Waiting for better prices, Cabot Oil & Gas, Chesapeake, EOG Resources, SM Energy and other E&Ps are deferring 845 well completions in the Eagle Ford, Bakken, Permian and other plays.
Some companies have cut positions to save money, dampening enthusiasm for staff and turning off potential workers the industry needs for the future.
Geopolitics and shifting views on costs could cause transform the worldwide oil and gas trade, says Tom Petrie.
The company says it is confident its processed Eagle Ford condensate can be exported but could not speculate on when it might begin shipments.
The balance of power tips from oil producers to consumers, with Russia looking shaken and U.S. policy in the Middle East in flux as production alleviates oil security concerns.
“There are more opportunities and more excitement than ever in the Williston,” Hess Corp. COO Greg Hill told Hart Energy’s DUG Bakken and Niobrara Conference and Exhibition.
Assuming Bakken rig count stays flat, production could roll over as early as July, with a 5% production decline from current volumes by the end of 2016.
DUG Midcontinent presenters surmised that U.S. producers have taken oil-supply power from OPEC. Here’s why, along with discussion of the Springer Shale and more.
The crude supply glut won’t be exported away—unless it is refined.
Colorado again tries collaboration to solve industry-community debates.
The abundance of shale gas has driven down gas prices for consumers and led to manufacturing expansions, to the tune of billions in benefits to the U.S. economy.
With the shock value of 20% to 80% capex cuts fading, producers might start pulling back production as the oil market keeps tightening and Saudi Arabia flexes its economic muscles.