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Category: ShaleOil

Shale Boom Shows Strength as Rigs Gain With Oil Under $60

July 10, 2015 Posted by Chris Wysong

Shale is showing its resilience as drilling rigs were added in almost every major U.S. oil basin this week. Shale Boom Shows Strength as Rigs Gain With Oil Under $60 By:Lynn Doan and Dan Murtaugh For the first time in almost seven months, Americas shale drillers put rigs in oil fields back to work, and theyre doing it at a lower price. The last time they added rigs, crude futures were trading near $70 a barrel. Now, even after a rebound, theyre under $60. And yet drilling rigs rose in almost every major U.S. oil basin in the country this week, raising the total by 12, according to field-services company Baker Hughes Inc. The sudden rebound is a testament to how resilient U.S. shale has become in the battle for global market share. Spurred by last years collapse in prices, shale explorers have brought down their break-even costs by $15 to $20 a barrel, a Bloomberg New Energy Finance analysis shows. As much as anything else, the rise this week is a testament to break-evens coming down

Posted in Shale, RigCount, ShaleOil

EIA: Shale Oil Production Cuts to Get Bigger Next Month

May 14, 2015 Posted by Chris Wysong

Crude prices continue to rise amidst falling shale oil production. One analyst says there arent enough rigs in operation to offset legacy declines. EIA: Shale Oil Production Cuts to Get Bigger Next Month By: Lynn Doan (Bloomberg) (Bloomberg) -- The U.S. lost about 1 percent of the oil production flowing from its shale formations this month, and the decline is just starting. Output from the prolific tight-rock formations such as North Dakotas Bakken and Texass Eagle Ford shale will slide 54,227 barrels a day this month, based on Energy Information Administration estimates. Itll fall another 86,000 barrels in June to a five-month low of 5.56 million, the agency said Monday. Last years plunge in crude prices led to the steepest and most prolonged retreat from U.S. oil fields on record. Drillers have idled more than half the countrys rigs and eliminated tens of thousands of jobs. Some of the countrys largest shale producers including ConocoPhillips and EOG Resources Inc. have said spending

Posted in Shale, Oil, ShaleOil, Drilling
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