the International Energy Agency warned. “Lockdown measures have caused unprecedented demand declines, whose speed and magnitude greatly exceed the normal market flexibility of supply,” the Paris-based IEA said … Read moreOil Fields Face Disorderly Shutdown Despite OPEC+ Cuts, IEA Says

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Trudeau Government Takes on Lending Risk to Help with Credit for Oil Companies

By Esteban Duarte Apr 29, 2020 (Bloomberg)The Canadian government is taking on bigger lending risks to help an oil industry saddled with the lowest crude prices on record.Prime Minister Justin Trudeau’s government is relying on two financing agencies for the measures. The Business Development Bank of Canada will provide mezzanine financing — a form of … Read moreTrudeau Government Takes on Lending Risk to Help with Credit for Oil Companies

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U.S. Midwest Refinery Surge Extends Lifeline to Canadian Crude

By Robert Tuttle  Apr 30, 2020 Refiners in the America’s heartland are starting to ramp up, which will be welcome news to struggling Canadian oil producers.Heavy Western Canadian Select crude’s discount to U.S. benchmark futures shrank to $8 a barrel Wednesday, the narrowest in more than a year, NE2 Group pricing data show. Refineries in the Midwest, … Read moreU.S. Midwest Refinery Surge Extends Lifeline to Canadian Crude

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Oil States Announces First Quarter 2020 Results of Operations

April 29, 2020  | Source: Oil States International, Inc. HOUSTON, April 29, 2020 (GLOBE NEWSWIRE) — Oil States International, Inc. (NYSE: OIS) reported a net loss for the first quarter of 2020 of $405.0 million, or $6.79 per share, on revenues of $219.7 million and Consolidated EBITDA (Note A) of $21.9 million. The reported first quarter 2020 net loss … Read moreOil States Announces First Quarter 2020 Results of Operations

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Tenaris Announces 2020 First Quarter Results

April 29, 2020  | Source: Tenaris S.A. The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this … Read moreTenaris Announces 2020 First Quarter Results

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 29, 2020 (Bloomberg) Fed decision, another big day for earnings, and U.S. coronavirus cases hit 1 million. Here are some of the things people in markets are talking about today. What else? With interest rates already close to zero, and a raft of new measures announced since the last scheduled FOMC meeting, there are low expectations for major … Read moreFive Things to Know in World Business Today

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Oil Bounces Back With Output Cuts Looming, Storage Filling

By Alex Longley Apr 29, 2020 (Bloomberg) Oil clawed back its recent heavy losses as output cuts from major producers seek to stymie an unprecedented global glut. Futures rose by more than $2 in New York to over $14 a barrel. Russian oil companies will cut output by about 19% from February levels, the nation’s Energy … Read moreOil Bounces Back With Output Cuts Looming, Storage Filling

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Continental Resources sued by rival over failed $200 million oil deal

April 28, 2020 Reuters Casillas Petroleum Resource Partners sued Continental Resources Inc, alleging the Oklahoma shale producer last month backed out of a $200 million oil and gas deal as prices crashed. U.S. crude futures prices have tumbled, with coronavirus-related lockdowns and travel restrictions souring demand as OPEC and other producers waged a price war, sending … Read moreContinental Resources sued by rival over failed $200 million oil deal

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Texas energy regulators to vote on production curtailments in May 5 meeting

April 28, 20201 Reuters Texas energy regulators will vote next week on a controversial proposal to reduce the state’s oil output after delaying it on concerns of legal challenges.The vote follows a motion submitted by Texas Railroad Commissioner Ryan Sitton, who has already been vocal about the need for curtailments to address historically low oil … Read moreTexas energy regulators to vote on production curtailments in May 5 meeting

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U.S. court ruling could threaten pipeline projects with delays

April 28, 2020 Reuters Several major U.S. oil and natural gas pipeline projects could be at risk of delays after a U.S. district judge in Montana this month said the Army Corps of Engineers had inappropriately used a national permit program, energy analysts said on Tuesday.Chief U.S. District Judge Brian Morris ruled on April 15 that … Read moreU.S. court ruling could threaten pipeline projects with delays

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 28, 2020 (Bloomberg) Oil plunges again, another big day for corporate earnings, and we may be stuck with the virus for a long time. Here are some of the things people in markets are talking about today. Dropping West Texas Intermediate for June delivery traded close to $10 a barrel this morning, extending losses as exchange-traded … Read moreFive Things to Know in World Business Today

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Oil Swings Wildly After Major Index Bails Out of June Contract

By Olivia Raimonde Apr 28, 2020 (Bloomberg) Oil resumed losses after a brief bounce higher amid the aftershocks of a major index tracked by billions of dollars in funds exiting near-term contracts for fear prices may turn negative again.June WTI fell about 6% after climbing as high as $13.69 in trading Tuesday morning after an abrupt decision by … Read moreOil Swings Wildly After Major Index Bails Out of June Contract

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