Wave of N. American Oil and Gas Bankruptcies to Continue at $40 Oil
A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report…
Investors Brace for Poor US Shale Earnings
Investors are bracing for weaker results from U.S. shale players in coming days as lower oil and natural gas prices and cost-cutting measures have weighed on third-quarter operations.Major shale producers ConocoPhillips and Concho Resources…
Whiting Petroleum Takes Q4 Impairment Charge
Whiting Petroleum said on Monday it will record an impairment charge of $800 million to $900 million in the current quarter due to a partial write-down of some assets in the DJ Basin in Colorado. The company said in a regulatory filing…
US Shale Producers Promise Higher Output and Returns
U.S. shale producers are telling investors impatient for better returns that they can keep boosting oil output aggressively and do so while still making money for shareholders. Investors have pushed top U.S. shale companies to focus on returns…
U.S. Shale Producers Cut CapEx as Oil Prices Lag
U.S. shale producers have started to trim their 2017 capital spending budgets, a tacit acknowledgement that such plans were too aggressive when crafted months ago before commodity prices weakened. This week alone, Anadarko Petroleum Corp…
Oil Rises to 8-week High on U.S. Inventory Draw
U.S. crude stocks fell sharply last week - EIA; some U.S. shale producers plan to cut spending. Oil prices traded close to eight-week highs on Thursday, boosted by a steeper-than-expected slide in U.S. crude inventories last week. Brent…
Whiting Petroleum Slashes 2017 Budget after Quarterly Loss
Whiting Petroleum Corp, the largest oil producer in North Dakota's Bakken shale region, slashed its 2017 budget by 14 percent on Wednesday, the latest company to curtail spending due to weak commodity prices. Whiting said it would cut…
North Dakota Output to Rise as DAPL Opens
North Dakota oil production will get a shot in the arm next month as a pipeline comes online despite opposition by environmental groups and Native Americans, allowing the energy industry to save at least $540 million in annual shipping costs.
Whiting Petroleum Posts Bigger Quarterly Loss
Whiting Petroleum Corp, North Dakota's largest oil producer, posted a bigger quarterly loss as production fell and expenses rose. The company's net loss available to common shareholders widened to $173.3 million, or 59 cents per share, in the fourth quarter ended Dec.
Big Oil Revels in Trump Triumph
The U.S. energy industry on Wednesday reveled in Republican Donald Trump's presidential victory, expecting him to be a strong advocate for more oil and gas output and to cut red tape that has held back billions of dollars of investment in new projects.
Third Point Adds New bets on Energy, Cuts Stake in Dow
Billionaire investor Daniel Loeb's hedge fund Third Point added new bets in the energy and information technology sectors with investments in Whiting Petroleum Corp., Facebook and Activision Blizzard Inc, according to regulatory filings on Friday.
Whiting Petroleum Quarterly Loss More Than Doubles
Whiting Petroleum Corp, North Dakota's largest oil producer, posted a quarterly loss on Wednesday that more than doubled as production fell and crude prices dropped. The company posted a second-quarter net loss of $301 million, or $1.33 per share…
Devon Ready to Boost Drilling, Spending if Oil Prices Keep Climbing
Devon Energy Corp will ramp up drilling and spending if oil prices continue to recover, executives said on Wednesday, joining a growing list of companies expecting an increase in activity as the commodity price picture improves. The…
U.S. Energy CEOs Ready to Drill as Oil Rebounds
After cutting spending and staff levels to the bone, U.S. oil executives say they are getting ready for new drilling projects as a 50 percent increase in crude prices since February leads them to believe the worst of the downturn may be over.
Hess Would Add Bakken Rigs When Oil Nears $60/Barrel
Hess Corp said on Wednesday it would add drilling rigs in North Dakota's Bakken shale basin, its largest area of operations, if oil prices approach $60 per barrel, a level executives believe offers the best chance to return to profitability. The update came after the U.S.
Most US Shale Firms Skipped Hedging in Q4
Last October, as U.S. oil prices seemed to be stabilizing around $45 a barrel, some bullish traders chuckled at the notion of U.S. shale firms racing to hedge production at what they thought was the bottom of a 19-month rout. Now, a handful of producers…
U.S. Drillers Turn to Fracking Technology
Fifty-stage frack jobs. Fifteen-foot cluster spacing. More than 2,000 pounds of proppant concentrate per foot. Top U.S. shale producers are pushing fracking technology to new extremes to get more oil out of their wells, as they weather lower-for-longer oil prices.
Whiting Expects More than $1 Bln in Credit Line Cuts
Whiting Petroleum Corp expects its credit line to be cut by more than $1 billion in an early May borrowing base redetermination, the latest industry fallout from low oil prices, Chief Executive Jim Volker said on Thursday. Whiting, the…
U.S. Shale to OPEC: Above $40, We are Coming Back
For leading U.S. shale oil producers, $40 is the new $70. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in deciding whether to crank…
US Oil Drillers Cut Rigs for 10th Straight Week
U.S. energy firms this week cut oil rigs for an 10th week in a row to the lowest levels since December 2009, data showed on Friday, as some producers focus more on completing their drilled but uncompleted wells instead of drilling new ones.
