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Energy producers weather historic oil market collapse

Energy producers weather historic oil market collapse

The oil market collapse has put more pressure on energy producers than ever before, causing an unprecedented financial crisis, according to industry officials. On average, an oil company earns only $26 for each barrel of oil sold at current oil prices, according to a report by the Houston Chronicle. In February, oil prices in the United States fell to a ...

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Small drillers in Pennsylvania sue to block new state rules

Small drillers in Pennsylvania sue to block new state rules

PITTSBURGH (AP) — A trade group that represents small, independent gas and oil producers in Pennsylvania has filed a lawsuit challenging new state regulations for conventional drilling. The Pennsylvania Independent Petroleum Producers Association of Bradford says the rules would be financially ruinous. The Pittsburgh Post-Gazette (bit.ly/1S9tSlq) reported Thursday that the suit argues the Department of Environmental Protection unfairly grouped conventional ...

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IEA: Slashed spending by drillers could lead to price spike

IEA: Slashed spending by drillers could lead to price spike

HOUSTON (AP) — Oil prices will more than double by 2020 as current low prices lead drillers to cut investment in new production and gradually reduce the glut of crude, the head of a group of oil-importing countries said Monday. Fatih Birol, executive director of the International Energy Agency, said oil would rise gradually to about $80 a barrel. Oil ...

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$230 billion in energy projects delayed, report says

$230 billion in energy projects delayed, report says

Drillers delayed $230 billion in energy projects since the start of the oil downturn, according to a new report from Rystad Energy. A steep drop in oil prices led many energy companies to remain cautious on the exploration and production front. In July 2015, Rystad reported 40 shelved projects. An updated report Thursday showed a total of 63 projects have ...

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Spate of layoffs sweeps energy industry

Spate of layoffs sweeps energy industry

A sustained downturn led to thousands of layoffs this week as companies struggle to weather the prolonged energy market slump. Falling oil prices forced many producers to cut costs and streamline business. The International Energy Agency said oil prices may fall further this year due to low demand and an oversupply of crude. Schlumberger Schlumberger cut 10,000 jobs and reported ...

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5 oilfield jobs still in demand in 2016

watertruck

Extended periods of plummeting oil prices have had a noticeable effect on the oil industry, with many oil companies decommissioning multiple rigs during 2015. While the oil industry is no longer being referred to as “booming” by most media outlets, it is not going away completely, and many oilfield jobs are still in demand. As current workers retire and leave ...

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U.S. oil drillers add rigs for the 6th week in a row – Baker Hughes

NEW YORK – U.S. energy firms added one oil rig this week, the sixth consecutive week of increases even as U.S. oil prices flirted with 6-1/2-year lows, signaling further pressure on a market awash with crude. Reflecting plans announced in May and June, when U.S. crude futures averaged $60 a barrel, drillers added one oil rig in the week ending ...

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Utica: Drillers take hits from stock prices

stocks

Thanks to low commodity prices, drillers and investors in the oil and gas industry have taken several negative hits, and those hits are certainly visible when it comes to drillers in the Utica Shale formation. On Friday during a second-quarter earnings call, Magnum Hunter Resources Corp. CEO Gary Evans explained that there is a dramatic prices difference in oil and ...

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Drilling group says Wolf overestimates expected tax revenue

money cut up

Revenue from Gov. Tom Wolf’s proposed natural gas extraction tax — slated to pay for millions in education funding — could fall far short of projections because his estimates are based on higher gas prices in other parts of the country, industry officials said Wednesday. “We’ve been saying all along that you can’t get to their budget numbers with these ...

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Surviving a downturn

EDITOR’S NOTE: Interviews for this article were done before Friday’s price drop. The oil price tumble of the past few months brought with it forecasts of doom and gloom from energy investors and on the opposite extreme, bullishness of drillers. The slide stems from worry about oversupply in the global market and signals from Saudi Arabia that the Organization of ...

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