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The oil and gas boom in the United States was made possible by the extensive credit afforded to drillers. Not only has financing come from company shareholders and traditional banks, but hundreds of billions of dollars have also come from junk-bond investors looking for high returns. by Nick Cunningham of Oilprice.com.
With oilprices low and showing no sign of an immediate rebound, the industry is beginning to pull back on spending. Oilprices have dropped around 30 percent since summer highs, raising fears among producers across the globe. Yet, many oil majors are relatively diversified, with large holdings downstream.
“Unless there’s a significant reversal in oilprices, we’re going to see continued declines in the rig count, especially those drilling for oil,” James Williams, president of WTRG Economics, told Fuel Fix in an interview. “We We could easily see the oil rig count down 100 by the end of the year, or more.”
US oil and gas rig counts dropped to their lowest level in over four years, falling by an additional 74 units for the week ending on January 16. The lower count provides fresh evidence that low oilprices are forcing drillers to pare back operations and slash spending. That pushed companies to focus on wet gas and oil.
Tesla’s ( NASDAQ: TSLA ) plans to expand its production capacity, along with other factors like surging oilprices that could sway consumers to electric vehicles, have contributed to Daiwa Securities analysts upgrading their outlook on the automaker’s stock. The factory in Shanghai manufactured 51.7
Many companies have already slashed spending and culled their payrolls, but the total number of job losses continues to climb. an industry consultant, oil and gas companies have laid off more than 250,000 workers around the world, a tally that will rise if oilprices remain in the dumps. “I
A major factor in this growth has been an uptick in horizontal drilling in the Permian Basin, Texas’ revived giant, where the rig count was up 21% year-on-year. And while oilprices slumped in October, drilling activity continues to rise, according to Baker Hughes , the third-largest oil services company.
Those claiming that oil will continue to fall from here and remain low for evermore, however, are flying in the face of both history and common sense. The question we should be asking ourselves is not if oilprices will recover, but when they will. Again it may take time, but it will probably come.
Projections of the evolution of COVID-19 pandemic trends show that lockdowns help to reduce COVID-19 transmissions by as much as 90% compared with the baseline without any social distancing in Austin, Texas. However, this unprecedented phenomenon could last for a few years: Kissler et al.
US motorists stayed off the road during the Thanksgiving holiday in overwhelming numbers as the coronavirus surged across the country, according to the latest weekly survey of retail fuel stations by OPIS, an IHS Markit company. A persistent rebound in global oil markets requires profitability in transportation products.
During the last three years, companies operating in the Permian basin have drilled much longer laterals and used substantially more complex well completion design in their newer wells with the aim of reaching higher initial production (IP) rates. On 25 June, the price of a 42-gallon barrel of West Texas Intermediate Crude (WTI) was $68.08.
The collapse of oilprices has ground shale drilling to a halt, but the one region where drilling is still active, and even increasing, is in West Texas. The West Texas shale basin has captured two-thirds of the 90 oil rigs that have been added since hitting a nadir in May. by Nick Cunningham of Oilprice.com.
The results are based on Evogene’s objectives for castor bean varieties, aimed at increasing crop yields to 4-5 ton/ha on semi-arid lands—at present focusing on Texas and Brazil—and therefore providing the additional benefit of not competing with food use of arable land. Assaf Oron, Evogene’s EVP Strategy and Business Development.
ExxonMobil expects to increase annual earnings potential by more than 140% and double potential annual cash flow from operations by 2025 from 2017 adjusted earnings, assuming a 2017 oilprice of $60 per barrel adjusted for inflation and based on 2017 margins. In Brazil, the company has acquired 2.3 —Darren Woods.
Argentina offers one of the few places on earth where oilcompanies are not suffering from the full force of the collapse in prices. Argentina regulates oilprices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices.
The rig count has rebounded from the lows seen in late May, a small indication that oilcompanies in the US could begin drilling anew. Because of this, the collective US shale industry has been likened to the new “swing producer”: low oilprices force quick cutbacks but higher prices trigger new supplies.
Industry appetite for oil-rich resource plays, particularly the North Dakota Bakken shale, Texas Eagle Ford shale and Ohio Utica shale, drove deal activity in the unconventional sector to a record $62 billion. We expect continued strong activity in oil and liquids-rich resource plays in 2012. In its analysis, PLS allocated $7.2
Other states will be selling less than 8,000 electric vehicles per year, with fewer than 26,000 total registrations by 2015, even in the large markets of Texas, New York, and Florida. It also notes that, while the specific numbers may not be exact, their magnitude should be correct along with relative sales among states.
Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency, which warned that both trends could continue this year. Oil discoveries declined to 2.4
Globally, water demand is threatening to dangerously outpace supply, while in the US, dry states such as Texas and California are suffering from shortages and the future forebodes more suffering. How communities in Texas can be spared drought. What it means for the oil and gas industry. by James Stafford for Oilprice.com.
The company aims to transform the chemical industry through the cost-advantaged, smaller-footprint production of bio-based chemicals as direct replacements for major industrial chemicals that are currently petroleum-based in a trillion-dollar global market. Greener reaction conditions: Kraton Performance Polymers, LLC, Houston, Texas.
These results significantly alter the understanding of the Permian Basin’s resource potential, according to the company. When a geologist looks for new oil reserves, we typically go back to geologic targets where we know oil was targeted and produced previously, and in a well file, we call those targets the producing or completion formations.
shale oil firms purposefully colluded with the government of Saudi Arabia to fix oilprices between 2021 and 2023. The concern was that the companies were effectively creating a monopoly in what’s already a business sector composed largely of massive multi-national corporations.
Oil and gas companies have had a tough time over the past year trying to weather the storm of falling oilprices. Drilling oil and gas wells requires a lot of money. For companies that have seen their revenues vanish because of collapsing oilprices, access to credit is obviously critically important.
High-Speed Rail Unlocks Intermodal Potential Texas Excess Ford Expands Hybrid Success to Electric Vehicles ► March (17) Carbon Capture and Storage: To Be or Not To Be? Mr. Agassi was an executive at SAP that lead the software company to being the enterprise software leader ahead of Oracle, IBM, and all others. Email Neal.
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