The recent pullback in oilfield service stocks comes as some shale producers warned production in the Permian Basin may slow due to a lack of pipeline space to move the crude to market.
For about three weeks ahead of the OPEC meeting, oil prices had retreated from 3-1/2-year highs. However, Brent crude settled up 2.7% on the week, while WTI crude was up 5.5%.
Active rigs in the Permian declined by two this week to 473—their lowest level in five weeks—as pipelines out of the reach are expected to force smaller producers to slow or shut-in production
The U.S. Supreme Court's 7-2 decision overturned a lower court's ruling and reduced by $93.4 million the damages sum that rival ION Geophysical had to pay for infringing Schlumberger technology.
The government of Congo said in January that it wanted to join OPEC as it moves ahead with new projects that could help it become sub-Saharan Africa's third-largest oil producer.
Investments from the new fund are expected to focus on disruptive technologies that reflect the company’s commitment to lower emissions from oil and gas.
"Investor sentiment in the last year has really, markedly changed. I'd say it's gone from, 'drill, baby, drill,' to 'show me the money,'" says Hess CEO John Hess speaking at the OPEC International Seminar.
Pioneer's Scott Sheffield said this week that overall Permian output could flatten in the 12-month period ending September 2019, when proposed pipelines are completed.
U.S. sanctions on Venezuela are an attack against the stability of the global oil market, Venezuelan Oil Minister Manuel Quevedo said on June 21.
Jalapeño Corp. retained EnergyNet as its exclusive adviser to market their interest within the Permian Basin located in Eddy and Lea counties, N.M.
Shell committed to the ambitious three-year sale plan following the decision to acquire BG Group in 2015 and the latest announcements bring its total asset sales to around $27 billion.
U.S. shale producers and OPEC have started talking after years of acrimony, conscious that a balanced market is in their mutual interest.