RBN’s Daily Energy Blog and Insights sharpen your energy IQ through fundamentals-based analysis that makes sense of North America’s energy market dynamics.
In connection with third-quarter earnings announcements, North American exploration and production companies (E&Ps) continued to announce large reductions in 2015 and 2016 capital budgets.
Mexico’s energy relationship with the U.S. is undergoing radical changes as its oil production sags, its refineries produce too much high-sulfur fuel oil and too little gasoline and diesel, and its imports of U.S. natural gas and transportation fuels rise.
Although many industry observers predicted draconian cuts to the credit lines of North American E&Ps during the fall borrowing base redeterminations by their lenders, the average reduction for 17 companies disclosing the results to date is just 4%.
With crude oil prices just over $40/bbl you might think producers would be reducing capex and cutting their 2015 production estimates. But not so. RBN’s analysis of second quarter guidance in 2015 indicates that 31 E&Ps as a group kept their capex outlook at about the same level a
The E&Ps have cut Capex to the bone, but as a group they expect oil and gas production in 2015 to increase versus last year. That’s true from an overall perspective, and it is an important indicator of upcoming production trends. But the real revelations come when you dig into the
<p>Last year was a banner year for the sand mining companies that cater to the U.S. shale drilling services industry.</p>
Producer rates of return are far below where they were a few months back, and the Baker Hughes crude rig count is down 553 since November. A third of pre-crash crude rigs are now idled.
Can it make sense for a producer to drill a well in today’s low price environment even if the rate of return on that well is below zero? Surprisingly the answer is yes, and the issue has important implications for the impact lower prices will ultimately have on U.S.
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If you work for a producer or oil field services company, you might have a bit of an issue with that title. But just for a moment, put your worries aside and consider the silver lining – huge improvements in our industry’s productivity over the last few years. Things are getting bette
In time honored RBN blogging tradition – we’ve been at this blogging business three years –we look back today at the 250 blogs posted this year to see which ones had the highest hit rates. The number of hits any blog gets tells you a lot about what is going on in the energy markets – which
