Fuel Fix: Get daily energy news headlines in your inbox. Canada’s energy sector has taken a hit in recent months as the price of Canadian heavy oil hit record lows and lack of pipeline capacity took its toll, leading major oil and gas companies to cut their 2019 production forecasts and some economists to warn about the possibility of layoffs in the coming year.. The American Petroleum Institute, the oil industry's main lobbying group, has maintained its free market philosophy, saying it does not want direct financial assistance from government. Then the pandemic shut down travel as country after country started restricting flights in an attempt to bring the contagion under control. 'company' : 'Vallourec', Tullow Gets Green Light for $575MM Total Deal, Trucking Provides Rare Boost to Europe Oil Demand, Total Awards Maersk Contract for Three Angola Wells, Asia LNG Price Surge Spurs Interest in Vitol Trades, Deloitte Gives Bleak US Oil Job Prediction. He previously worked at the San Antonio Business Journal, KGBT-TV in the Rio Grande Valley and Al Día in Dallas. A generation ago, a drop in oil prices would have largely been celebrated in the U.S., translating into cheaper gas for consumers. Shale drillers face a catch 22 situation because of the very nature of their business. Merchant of Record: A Media Solutions trading as Oilprice.com. 'audience' : 'News', In North America, Vallourec has a production facility in Muskogee at 3800 Port Place Muskogee, Oklahoma 74403; it also has a sales and service office at 7424 NW. 'industry_sector' : 'Upstream', }. . The series of mergers reshaping the beleaguered U.S. shale oil industry accelerated Tuesday when Pioneer Natural Resources Co. agreed to buy Parsley Energy Inc. for $4.5 billion in stock, creating one of the largest producers in the Permian Basin. 'sector' : 'Industry_Headlines', NEW YORK (AP) — In Montana, a father and son running a small oil business are cutting their salaries in half. 'content_origin' : 'Rigzone Staff', Learn more >>, In this Thursday, April 2, 2020 photo, an oil rig lights up the horizon on the outskirts of Midland, Texas after a late sunset. 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The sharp declines in the futures market pointed to more turbulence ahead after a roller-coaster week that saw the S&P 500 swing up or down more than 2.5% for four days straight. Oil traders are buying up cargoes and sending them toward China, hoping to capitalize on an expected surge in demand at the end of the year when independent refineries there get new import licenses for 2021. Hope our financial system can fix oversupply pain equally efficient as shortage panic. STOP IT! A Bullish End To The Year For Oil Markets, The Complete Guide To Oil & Gas Well Completions, Another Major Breakthrough For Solar Energy, Another Permian Giant May Be Forced To Consolidate Or Die, This $40 Billion Pipeline Project Risks Becoming A Stranded Asset. A bankruptcy boom has hit the oil and gas industry, and it’s just getting started. Majors Oil COs diversify into Renewables ? Job losses continue to mount in Texas oil patch Sergio Chapa July 24, 2020 Updated: July 24, 2020 8:51 a.m. Facebook Twitter Email LinkedIn Reddit Pinterest This also means that large-cap independent players such as Concho Resources Inc. (NYSE:CXO) and Diamondback Energy Inc. (NASDAQ:FANG) are likely to see their market shares grow. Ultimately, the ongoing shakeout is likely to leave the industry in a much better patch, though not so much for the consumer who will have to contend with higher oil prices thanks to higher levels of production discipline. 'longevity' : 'News', AP Writers Cedar Attanasio in El Paso, Texas; James MacPherson in Bismark, North Dakota; Sean Murphy in Oklahoma City and Becky Bohrer in Juneau, Alaska contributed to this report. In Texas, which produces about 40% of the country's oil and employs more than 361,000 people, the picture is especially bleak. Off-topic, inappropriate or insulting comments will be removed. That's bad news for Houston. And it could be working. And in Alaska, lawmakers have had to dip into the state's savings as oil revenue dries up. Many American shale producers feel targeted by Saudi Arabia, which they suspect of trying to put them out of business. 'sector' : 'Company_Operations', This material may not be published, broadcast, rewritten or redistributed. Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. “Oil fundamentals are weak and will come home to roost if the stimulus hopes are dashed again,” said Vandana Hari, the founder of consultancy Vanda Insights. Learn how energy insiders think. 'content_origin' : 'Original Content', Many oil producers big and small stopped the costly process of drilling new wells when prices plummeted, leaving all kinds of workers vulnerable to layoffs: drillers, attorneys, truckers who deliver sand or water for fracking and skilled tradesmen who make equipment for rigs, to name a few. 'company' : 'Apache_Corp', In contrast, 43 oil and gas companies filed for bankruptcy for the whole of 2018. Actions that the company has taken to date include: In both announcements, the employees do not have the right to bump or displace other employees working for the companies, the WARN letters stated. ... than those in the oil patch. Suddenly, investors became wary of the shale industry and energy debt became anathema. The industry has been teetering on the verge of mass hysteria for much of 2019 as a record number of energy companies folded. But the group did ask the federal government to relax environmental rules. Canada’s energy sector has taken a hit in recent months as the price of Canadian heavy oil hit record lows and lack of pipeline capacity took its toll, leading major oil and gas companies to cut their 2019 production forecasts and some economists to warn about the possibility of layoffs in the coming year.. America’s oil patch has been hit in recent weeks by a double economic whammy: a global pandemic amid an already weakening market, resulting in the worst oil bust in a lifetime. Not anymore. 'tag' : 'Commodity_Prices,Govt_Regulatory,Analysis_Trends', Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. To contact the author, email [email protected]. Virtual Event Series: Healthcare of Tomorrow, A U.S. News virtual event series where industry leaders will discuss common priorities, shared challenges and perspectives on the future of healthcare. None ! Oil’s recovery is facing pressure from a resurgent coronavirus and expanding supply from Libya, despite China offering some support to demand. 'longevity' : 'News', “Should these low oil prices last for any substantial period of time, it's going to be hard for anyone to survive.". Broadens Sanctions On Russia-Led Nord Stream 2 Pipeline, Surprise Crude Build Sends WTI Prices Down, Iraq Sees Oil Prices Recovering In Q2 2021, Russian Lukoil Looks To Boost Its Oil Production In Iraq, Oil Price Crash Crushes New Mexico’s Budget. The Republican Party is alleging in a lawsuit that its election poll challengers in New Mexico are unfairly being denied oversight of the initial verification process for absentee ballots. Prices. These companies have little choice but to seek bankruptcy protection and restructure if they hope to live to see another oil boom. U.S. gasoline and distillate supplies declined last week, while crude inventories at the key storage hub of Cushing increased by 1.17 million barrels, the API reported on Tuesday. The union representing more than 74,000 educators in Maryland is asking officials to release standardized procedures to handle coronavirus cases in classrooms across the state and be transparent about infections at schools. “Crude is being held hostage by the U.S. stimulus drama.”. Stay informed daily on the latest news and advice on COVID-19 from the editors at U.S. News & World Report. Separately, Universal Pressure Pumping Inc will make permanent layoffs at its location at 2198 University Dr. Lemont Furnace, PA 15465, according to documents filed with the Pennsylvania Department of Labor & Industry. Fort Worth oil-field services company Basic Energy Services is laying off 114 people at its Highway 87 yard in Big Spring and letting go of 102 employees at its Denver City yard in the Panhandle, notices show.

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