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OPEC agrees to cut production, US producers prepare to respond

OPEC headquarters

Have you been watching the price of oil? As this story is being written, WTI Crude sits at $51.37, up 31 cents. Yesterday, according to Reuters, Brent crude was at its highest in 16 months. Why the jump? Because the Organization of Petroleum Exporting Countries agreed to its first oil output reduction since 2008. Members pledged to remove 1.2 million barrels ...

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Rig count jumps up 20 to 588

Image courtesy of Encana Corp.

The number of oil and gas rigs in U.S. fields boomed this week, rising by 20 — the largest jump since the peak of the shale oil boom two years ago. U.S. oil drillers collectively sent 19 more rigs into the patch, the Houston oilfield services company Baker Hughes reported Friday. Gas drillers added one rig. The rise was driven ...

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Thanks to the Wolfcamp, Permian Basin breaks another record

Permian Basin, Wolfcamp

The U.S. Geological Service (USGS) announced the estimate of continuous oil in the Wolfcamp shale in the Midland Basin portion of the Permian Basin is almost three times that of the 2013 USGS Bakken-Three Forks resource assessment. This makes the the Wolfcamp the largest estimated continuous oil accumulation that the USGS has assessed in the United States–ever. The USGS estimates ...

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U.S. rig count declines by 1 to 568

baker hughes rig count

Baker Hughes’ latest rig count report shows the number of rigs drilling for oil rose by two this week to 452. Rigs drilling for natural gas was down 2. The total rig count fell by one to 568, still higher than the May low of 404. Total offshore rigs are down 12 from last year at this time. States losing ...

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Trump election shows promise for oil and gas industry

harold hamm endorses donald trump

The U.S. oil and gas industry shows tentative hope that a new Trump administration will “re-ignite growth in the sector,” according to a Forbes article Friday. Frank Murphy, managing director of RW Baird, said: The 45th president will likely remove regulatory impediments imposed by the Obama administration that have stymied oil and gas drilling and infrastructure buildout. Forbes reported Murphy ...

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Hamm joins Trump’s short list of cabinet prospects

trump, hamm, cabinet

As the dust settles from this year’s presidential election, conversation has already turned to Donald Trump’s proposed cabinet. Big names like Rudy Guiliani, former New York City Mayor, and other “like-minded CEOs,” top the list for positions in Trump’s cabinet. What does this mean for the oil and gas industry? One of the industry’s most prominent businessmen could hold a ...

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ConocoPhillips adds to rigs to the Eagle Ford

Eagle Ford news, rig count, oil

ConocoPhillips, a leading independent oil exploration and production company, plans to add two drilling rigs to its Eagle Ford operations as it pivots investment away from deepwater projects toward onshore shale fields, company executives said Thursday. The announcement came during the Houston-based company’s third-quarter earnings call. The rig count, the number of active drilling rigs, in the Eagle Ford peaked ...

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Industry closely watches Monterey County fracking ban measure

Monterey oil field, fracking ban.

Fracking bans. It’s not the first time these words have reverberated across the oil and gas industry. It’s two tiny words that could mean that men and women are out of jobs, and oil and gas stays in the ground, since many reserves just can’t be reached through conventional drilling. In the United States, Vermont banned fracking in 2012, the ...

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US rig count up 4 this week to 557; North Dakota gains 5

baker hughes rig count

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. increased by 4 this week to 557. A year ago, 775 rigs were active. Depressed energy prices have sharply curtailed oil and gas exploration. Houston oilfield services company Baker Hughes Inc. said Friday that 441 rigs sought oil and 114 explored for natural gas ...

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Environmental groups raise concerns over Texas oil find near Balmorhea

Balmorhea, oil discovery west texas

HOUSTON (AP) — Some environmental organizations have raised concerns about a reported big oil and gas discovery in West Texas. The Houston Chronicle (http://bit.ly/2eDvvgQ ) reports several environmental groups are scrutinizing plans to drill around Balmorhea (BAL’-muh-ray) State Park and its famous spring-fed pool. Houston-based Apache Corp. last month announced plans for drilling after projecting up to 3 billion barrels ...

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