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Devon Energy plans to lay off 9 percent of staff to boost returns

April 12, 2018
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HOUSTON, April 10 (Reuters) – U.S. shale oil producer Devon Energy Corp said on Tuesday it would lay off 300 workers, roughly 9 percent of staff, part of a plan to streamline its operations. Oklahoma City-based Devon said it expects the cuts to help save $150 million to $200 million annually by 2020. The staff will be let

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Exxon sparks IMF concern with returns in Guyana

April 12, 2018
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Exxon Mobil Corp. got such a “favorable†deal from Guyana, home to the biggest new deepwater oil play, that the tiny South American country should rewrite its tax laws, the International Monetary Fund said. While Guyana should honor the existing deal, future contracts should ensure the state gets a higher portion of crude proceeds, the fund said in

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Oil Gains More than 2 Percent as Stock Market Rebounds

April 11, 2018
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NEW YORK, April 9 (Reuters) – Oil prices rose more than 2 percent on Monday, supported by a rebound in the stock market as concerns of a trade war between the United States and China eased. Brent crude futures rose $1.54 to settle at $68.65 a barrel. Brent prices gained 2.3 percent on the day, its largest daily

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Can Shale Oil Producers Restrain Their Animal Spirits?

April 11, 2018
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Investors have been calling for shale producers to avoid overspending because it could mean too much production which would drive down oil prices and leave them unable to service their debt.  Needless to say, other producers such as OPEC would be pleased is U.S. producers exercised such restraint, but as English philosopher Michael Jagger said, you can’t

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IEA Report Forecasts USA Dominating Global Oil Markets Going Forward

April 10, 2018
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WEO-2017, the International Energy Agency’s flagship publication, finds that over the next two decades the global energy system is being reshaped by major forces: the United States is set to become the undisputed global oil and gas leader; renewables are being deployed rapidly thanks to falling costs; the share of electricity in the energy mix is growing,

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Oil Rally Means New Lines Of Credit For Permian Players

April 10, 2018
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Energy players operating in the Permian Basin could soon find that lenders are more willing to loan them cash, as the recent oil rally breathes new optimism into an industry that took a beating in recent years. The borrowing bases for companies in the hot-spot basin could be increased by as much as 40-percent, according to James Spicer,

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US Jobs Report: Oil, Gas Adds Thousands of Jobs in March

April 8, 2018
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Coming off the heels of a strong start for the oil and gas industry in 2018, industry employment continues its positive upswing with the United States adding jobs in March, according to data released April 6 from the Bureau of Labor Statistics. Mining saw employment increases to the tune of about 9,000 jobs. The majority of those gains

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Where Oil Rigs Go To Die

April 7, 2018
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It was night, stormy, and the oil rig Transocean Winner was somewhere in the North Atlantic on 7 August 2016 when her tow-line broke. No crew members were on board. The rig was being dragged by a tugboat called Forward, the tethered vessels charting a course out of Norway that was meant to take them on a

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2018 Oil & Gas Projects To Break Even At $44 Per Barrel

April 6, 2018
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New oil and gas projects to be sanctioned this year will likely have a 15-percent lower breakeven level than last year’s, at US$44 per barrel of oil equivalent, Wood Mackenzie analysts said in a fresh report on short-term developments in the upstream sector. The consultancy sees as many as 30 new projects coming on stream this year, but notes that

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Is This Natural Gas Major About To Be Taken Over?

April 6, 2018
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As Australia’s second largest independent gas producer continues to recover from years of financial doldrums, posting an impressive 433 percent surge in underlying profit in 2017 over the previous year. And now, it’s back in the spotlight as a potential takeover target. On Tuesday, Adelaide-based Santos, which produces about 163,000 barrels of oil and gas equivalent per day

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