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2019 Rig Count Outlook Foreshadowed by Borrowing Base Cuts, Price Drops & Seasonal Dip in Rigs

Offshore oil rig

The total U.S. rig count for December 2018 was 1,147, down 36 (-3%) from November 2018, and up 117 (+11%) from December 2017, according to analysts at S&P Global Platts, the leading independent provider of information and benchmark prices for commodities and energy markets. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs. December U.S. land rig count: 1,116, ...

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Environmentalists Go To Court To Kill Arctic Oil Drilling Plans

Five environmental groups filed a lawsuit in federal court Monday attempting to prevent oil companies from drilling in Arctic waters near Alaska. The groups are challenging the plan in the 9th Circuit Court of Appeals for allegedly violating federal laws and disproportionately contributing to climate change and endangering wildlife. “We can’t let this reckless administration open the Arctic to offshore ...

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New Report Suggests Anti-Oil Activism Have Eliminated Nearly 800K Jobs Opportunities

Anti-fossil fuel activists have sucked tens of billions of dollars out of the U.S. economy and seriously crippled manufacturing jobs, according to a report Tuesday from the U.S. Chamber of Commerce. Activists have prevented at least more than $90 billion in domestic economic activity and eliminated roughly 730,000 job opportunities, the Chamber of Commerce Global Energy Institute (GEI) report notes. ...

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DOI Discovers Largest US Oil And Gas Reserve Ever Found In New Mexico

New Mexico and West Texas are sitting on a bonanza of potentially recoverable oil and gas reserves in the Delaware Basis that lies between the two Western states, the Department of Interior announced Thursday. Two underground layers in the Delaware known as the Wolfcamp Shale and Bone Spring Formation contain 46.3 billion barrels of unrecovered oil and 281 trillion cubic ...

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‘What Winning Looks Like’: US Net Oil Imports Hit 40-Year Low

U.S. net oil imports were just above 4 million barrels per day during the last week of November, according to new Energy Department data — the lowest in 40 years. U.S. Energy Information Administration (EIA) data released Thursday shows net crude oil imports fell by more than 1.7 million barrels per day in just from the week ending November 23rd ...

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Canada Worries Trump Could Strike Back After Alberta Cut Oil Production

A former Alberta trade envoy to the U.S. worries President Donald Trump could retaliate against Canada after Alberta chose to cut oil production. Trump is known to call out energy-producing countries that reduce production – he frequently criticizes Saudi Arabia for considering similar cuts. Alberta, which imports most of its oil to the U.S., moved Tuesday to slash 325,000 barrels ...

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OPEC Believes US Shale Boom Won’t Last Long

OPEC predicts that competition with the U.S. will drop significantly in less than five years, allowing members of the world’s largest oil cartel to keep dominating the market.

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