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Exxon Adapts to Falling Oil Prices
“Rigzone” reports that Exxon’s fourth quarter earnings fell 21%, largely due to falling oil prices. However, reduced oil and gas production was partially offset by $1 billion in deferrals on income taxes, a favorable arbitration ruling in its case against Venezuela for expropriation of assets, and better than expected earnings in its chemicals unit. In… Read More
North Dakota Optimistic
“Rigzone” reports that based on their recent analysis, the North Dakota Department of Mineral Resources and the House Appropriations Committee are confident that the recent collapse of oil prices will not spell doom for the state. They conclude that operators will continue to drill new wells with prices as low as $30 per barrel. To… Read More
Factors that Will Drive U. S. Production
In a recent article in “Rigzone”, author John Kemp points out that rig count is at best an imperfect indicator of future production rates. He then goes on to enumerate the most important factors influencing them. However, he concludes that rig count is readily available and timely. The more sophisticated indicators are difficult to obtain,… Read More
Saudi Arabia’s Motives
In a recent opinion piece in “Rigzone”, author Faraz Shams makes the case that Saudi Arabia’s recent efforts to crater the price of oil are driven by economic vs. political motives. He dismisses the opinions of those who think that the Saudis are primarily trying to punish Iran and Russia and put an end to… Read More
Onshore Well Count Could Drop 26%
According to a recent article in “Rigzone”, consulting firm Wood Mackenzie projects a 26% reduction in domestic onshore wells, down to 27,000. Oil and gas operators have reduced budgets for 2015 in response to falling oil prices. With drilling and completion expenditures projected to drop from $140 billion last year to $90 billion in 2015,… Read More
