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Category: CrudeOil

Pioneer says increasing drilling activity as planned

July 13, 2015 Posted by Chris Wysong

Pioneer is proceeding to add rigs amidst a 15 percent drop in crude prices since late June. Pioneer says increasing drilling activity as planned By: Anna Driver and Ernest Scheyder (Reuters) July 8 (Reuters) - U.S. shale exploration and production company Pioneer Natural Resources Co said on Wednesday it is increasing drilling activity in Texas following the sale of its stake in an Eagle Ford shale pipeline and processing business. The Dallas companys optimism stands out in a market unnerved by a 15 percent drop in crude prices since late June. Pioneer Chief Executive Scott Sheffield told Reuters in April that his company would start adding rigs this month if market conditions warranted more drilling. Our strong balance sheet, combined with a strong derivatives position for 2015 and 2016, provides us with the financial firepower to ramp up drilling activity, Sheffield said in a statement. North Dakota oil producer WPX Energy Inc said last month it would add two drilling rigs later

Posted in CrudeOil, OilRigs

Oil price recovery on the way, panel says, but pace will be slow

July 01, 2015 Posted by Chris Wysong

By: Jordan Blum A panel of oil and gas analysts said Tuesday that oil prices will slowly begin to rise through the rest of 2015, while energy mergers and acquisitions could also increase. In a webcast, the panel of experts from financial services giant Ernst Young said that the energy sector is expected to rebound, albeit at a sluggish pace, after several months of unrest following the collapse in oil prices that began last fall. However, they argued that geopolitical turmoil and other variables could easily throw things into flux and cause prices to spike or plummet. Andy Brogan, EY global oil and gas transactions leader, said the industry is starting to come out of a transactions hiatus after waiting for oil prices to settle, during which times companies reassessed their plans. Were going to see [mergers and acquisitions] volumes gradually and then very rapidly going up, Brogan said. Were moving into an opportunity-rich environment for acquirers. Colin Fenton, a fellow at Columbia

Posted in , Crudeoil, Oilcrash, Crudecrash

MARKET WATCH: NYMEX crude oil prices have short rally

March 23, 2015 Posted by Chris Wysong

The Fed announced that it would not immediately raise interest rates, resulting in a short rise in sweet crude prices. MARKET WATCH: NYMEX crude oil prices have short rally By: Paula Dittrick (OGJ) US light, sweet crude prices rose more than $1/bbl on Mar. 18 after the US Federal Reserve said it was in no rush to raise interest rates. But crude futures quickly gave up that one-day gain in early Mar. 19 trading with renewed concerns about ample oil supplies. The US Energy Information Administration said the estimated weekly oil inventory as of Mar. 13 was 458.5 million bbl, which marked a gain of 9.6 million bbl. The latest petroleum status report said US refinery inputs averaged more than 15.4 million b/d, which was an estimated 136,000 b/d more than the previous weeks average. Refineries operated at 88.1% of capacity last week. Gasoline production increased last week, averaging about 9.8 million b/d. In the separate gas storage report released Mar. 19, EIA estimated working gas

Posted in CrudeOil, OilPrice, Policy

It's Time to Remove the Prohibition to Export Crude Oil

March 09, 2015 Posted by Chris Wysong

In this opinion piece, Alex Mills of Rigzone weighs in on why the U.S. should remove its current ban on crude exports. Its Time to Remove the Prohibition to Export Crude Oil By: Alex Mills The dramatic increase in U.S. oil production has produced tremendous benefits for Americans. The federal government, however, has constrained many of those benefits by limiting the ability to export crude oil. The law that prohibits the export of crude oil from the U.S. was passed by Congress in the 1970s during a time of crude oil shortages, rising prices and even lines to purchase gasoline. A majority of Congress believed that it was wrong to allow the export of crude oil when there are shortages and lines at gas stations at home. Since then there has been a dramatic increase in oil production that has created an oversupply of oil in the U.S. Oil production in West and South Texas, and the lack of takeaway infrastructure, is causing an even larger oversupply situation at the lease level. The

Posted in Policy, CrudeOil
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