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Friday rebound still leaves oil less than $30
A Friday White House meeting between President Trump and oil leaders, including Oklahomans Harold Hamm...
A Friday White House meeting between President Trump and oil leaders, including Oklahomans Harold Hamm and Dave Hager came as oil prices rebounded more than 3 dollars, settling at just under $30 a barrel.

West Texas Intermediate crude rose $3.02 in Friday’s trading before ending the day at $28.34, up nearly 8 dollars from earlier in the week when WTI nearly hit an even $20.

Brent crude rose $4.71 hitting $34.65 a barrel. Natural gas prices on the New York Mercantile Exchange were up 7 cents to hit $1.62 per million BTU.

Source: OKEnergyToday.com
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Saudi Arabia sharply rebukes Russia over oil price collapse
DUBAI, United Arab Emirates (AP) — Saudi Arabia sharply criticized...
DUBAI, United Arab Emirates (AP) — Saudi Arabia sharply criticized Russia on Saturday over what it described as Moscow blaming the kingdom for the collapse in global energy prices, showing the tensions ahead of an emergency meeting of OPEC and other oil producers.

That anger could be seen early Saturday in two critical statements released by the kingdom's state-run Saudi Press Agency. The first came from Saudi Foreign Minister Prince Faisal bin Farhan under the headline: “Statements Attributed to One of Russian President’s Media Are Completely Devoid of Truth.”

“Russia was the one that refused the agreement, while the kingdom and 22 other countries were trying to persuade Russia to make further cuts and extend the agreement,” the prince said.

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Trump Pledges Support for Embattled Oil Industry
During a meeting yesterday at the White House...

During a meeting yesterday at the White House with nine oil industry honchos, President Trump promised that the government would help revive the embattled sector in light of the COVID-19-stoked pressure on prices, down 50% since the start of the pandemic, although he said the companies did not ask for a bailout.

Saudi Arabia and Russia are urging the U.S. to coordinate production cuts aimed at stabilizing prices but many large U.S. producers, including Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX), oppose any intervention. Smaller shale drillers, though, want the feds to intervene aggressively, including Pioneer Natural Resources (NYSE:PXD) and Continental Resources (NYSE:CLR).

The president said that he is not considering tariffs on Saudi oil at this time.

Sources: Seeking Alpha and WSJ

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Oklahoma Gross Receipts Poised to Fall
The latest revenue figures announced by Oklahoma Treasurer Randy McDaniel show a decline...
The latest revenue figures announced by Oklahoma Treasurer Randy McDaniel show a decline of oil and gas gross production for the month of March, but he also suggests it is “the calm before the storm.”

McDaniel knows the coronavirus effects combined with the drastic impact of the global oil price war will only be worse in April and maybe May.

“This month marks the end of almost three years of economic growth,” said Treasurer McDaniel. “I expect to see a much different picture emerge in the coming months.”

Gross production taxes on oil and natural gas total $78.9 million in March, a decrease of $17.3 million, or 18 percent, from last March. Compared to February 2020 reports, gross production collections are down by $6 million, or 7 percent.

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Patterson-UTI Energy Cuts CAPEX
Patterson-UTI Energy (PTEN) announced that is was reducing 2020 CAPEX to ~$140MM,...
Patterson-UTI Energy (PTEN) announced that is was reducing 2020 CAPEX to ~$140MM, representing a 44% decline from original guidance of $250MM due to weak market conditions. Additionally, the company announced a series of unquantified cost savings initiatives that were headlined by a more than 50% reduction in executive group compensation for 2020. PTEN also provided a brief operational update that noted that Q1 drilling activity was in line with expectations but the company expects meaningful declines in April (no surprise there). The pressure pumping business declined more quickly with significant declines in the latter part of Q1 (again, no surprise there).

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