Oil fell on May 23, under pressure from a potential increase in OPEC crude output to cool the market’s recent rally and cover any shortfalls in supply from Iran and Venezuela.
The cost of developing existing reserves and the amount of carbon those reserves produce has now become more important, they said. This is leading to a profound shift in company strategies.
Meanwhile, RS Energy Group's Trevor Sloan said he has found fluid intensity in Permian Basin completions to be moderating to declining—counter to other plays.
Oil prices rose on May 14 as OPEC reported that the global oil glut has been virtually eliminated, while U.S. crude’s discount to global benchmark Brent widened to more than $7, its deepest in five months.
U.S. shale production is expected to rise by about 145,000 barrels per day (bbl/d) to a record 7.18 million barrels per day (MMbbl/d) in June, the U.S. Energy Information Administration (EIA) said on May 14.
The new wells spudded since April 2018 are named Buckskin, Citadel, Hagar, Ouray, Thunder and Grizzly.
U.S. light crude was down 10 cents at $71.26, having touched a 3-1/2 year high of $71.89 on May 10. Many analysts expect oil prices to rise as Iran’s exports fall.
HighPoint Resources Corp. (NYSE: HPR) said on May 11 it has promoted William M. Crawford to the position of CFO effective immediately, where he will continue to oversee all financial responsibilities of the company.
The state approved the $54 billion Gorgon project in 2009 on the condition that at least 80% of carbon dioxide released in its gas processing operations over a five-year rolling average period would be buried.
The agreement provides for the delivery of Advantage Midstream’s conversion system to process natural gas from SandRidge Energy’s North Park assets under a long-term agreement.