The group's decision comes as the U.S. oil industry is scaling back drilling due to record inventories, falling demand and low oil prices amid the pandemic.
Going forward, big data will be key in making good business decisions, and in the next few months there will be many buying opportunities as distressed oil and gas companies are forced to sell their assets.
The number of active rigs in the U.S. has fallen by more than 500 since the start of 2020, but recent operator commentary suggests that the bottom will likely be found before the end of the second quarter.
Chesapeake Energy, once worth $35 billion, is flirting with bankruptcy in face of the coronavirus-driven crash.
The midstream sector may prove to be the energy industry’s best story in this black swan event as the global oil and gas business scrambles to respond to 2020’s unexpected shocks.
The U.S. Bureau of Land Management (BLM), which oversees the federal government's oil and gas leasing program, did not give a reason for the delays.
Here’s a quicklist of oil and gas assets on the market including a nonop position in EnerVest’s Nora Field natural gas assets in Virginia and West Virginia plus pipeline interest in Oklahoma gathering systems.
The largest monthly decline occurred in the Williston Basin, where 50% of rigs were released, according to Enverus Rig Analytics for May.
An emphasis on relationships backed by operational expertise and experience has helped these two private-equity-backed midstream operators continue to perform.