ConocoPhillips, the world's largest independent oil and gas producer, had announced the biggest cuts by any North American producer in April, reducing its output by 460,000 bbl/d by June.
The U.S. oil and gas rig count fell by one to an all-time low of 265 in the week to June 26, according to data from Baker Hughes Co. going back to 1940.
U.S. oil rigs fell 10 to 189 this week, their lowest since June 2009, while gas rigs dropped by three to 75, their lowest on record according to data from Baker Hughes going back to 1987.
Ovintiv, the oil producer formerly known as Encana, said June 18 it had laid off 25% of its total workforce this month, equally spread across its offices in Calgary, Denver and The Woodlands, Texas.
Enbridge Inc., Canada’s largest pipeline operator, said on June 17 that about 800 employees have opted for voluntary buyouts, as the company tries to reduce costs to tackle the COVID-19 crisis and the global oil price shock.
Here’s a snapshot of recent energy deals including an acquisition by Northern Oil and Gas of core Williston Basin acreage operated by WPX Energy plus the sale of ORRI by Antero Resources.
Why it’s essential to maintain hands-on training and support to young upstream professionals during a downturn.
The Canadian government-owned Trans Mountain pipeline has been shut down since June 13 following an oil spill at a pump station in British Columbia, the pipeline company said.
Cutbacks by E&Ps have prompted auctions for oilfield equipment from Odessa, Texas, to Alberta, Canada. Even if oil prices remain in the high-$30s, that will not be enough to spur much in the way of additional drilling.
Here’s a snapshot of recent energy deals including the closing of Apergy’s multibillion-dollar merger with Ecolab’s upstream business to form ChampionX.