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• Remembering those who sacrificed for our freedom on this Memorial Day
  "As we express our gratitude, we must never forget that the highest appreciation is not to utter words...
  "As we express our gratitude, we must never forget that the highest appreciation is not to utter words but to live by them." ~JFK
  
  
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• Tulsa’s Unit Corporation files Chapter 11 bankruptcy
  Tulsa’s Unit Corporation became the latest bankruptcy victim of the coronavirus pandemic and the oil...
  Tulsa’s Unit Corporation became the latest bankruptcy victim of the coronavirus pandemic and the oil crisis, as the company announced it has filed Chapter 11 bankruptcy in the federal bankruptcy court in Houston, Texas.
  
  The company stated it filed the Chapter 11 reorganization, a move that will reduce Unit’s funded debt obligations by more than $650 million “and right-size the company’s balance sheet for go-forward operations.”
  
  In announcing the action, Unit said it expects to continue to operate in the ordinary course throughout the Chapter 11 process “without material disruption to its vendors, customers, or partners.”
  
  Source:  Business Wire - Full Report HERE
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• Marcellus tops Permian as new frack king, Tudor Pickering says
  The Marcellus Shale has ...

  The Marcellus Shale has dethroned the Permian Basin as the top U.S. destination for hydraulic fracturing crews, according to data from Tudor Pickering Holt.

  
  

  The gas-rich Marcellus has 31% of total U.S. active frack crews in the field in May, followed by the oil-rich Permian with 30% and the Eagle Ford and Haynesville shale plays with 14% each.

  
  

  Only 70 of 450 available hydraulic fracturing fleets in the U.S. and Canada are deployed in the field, and the total U.S. frack activity dropped 55% in April and an additional 33% by mid-May, the report says.

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• Oil prices settle lower on fears about China turbulence, gains for the week
  Oil futures settled lower Friday, with U.S. prices breaking the longest winning streak...
  Oil futures settled lower Friday, with U.S. prices breaking the longest winning streak in more than a year over worries about China growth and fresh friction between Washington and Beijing.
  
  Oil prices declined “thanks to growing doubts over the strength of China’s economic recovery while rising tensions between the Beijing and Washington hit the commodity further,” said Lukman Otunuga, senior research analyst at FXTM.
  
  July West Texas Intermediate oil fell 67 cents, or 2%, to settle at $33.25 a barrel. On Thursday, the contract went higher for a sixth straight session—the longest since February 2019. Prices rose 1.3% Thursday to settle at $33.91—the highest since March 10, based on the front-month contracts.
  
  Global benchmark Brent crude for July delivery lost 93 cents, or 2.6%, to $35.13 a barrel.
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• North American Oil, Gas Rig Count Falls to Record Lows
  The U.S. and Canadian oil and natural gas rig count fell to all-time...

  The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse.

  
  

  The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May 22, according to data from energy services firm Baker Hughes Co., going back to 1940. That was a third consecutive week of record lows for the U.S. rig count.

  
  

  Year-on-year, drillers have cut rigs by 68% in the United States and 73% in Canada, Baker Hughes said.

  
  

  Analysts expect energy firms to keep chopping rigs for the rest of the year and keep the count low in 2021 and 2022.

  
  While Oklahoma remained steady at 12 active rigs compared to the 103 a year ago, Texas saw a decline of another 12 rigs leaving 138 drilling for oil and gas in the state. A year ago, there were 481 active rigs in Texas.
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