Bakken Shale operators may be forced to keep wells shut-in...
Bakken Shale operators may be forced to keep wells shut-in for a longer period as the court-ordered shutdown of the Dakota Access Pipeline threatens to leave producers with no economical transportation options, analysts warn. Crude-by-rail could fill the void, but it can cost more than twice as much as pipeline transportation, and "that would put pressure on in-basin differentials and will make the economics very challenging at current WTI prices," said Susquehanna Financial Group analyst Biju Perincheril.
The Energy Information Administration reported Wednesday that U.S. crude inventories...
The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 5.7 million barrels for the week ended July 3. That followed a fall of 7.2 million barrels the week before and compared with a forecast by analysts polled by S&P Global Platts for an average decline of 3.7 million barrels. The American Petroleum Institute on Tuesday reported an increase of about 2 million barrels.
Not since March 6 have crude oil futures in the U.S. been as high as they were when trading finished...
Not since March 6 have crude oil futures in the U.S. been as high as they were when trading finished Wednesday at just under $41 a barrel. Still not enough to give exploration and production companies a break-even point. Many consider it to be at least $50 a barrel before they can possibly start to make a profit.
West Texas Intermediate crude rose 28 cents or 0.7% to settle at $40.90 a barrelin trading on the New York Mercantile Exchange.
Global benchmark Brent oil for September was up 21 cents or 0.5% at $43.29 a barrelon the ICE Futures Europe exchange.
Meanwhile, August natural gas settled down 2.8% at $1.824 per MMBtu, ahead of the EIA’s weekly update on supplies of the fuel due out Thursday.
Texas M&A activity plummeted to lowest level in a decade in second quarter
Merger and acquisition activity in Texas hit historic lows during the second...
Merger and acquisition activity in Texas hit historic lows during the second quarter of 2020.
The 89 mergers, acquisitions, and joint venture transactions completed by companies headquartered in Texas between April 1 and June 30 represented a 68 percent decline from the same period a year earlier.
Even worse, the value of those deals dropped 93.7 percent during the same period, according to data provided exclusively to The Texas Lawbook by Mergermarket.
The deal volume represented — by far — the lowest number since the 88 recorded during the first quarter of 2009, at the nadir of the Great Recession.
The continued job losses mean the oil services sector, which employs drilling rig crews, hydraulic fracturing fleets and equipment makers, has lost 116,000 jobs in the past year, according to the Houston-based Petroleum Equipment & Services Association.
Job losses were heaviest in April when nearly 60,000 workers found themselves out of work.
