The Latest
Restructurings
Bankrupt Chesapeake Asks to Cancel Pipeline Contracts, Sets Drilling Cuts
Chesapeake Energy separately said in a filing it plans to operate six to eight drilling rigs for the next two years, about half the 14 rigs active on average in the first quarter, as it battles a historic downturn in oil prices.
Policy & Regulations
E&P Last Word: A Standards Approach to Specifying Fluid System Components
Certified materials ensure repeatability and reliability.
Business
Oil Groups Boosted by Cuts to US Royalty Rates during Pandemic
The Trump administration has slashed amounts oil and gas companies must pay for access on government-owned land during the COVID-19 pandemic.
Public Capital
BP Sells Petchems Arm for $5 Billion
The company’s withdrawal from the sector reflects its shift to low-carbon energy.
Exploration & Production
Trump Administration Has Denied Most Onshore Drilling Relief Requests
The Bureau of Land Management has been fielding individual applications for royalty reductions and lease suspensions from oil and gas drillers since April after rejecting industry calls for broad cuts.
Legislation
Michigan Court Orders Enbridge to Temporarily Shut Down Line 5 Pipeline
Canadian pipeline operator Enbridge Inc. has to halt Line 5 operations and disclose information related to the recent damage caused to a part of the oil pipeline, a Michigan circuit court judge ordered on June 25.
Exploration & Production
Trump Administration Opens Sensitive Arctic Areas to Oil Development
The plan, contained in a final environmental impact statement, opens 18.7 million acres of the 23 million-acre reserve to development.
Business
Pennsylvania Grand Jury Finds Government Failures during Fracking Boom
The announcement followed previous criminal findings by the grand jury against two fracking companies—Range Resources and Cabot Oil & Gas —for repeated violations of Pennsylvania environmental laws.
Unconventional
Colorado Activists Revive Anti-fracking Ballot Initiative
The drive marks the third try in four years to tighten oil and gas drilling regulations in Colorado, which is the fifth largest oil-producing U.S. state.
Investment
New Initiative Looks to Boost Oil Industry’s Decarbonization Efforts
In hopes of avoiding a slowdown in momentum caused by the current downturn, OGCI Climate Investments launched a new program to finance oil and gas projects focused on methane reduction technologies.