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U.S. drillers cut most oil rigs in a month since 2015

April 24 (Reuters) - U.S. energy firms cut the most oil rigs in a month in April since 2015 with oil prices down over 70% since the start of the year as steps to curb the coronavirus pandemic cut global crude demand faster than producers can shut wells, causing storage tanks to fill...

Mnuchin says U.S. may take stakes in U.S. energy companies

WASHINGTON, April 24 (Reuters) - The U.S. government is considering taking equity stakes in U.S. energy companies as it seeks to help the nation's oil and gas sector amid the coronavirus outbreak, Treasury Secretary Steven Mnuchin said on Friday. President Donald Trump, speaking at a White House event with Mnuchin, said he wants to help...

Halliburton follows Chevron in halting Venezuelan operations

April 24 (Reuters) - Oilfield services provider Halliburton Co said on Friday it would cease most of its operations in Venezuela after the U.S. Treasury Department imposed tight new regulations on oil and gas companies doing business in the South American nation. Seeking to increase pressure on socialist President Nicolas Maduro, the U.S. Treasury late...

Global oil supply to fall 6% by 2030 due to delayed projects

LONDON, April 24 (Reuters) - Global oil supplies may be 6% less than expected by 2030 because of delays to investments by energy companies in response to falling crude prices due to the coronavirus crisis, data from energy analysts at Rystad showed. Oil and gas companies across the world have slashed investment budgets, exiting...

U.S. oil consumption stabilises but stockpiles continue to swell

LONDON, April 23 (Reuters) - U.S. petroleum consumption has fallen by a third since the economy went into lockdown in March but showed signs of stabilising last week, according to the latest weekly figures from the U.S. Energy Information Administration. Lockdown has caused the biggest economic interruption since the depression of the 1930s and the...

Bankruptcy looms over U.S. energy industry, from oil fields to pipelines

NEW YORK, April 23 (Reuters) - U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads while engulfed in the worst crisis the oil industry has faced. Fuel demand has tumbled roughly 30% worldwide as the coronavirus pandemic destroys demand for transport,...

Patterson-UTI sees 60% decline in activity as oil prices crater

April 23 (Reuters) - Oilfield service firm Patterson-UTI Energy Inc on Thursday warned investors it would see a 60% decline in activity this year as shale companies slash spending and halt activity amid an unprecedented decline in oil prices. The company said it expects to exit the current quarter with about 70 rigs in operation,...

Oil rallies on faster output cuts to offset virus-induced falloff in demand

NEW YORK, April 23 (Reuters) - Oil soared on Thursday, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic. Crude prices have had one of their most tumultuous weeks ever. U.S. West Texas Intermediate crude futures (WTI) closed...

Venezuela receives material from Iran to help restart refinery

MARACAY, Venezuela/CARACAS, April 23 (Reuters) - Venezuela has received refining materials via plane shipment from Iran to help it start the catalytic cracking unit at the 310,000 barrels-per-day Cardon refinery, which is necessary to produce gasoline, an official said on Thursday. The shipments mark a new stage in cooperation between the two OPEC nations that...

U.S. lawmakers urge Fed to keep energy industry out of lending program

WASHINGTON, April 23 (Reuters) - Two Democratic U.S. lawmakers on Thursday urged the Federal Reserve to reject a request by the energy industry to be allowed to use funding from a $600 billion emergency lending facility to pay off their debts. Senator Edward Markey and Congresswoman Nanette Diaz Barragán wrote to the Fed after Reuters...
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Recently Added

Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge

Oilfield services giant Schlumberger NV on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly...

Canada’s Cenovus Energy posts quarterly loss on oil price plunge

Canadian oil and gas producer Cenovus Energy Inc posted a second-quarter loss on Thursday and said the worst was behind the industry after the...

Bounceback in U.S. shale oil output is unlikely to last the summer

A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return...

Kinder Morgan posts quarterly loss on $1 bln impairment charge

U.S. pipeline operator Kinder Morgan Inc on Wednesday posted a second straight quarterly loss as it took a $1-billion impairment charge after a steep...
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