Despite OPEC’s strategy of flooding the oversupplied market with tons of crude, American oil production has not fallen off a cliff. And now that prices have rallied back to $50 a barrel, there are early signs that U.S. shale is on the rebound, too. Just look at how the closely-watched Baker Hughes oil rig count has stopped…
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As U.S. natural gas prices collapse to 1990s-era lows, producers in four shale plays are cutting their losses. Surging output has sent gas futures tumbling, forcing drillers to abandon marginal plays in favour of more profitable areas. Drilling has ground to a halt in two gas basins in Oklahoma, along with the Fayetteville reservoir in…
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Oil services company Halliburton Co said it had tapped BlackRock Inc for $500 million to help fund drilling in existing shale wells, the first such move by a major oilfield services provider at a time when oil producers are shying away from drilling new wells. The world’s No.2 oilfield services provider, which is in the…
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Energy producers are abandoning the search for oil and natural gas close to shore in the U.S. Gulf of Mexico as drilling budgets shrink and exploration migrates to land-based shale fields. The number of permits for new wells in seas less than 500 feet (152 meters) deep plunged 74 percent to nine during the first…
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Shale fields that powered the U.S. energy renaissance will suffer the biggest drop in output since the boom began after companies idled more than half their drilling rigs. Production from the prolific tight-rock formations such as the Eagle Ford in southern Texas will decline 91,000 bpd in August to 5.36 million, the U.S. Energy Information Administration…
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U.S. oil drilling this week increased for the first time after 29 weeks of declines, data showed on Thursday, the strongest sign yet that higher crude prices are coaxing producers back to the well pad. The oil rig count rise of 12 to 640 followed a six-month slump in activity that reduced the number of…
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U.S. shale production growth will fall 86,000 barrels per day next month, the U.S. Energy Information Administration estimated in its monthly report, more evidence the nation’s oil boom is in decline. The EIA’s monthly forecast is the second in a row to project an overall decline in domestic production growth, as diminishing output from older…
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Though net profits and spending are down, companies working in US shale basins are finding well costs going down while production forecasts grow. The low price of oil is forcing energy companies to spend less on exploration and production efforts. Oil field services companies Halliburton and Baker Hughes are merging in an effort to control…
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Crude oil prices are trading above $59 per barrel for the first time since December but new drilling activity continues to fall in the Eagle Ford and other shale regions. West Texas Intermediate crude prices have been recovering all week reaching a high above $59 per barrel but higher prices have not yet materialized in…
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Last year was a banner year for the sand mining companies that cater to the US shale drilling services industry. That’s because in 2014 well operators significantly increased the amount of sand used to complete fracturing operations in shale plays – from an average of about 5 MMlb for a single well to 15 MMlb…
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