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Moody’s Downgrades Majors
“Rigzone” reports that bond rating agency, Moody’s Investor Service, views the major international oil and gas companies negatively. Citing continued low oil prices through 2016, and its impact on revenues, the company lowered its outlook for almost all the sector. Moody’s noted that since the oil price collapse, companies such as Shell, ExxonMobil, and Total… Read More
Drilling Permits Down in TX
Rigzone” reports that according to Railroad Commission data for August, drilling permits in Texas are dropping along with oil prices and rig counts. Since the same month last year, the number of drilling permits has fallen by 65% to 864. This breaks down to 222 oil wells, 59 gas wells, 518 oil or gas wells,… Read More
EIA Cuts Crude Forecast
“Rigzone” reports that the U. S. Energy Information Agency (EIA) now foresees falling crude prices as having a larger impact on domestic oil production than it had previously thought. The agency reduced its 2015 forecast by 1.5% to 9.22 million barrels per day (bpd). Administrator Adam Sieminski predicted that domestic crude production will continue to… Read More
Asset Sales
According to a recent article in “World Oil”, the prolonged and painful crash in the oil patch is incenting many shale operators to finally considered selling some of their prized properties. As the depth and duration of the oil price collapse becomes apparent, asset valuations are falling and the willingness of owners to part with… Read More
Citigroup Oil Forecast
Many oil and gas producers have been able to mitigate the impact of collapsing oil prices by selling stock or debt to investors, or borrowing in high yield credit markets. “World Oil” quotes Citibank analysts who think this is about to change, with shale operators being the most affected. During the week ended August 28,… Read More
