OklahomaMinerals.com

Snippets

• 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
• US Shale Producers Pioneer, Devon Considering Variable Dividend
  Pioneer Natural Resources Co. and Devon Energy Corp. plan a variable...
  Pioneer Natural Resources Co. and Devon Energy Corp. plan a variable dividend, executives at the U.S. shale producers said Aug. 6 as companies in the battered sector seek ways to reward shareholders after years of poor returns.
  
  The payment could be a new model for a volatile industry out of favor with investors, said Pioneer CEO Scott Sheffield. Shares in oil and gas companies slid this year as oil prices crashed, but they underperformed other sectors for a decade even before the COVID-19 pandemic destroyed oil demand.
  
  A shift toward variable dividends on top of regular dividends probably will become "pervasive" among shale companies with stronger balance sheets as a way to convince investors that firms will not spend all their spare cash on drilling when oil prices rise, said Matt Portillo, an analyst with Tudor, Pickering, Holt & Co.
  
  Source:  Hart Energy
  Read More
• Fieldwood Energy seeks bankruptcy protection again
  Houston-based offshore oil producer Fieldwood Energy...
  Houston-based offshore oil producer Fieldwood Energy has filed for Chapter 11 bankruptcy protection for the second time in a little over two years, listing $1.8 billion in debt. Fieldwood shut production at most of its fields, reduced its workforce and implemented salary cuts in an attempt to avoid a second bankruptcy.

  
  

  The 2014-16 oil crash took a toll on the company, one of the largest offshore oil and gas producers operating in the Gulf of Mexico, forcing it into bankruptcy in February 2018.

  
  

  The privately held company was able to shed $1.6 billion of debt during the first bankruptcy but the ongoing downturn caused by the coronavirus pandemic required further restructuring and a second Chapter 11 filing, court records show.

  
  

  Source: Houston Chronicle
  Read More
• Saudi Aramco delays release of September crude prices
  State-controlled Saudi Aramco is expected to delay the release of...

  State-controlled Saudi Aramco is expected to delay the release of official formula prices for its September-loading crude exports to 9 August at the earliest, several Asia-Pacific refiners said.

  
  The company typically publishes its official prices in the first five days of the month that precede loading. But Aramco has postponed its price releases in recent months, to accommodate Opec+ meetings or to implement production cut decisions.
  
  Source: Argus Media
  Read More

• Prev
• Next