Texas Shale Heartland Rattled by Virus and Price War

Industry Headlines

Oil Down 23 Percent for the Week
Friday, March 13, 2020 Oil posted the biggest weekly plunge since 2008.

US to Buy Large Quantities of Oil for Reserve
Friday, March 13, 2020 President Trump said he's instructed the Energy Department to buy crude "at a very good price."

Shale Drillers Seek Jones Act Waiver to Ease Price Pain
Friday, March 13, 2020 US oil companies are encouraging the Trump administration to waive a law that says only American vessels can transport goods among US ports.

Oil Market Hits and Misses for the Week
Friday, March 13, 2020 Rigzone panelists offer their take on market developments for the week ending March 13, 2020.

Texas Shale Heartland Rattled by Virus and Price War
Friday, March 13, 2020 Just last week, when crude oil prices fell to $46 a barrel, the mayor of the biggest city in the world's largest shale oil patch seemed oddly calm, almost relieved.

OPEC+ Wages War on US Shale Sector
Friday, March 13, 2020 Here are some of Rigzone's top stories during the last week, just in case you missed them...

Virus Causes New Offshore UK Travel Policy
Friday, March 13, 2020 The UK oil and gas industry has agreed a new travel policy for offshore installations following the outbreak of the coronavirus.

Oil Set for Worst Week Since 2008
Thursday, March 12, 2020 Futures in New York tumbled 4.5 percent on Thursday and are on track for a 24 percent weekly drop.

Icahn Anticipates Strong Bids to Emerge for Oxy on Oil Rebound
Thursday, March 12, 2020 Activist investor Carl Icahn expects oil prices will rebound in the near to medium term and that "strong bids" will emerge for Oxy.

Which US Oil Companies Are Going to Struggle?
Thursday, March 12, 2020 U.S. shale companies that are highly leveraged will struggle with the current low oil prices due to the nature of their business model, Edison outlines.



Geophysical Firm Makes Deepwater OBS Debut
Tuesday, March 10, 2020 Shearwater will use the SW Diamond, pictured above, in a pioneering project for the company. PHOTO SOURCE: Shearwater GeoServices Holding AS

N. American Rig Count Falls by 34 Week on Week
Monday, March 09, 2020 Year on year, the US rig count is down 220 rigs.

Equinor, Partners Complete North Sea Well
Friday, March 06, 2020 If the Northern Lights project is sanctioned, the well will be used for injection and storage of CO2.

Shell, Exxon Team up on Offshore Exploration in Somalia
Thursday, March 05, 2020 Somalia has reached an initial roadmap with a Shell and ExxonMobil joint venture on offshore exploration.

Equinor and Neptune Hit Oil Pay in North Sea
Tuesday, March 03, 2020 Equinor on Monday reported its first discovery for 2020.

Lonestar Resources Enters Eagle Ford JV
Friday, February 28, 2020 The partnership increases Lonestar's inventory of gross drilling locations by roughly 50 percent in the Hawkeye area.



ADNOC Says It Can Open Oil Spigot Further
Thursday, March 12, 2020 According to ADNOC's website, the company's current oil output is approximately 3 million bpd.

US Oil Output to Dip for the First Time Since 2016
Wednesday, March 11, 2020 US oil output will average 12.7 million barrels a day in 2021, down from an expected 13 million barrels this year.

Oil Rally Falters After Saudis Vow to Boost Output
Wednesday, March 11, 2020 Oil's rebound from its biggest crash in a generation faltered after Saudi Arabia said it would boost its production capacity.

Is America's Oil Producer Status Now at Risk?
Tuesday, March 10, 2020 Most shale wells are now unprofitable and drillers are scrambling to scale back operations.

Saudi Arabia Books More Supertankers for Abundance of Oil
Tuesday, March 10, 2020 Saudi Arabia's search for ships underscores how big a flood of oil it's planning to unleash on the world.

WPX Expands Permian Footprint with Felix Energy Acquisition
Monday, March 09, 2020 WPX now produces more than 150,000 BOPD from its operations in the Delaware and Williston basins.


Finance and Investing

Alta Mesa's Buyer Backpedals as Financing Dries Up
Thursday, March 12, 2020 Alta Mesa has asked the court to force BCE-Mach III LLC to go through with the deal.

New Mexico Sets New Royalty Record
Wednesday, March 11, 2020 The New Mexico State Land Office received $108,916,517 in royalty payments in February from oil and gas operations on state trust land.

Marathon Dials Back Activity, Trims 2020 Budget
Wednesday, March 11, 2020 The revised budget of $1.9 billion or less is a 30 percent reduction in comparison to 2019 capital spend.

Occidental Confirms Dividend and Capex Cuts
Wednesday, March 11, 2020 The large shale producer is cutting its quarterly dividend by 86 percent and capex by approximately one-third.

Oil Rout Puts the Brakes on Energy IPO Pipeline
Monday, March 09, 2020 Crashing oil prices and volatile stock markets are squelching hopes for several high-profile IPOs by European energy companies.

Occidental to Slash Spending After Oil Crash
Monday, March 09, 2020 Shares of Occidental dropped as much as 48 percent Monday amid a broad market sell-off.


Company Operations

Pacific Drilling Wins Two-Well Mexico Contract
Friday, March 13, 2020 Murphy Oil Corp. has contracted the Pacific Sharav drillship for two wells in Mexico, Pacific Drilling S.A. reported late Wednesday.

Ovintiv Dropping 16 Rigs
Friday, March 13, 2020 Ovintiv Inc. plans to drop more than two-thirds of its operated rigs amid $300 million in Q2 capex cuts.

Offshore Norway Project Propels Automation Progression
Friday, March 13, 2020 ABB says transmitting data straight from the Draugen platform's control system to shore is a first.

Murphy Oil to Delay Some Gulf of Mexico Wells
Friday, March 13, 2020 Murphy has reevaluated its 2020 budget and reduced it by $500 million to $950 million.

Apache Responds to Low Oil Prices
Friday, March 13, 2020 Apache Corporation has announced multiple actions in response to the current oil price environment.

Wintershall DEA Takes Conference Fully Online
Thursday, March 12, 2020 Wintershall DEA will host its annual press conference 'fully online' this year and cancel in-person events.