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Tag Archives: shale oil
Get Ready for Oil Deals: Shale Is Going on Sale
Get Ready for Oil Deals: Shale Is Going on Sale (Bloomberg) — A decision by Whiting Petroleum Corp., the largest producer in North Dakota’s Bakken shale basin, to put itself up for sale looks to be the first tremor in a potential wave of consolidation as $50-a-barrel prices undercut companies with heavy debt and high […]
Deciphering The Latest Rig Count Data
Deciphering The Latest Rig Count Data The main take-away from this week’s rig count is that everything is on track for lower U.S. oil production by mid-year. The weekly changes vary but the overall trend since October is down and that is positive for achieving a better balance between supply and demand. Please remember the […]
Has California’s Fracking Boom Already Gone Bust?
Has California’s Fracking Boom Already Gone Bust? We accelerate down the runway — a tiny asphalt strip next to Taft Skydiving. Our little Piper Cherokee lifts off and as we ascend, I peer out the window. Below us is California’s Kern County and more than a century of oil exploration — from the gushers of […]
Shale Company Defaults On $175 MM In Bonds Without Making A Single Interest Payment
Shale Company Defaults On $175 MM In Bonds Without Making A Single Interest Payment Update: And just to prove that people are indeed, idiots, moments ago this hits: ENERGY XXI GULF COAST, INC. PRICES UPSIZED PRIVATE OFFERING OF $1.45 BILLION OF 11.000% SENIOR SECURED SECOND LIEN NOTES DUE 2020 We set the odds at 75% […]
Peak Meaninglessness
Peak Meaninglessness Last week’s discussion of externalities—costs of doing business that get dumped onto the economy, the community, or the environment, so that those doing the dumping can make a bigger profit—is, I’m glad to say, not the first time this issue has been raised recently. The long silence that closed around such things three decades […]
Three Reasons Why US Shale Isn’t Going Anywhere
Three Reasons Why US Shale Isn’t Going Anywhere Have you ever noticed that during extreme economic cycles, when trends are roaring on the upside, or conversely crashing back down to earth, there often appears an air of extremism in news headlines? Take America’s most recent shale oil boom, and bust, for example. On the way […]
“Default Monday”: Oil & Gas Companies Face Their Creditors
“Default Monday”: Oil & Gas Companies Face Their Creditors Debt funded the fracking boom. Now oil and gas prices have collapsed, and so has the ability to service that debt. The oil bust of the 1980s took down 700 banks, including 9 of the 10 largest in Texas. But this time, it’s different. This time, […]
Could Oil Prices Plummet A Second Time?
Could Oil Prices Plummet A Second Time? Are oil prices heading for a double dip? The surge in shale production has produced a temporary glut in supplies causing oil prices to experience a massive bust. After tanking to a low of $44 per barrel in January, falling rig counts and enormous reductions in exploration budgets have fueled […]
Oil Prices Don’t Change Because of Rig Count
Oil Prices Don’t Change Because of Rig Count Oil prices don’t change based on weekly rig count reports. Yet every week, there are proclamations by analysts that oil prices are poised to recover because of some change in the Baker Hughes North American rig count. Others state that U.S. tight oil production will continue to rise despite falling […]
The Fracking Bust Exacts its Pound of Flesh
The Fracking Bust Exacts its Pound of Flesh Breath-taking booms and obliterating busts have made the oil and gas business. Booms draw money, which begets more money, which allows for technologies to be invented or perfected, and it builds enthusiasm that turns into blind faith among investors, and they throw more money at it. The […]
Bakken Decline Rates Worrying For Drillers
Bakken Decline Rates Worrying For Drillers I have been supplied an Excel spreadsheet of all North Dakota wells back to 2006, thanks to Enno Peters and Dennis Coyne. I only used the data back to 2007 however. This is a wealth of information if we want to know how many wells came on line in […]
Will US Shale Boom Continue Or Have A Hiatus?
Will US Shale Boom Continue Or Have A Hiatus? The conventional wisdom recently has been that North America will keep producing shale oil for some time despite the higher costs associated with hydraulic fracturing and the 50 percent drop in oil prices over the past eight months. The thing about conventional wisdom is that it […]
Quakes in Gas Fields Ignored for Years, Dutch Agency Finds
Quakes in Gas Fields Ignored for Years, Dutch Agency Finds Safety board’s report a relevant read for any fracking zone. A report from the Dutch Safety Board has accused the oil and gas industry and Netherlands Ministry of Economic Affairs of willfully downplaying the risk of earthquakes caused by the rapid depletion of Europe’s largest gas field. […]
The Easy Oil Is Gone So Where Do We Look Now?
The Easy Oil Is Gone So Where Do We Look Now? In 2008, Canadian economist Jeff Rubin stunned the oil market with a bold prediction: With the world economy growing at 5 percent a year, oil demand would grow with it, outpacing supply, thus lifting the oil price from $147 to over $200 a barrel. […]
What is Saudi Arabia not telling us about its oil future?
What is Saudi Arabia not telling us about its oil future? It is popular these days to speculate about why Saudi Arabia cajoled its OPEC allies into maintaining oil production in the face of flagging world demand. As the price the world pays for oil and oil products has plummeted, the price OPEC members are […]
