OklahomaMinerals.com

Snippets

• EIA Reports Large Crude Draw
  A week after it reported the heftiest crude oil draw in more than six months, the Energy Information...
  A week after it reported the heftiest crude oil draw in more than six months, the Energy Information Administration once again had good news for oil bulls: the authority said crude oil inventories had shed 7.4 million barrels during the week to July 31.
  
  A week earlier, the EIA said inventories had lost as much as 10.6 million barrels, after a build of 4.6 million barrels for the second week of July. Analysts had expected an inventory decline of 3.267 million barrels for the week to July 31.
  
  A day before the EIA, the American Petroleum Institute reported an inventory draw of 8.587 million barrels for the last week of July.
  
  Source: OilPrice.com
  Read More
• Laredo Petroleum posts net loss of about $545 million for second quarter
  Tulsa’s Laredo Petroleum, Inc. reported a second-quarter 2020 loss of $545.5...
  Tulsa’s Laredo Petroleum, Inc. reported a second-quarter 2020 loss of $545.5 million or $46.75 per diluted share. The company also indicated it plans to resume well completions in Texas in the coming month.
  
  The company’s adjusted net income was $28.4 million or $2.43 per adjusted diluted share while its adjusted EBITDA was $132.8 million for the quarter.
  
  The Company is currently operating one drilling rig, located in Howard County. A completions crew will be deployed to Howard County late in the third quarter of 2020 and will begin completions operations on the 15-well package.
  Read More
• Exxon: 20 Percent Of Global Oil And Gas Reserves May Be Wiped Out
  After a grim Q2 season for Big Oil, the world’s third-most valuable energy company is warning that...
  After a grim Q2 season for Big Oil, the world’s third-most valuable energy company is warning that 20% of the world’s oil and gas reserves may no longer be viable, according to Bloomberg. According to Exxon Mobil, one-fifth of the world’s oil and gas reserves will no longer qualify as “proved reserves” at the end of this year if oil prices fail to recover before then. A flurry of oil and gas companies have written off billions in oil and gas assets as the value of those assets in the current oil price climate is no longer what it once used to be.
  Read More
• EIA: US Records in May Biggest Oil Production Drop Since 1980
  The U.S. experienced in May its largest drop in crude oil production...

  The U.S. experienced in May its largest drop in crude oil production since at least January 1980, according to the U.S. Energy Information Administration (EIA).

  
  

  Production dropped by 1.99 million barrels per day (MMbbl/d), or 16.6%, in May compared to April, EIA data show. Producers slowed drilling activity and curtailed production as the coronavirus pandemic slowed demand.

  
  Texas, home of major oil-producing regions that include the Permian Basin and Eagle Ford Shale, saw the biggest drop. Production there fell by 14.8%, or 764,000 bbl/d.  North Dakota followed with a 353,000 bbl/d decrease, or 29.1%.
  
  
  Read More
• Pioneer Natural Resources Posts Bigger Quarterly Loss
  U.S. shale producer Pioneer Natural Resources Co. posted a bigger quarterly loss on...
  U.S. shale producer Pioneer Natural Resources Co. posted a bigger quarterly loss on Aug. 4 as the result of the oil price plunge caused by the COVID-19 pandemic.
  
  Pioneer reported a net loss attributable to common stockholders of $439 million, or $2.66 per diluted share, for the second quarter, compared with a loss of $169 million, or $1.01 per share, the same quarter last year.
  
  Despite the loss, the Irving, Texas-based company generated $165 million of free cash flow for the quarter, which President and CEO Scott D. Sheffield attributed to significant cost reductions and operational efficiency improvements.
  
  The company is maintaining its 2020 drilling, completions, and facilities capital budget range of $1.3 billion to $1.5 billion. Meanwhile, its guidance for production has been increased to a range between 356,000 and 371,000 boe/d for 2020.
  Read More

• Prev
• Next