Both the COVID-19 pandemic and the oil price crash have had a deep impact on what E&Ps and their lenders expect compared to what they thought last fall, according to a Haynes and Boone report.
Liberty Oilfield Services is cutting its workforce by 7%, while NCS Multistage plans to plans to reduce its workforce by 20%, the oilfield service companies said April 2.
Caddo Minerals retained EnergyNet for the sale of producing mineral and royalty interests within the Permian Basin in Martin County, Texas, through an auction closing April 16.
Although the industry learned a lot during the last downcycle, oil and gas companies won’t have the same access to capital in the latest slump and will likely only be able to invest the cash they generate.
Trump said April 2 he had brokered a deal between Russia and Saudia Arabia, but made no offer to reduce U.S. output, and benchmark Brent oil futures surged 21% in a record one-day rise. Here are analysts’ views on the deal.
Drillers cut 62 oil rigs in the week to April 3, bringing down the total count to 562, Baker Hughes Co. said in its weekly report.
The group wants former Energy Secretary Rick Perry to argue for sanctions against the Saudis and Russia.
Administration awaits details of output reductions from Saudi Arabia and Russia.
Two extended-lateral Wolfcamp Shale producers completed by CrownQuest and a horizontal Frontier discovery in Wyoming’s Converse County top this week’s drilling activity highlights from around the world.