U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a sixth week in a row even as oil prices rebound from historic lows and some producers return to the wellhead.
Houston-based Occidental is considering reducing its stakes in oil and natural gas fields in Oman, according to the people, who asked not to be identified because the information is private. Its holdings in the Gulf sultanate could be valued at more than $1 billion, the people said.
U.S. crude output is set to fall by 670,000 bbl/d in 2020 to 11.56 million bbl/d, the U.S. Energy Information Administration (EIA) said on Tuesday, steeper than the 540,000 bbl/d decline it forecast previously as drillers have slashed activity.
Midland oilfield service company ProPetro plans to exercise a contract clause that obliges Irving oil company Pioneer Natural Resources to pay millions of dollars in fees for idling hydraulic fracturing fleets in the Permian Basin.
As demand for oil has plunged across the world, Texas oil regulators are not expected to impose cuts to production Tuesday, a move that has been discussed widely since the coronavirus began spreading in the United States.
Over the past several weeks, as we joined the rest of the country in doing what we can to stop community spread of the coronavirus, we’ve been dreading another crisis in the making. One that few outside of the oil-rich Permian Basin in West Texas noticed brewing. On April 20, it happened.
Oil and gas companies announced plans to cut more than 6,400 jobs on a grim day for the industry that saw the price of crude oil settle below $20 for the first time since 2001 and the amount of petroleum in U.S. storage rise by nearly 20 million barrels.
The Texas Railroad Commission held an online hearing all day Tuesday to consider cutting the state's oil and gas production. Nearly 60 industry leaders and market experts gave their testimonies for or against proration.