North Dakota has cut billions from its budget, Texas revenue is down 40% in February, and Alaska is 90% dependent on oil revenues.
Operators are employing several tools to increase production despite budget cutbacks, including high grading acreage, high-intensity completions and leveraging lower service costs to navigate the new low oil price era.
Since the release of the new mandates, several oil and gas industry organizations have voiced their opposition saying they are duplicative and “a step in the wrong direction.”
A Pennsylvania-based oilfield service firm is enjoying robust growth, thanks to its emphasis on quality, safety and its innovative approach to forming key strategic alliances.
The weak commodities environment won’t be the death knell of shale’s success story, but North American energy industry has hit the reset button.
Whitecap Resources pays $115,200 per boe/d for production in the Viking, a highly economical oil asset near the Kerrobert area of west central Saskatchewan.
New Moody’s report reveals that E&P companies are cutting capex by an aggregate 41%. Some 21% of Moody’s-rated E&P companies will reduce their capital budgets by more than 60% in 2015.
Industry veteran warns that the downturn could be a three-to-four-year issue—and much tougher than anticipated. "Make sure you have liquidity to 2018," he says.