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Billions in Oil Royalty Payments at Stake as Trump Mulls Relief

Industry Headlines

Oil Leaps on Potential Global Output Cuts Share your comments
Friday, April 03, 2020Oil posted a record weekly jump on hopes that global producers will decide to make historic output cuts next week.

Trump Phone Call Reports Surprise Oil Experts Share your comments
Friday, April 03, 2020Find out what Rigzone panelists view as the top oil market hits and misses for the week ending April 3, 2020.

Billions in Oil Royalty Payments at Stake as Trump Mulls Relief Share your comments
Friday, April 03, 2020The teleconference with independent refiners and oil producers will follow a separate meeting between President Trump and oil industry execs at the White House.

OPEC+ Urges Global Cut to Stem Rout Share your comments
Friday, April 03, 2020Oil climbed on the prospect that an idea first touted by President Donald Trump on Thursday looked to be gaining some traction.

Exxon Joins Coronavirus Reusable PPE Effort Share your comments
Friday, April 03, 2020Health care workers on the front-lines of the COVID-19 pandemic urgently need more face shields and masks.

OTC Board Cancels 2020 Houston Event Share your comments
Friday, April 03, 2020Citing health and travel concerns amid the COVID-19 pandemic, the OTC board has decided to cancel this year's event in Houston.

Oil Surges as OPEC+ Prepares for Monday Meeting Share your comments
Friday, April 03, 2020Oil advanced as OPEC+ scheduled an urgent meeting next week after a historic slump in prices that has crippled the energy sector.

Shale Can Shock the World Again Share your comments
Friday, April 03, 2020Here are some of Rigzone's top stories during the last week, just in case you missed them...

Oil's Trump Bump Fades as Doubts Rise Share your comments
Friday, April 03, 2020Oil slid back below $25 a barrel after a record surge as doubts crept in about a deal touted on Twitter by U.S. President Donald Trump.


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Exploration

Brazil's ANP Pauses Upcoming Oil, Gas Licensing Round Share your comments
Friday, April 03, 2020The National Council for Energy Policy will define a new schedule for the bidding process.

Apache Makes Significant Oil Find Share your comments
Friday, April 03, 2020Apache Corporation announced a 'significant' oil discovery offshore Suriname.

Cairn Defers Capital Plans for Exploration, Appraisal Activity Share your comments
Monday, March 30, 2020Reductions and deferrals have already been identified, representing a 23% decrease in capital expenditures.

Saudi Rig Revamp Wraps Up Share your comments
Thursday, March 26, 2020IMI reported that it has completed maintenance, repair and overhaul work for an ARO Drilling jack-up rig.

Permian Still Accounts for More Than Half of US Rigs Share your comments
Monday, March 23, 2020Year on year, the North America rig count is down 251 rigs from last year's 1,121.

MOL Makes North Sea Discovery Share your comments
Thursday, March 19, 2020The Deepsea Bergen semi-sub drilled the Evra and Iving exploration well.


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Production

Trump Eyes 10MMbpd Global Oil Cut Share your comments
Friday, April 03, 2020President Donald Trump is trying to get the world to cut oil production by 10 million barrels a day in an effort to end a market-share war that sent crude prices plunging to the lowest levels in two decades.

India Subsea Project Achieves First Gas Share your comments
Thursday, April 02, 2020India's ONGC has achieved early first gas on its 98/2 Block Project in the Krishna Godavari Basin in the Bay of Bengal.

10MM bpd of Oil Output Could Vanish Share your comments
Wednesday, April 01, 2020That's nearly 10 percent of 2019 total daily global oil production.

Johan Sverdrup to Reach Plateau Production Early Share your comments
Tuesday, March 31, 2020Previously, plateau production was expected to be reached during the summer.

Oil CEOs Back Plan to Cut Texas Output Share your comments
Tuesday, March 31, 2020Two of the biggest drillers in America's largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash.

Giant Oil Field Boost Is Bad for Market Share your comments
Monday, March 30, 2020A torrent of oil from the giant Johan Sverdrup field may not be what the market needs right now.


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Finance and Investing

Patterson-UTI Energy Cuts Capex 60 Percent YoY Share your comments
Friday, April 03, 2020Executive compensation for 2020 has also been reduced by more than 50 percent.

TechnipFMC Cuts Capex 30 Percent Share your comments
Friday, April 03, 2020TechnipFMC has lowered its 2020 capital expenditures by 30 percent to $300 million in response to current market conditions.

Select Energy Services Slashes Capital Spend in Half Share your comments
Thursday, April 02, 2020It also reduced total select headcount by 31 percent since March 1, including field operations and corporate positions.

Shale Titan Whiting Petroleum Files for Bankruptcy Share your comments
Wednesday, April 01, 2020The company, facing more than a quarter-billion dollar debt maturity, filed for bankruptcy Wednesday.

CARBO Ceramics Files for Chapter 11 Bankruptcy Share your comments
Tuesday, March 31, 2020Wilks Brothers LLC will acquire CARBO through a debt-for-equity exchange.

Montage Cuts Capex and Shifts Focus to Utica Dry Gas Share your comments
Friday, March 27, 2020Montage Resources will reduce its 2020 capital spending by $45 million amid the market downturn.


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Company Operations

Saudis Have Pricing Problem as Oil War Hits Month Two Share your comments
Friday, April 03, 2020Saudi Aramco will need to price its crude at aggressively low levels this month to keep its customers satisfied.

HollyFrontier Welcomes New EVP, COO Share your comments
Friday, April 03, 2020The appointment is effective July 2020.

Jasper Ventures Lays Off Staff at Veritas Facility
Friday, April 03, 2020The layoff date was March 26 and 67 employees were affected.

Wood Significantly Adjusts Cost Base Share your comments
Friday, April 03, 2020Wood announced Thursday that it is taking action to 'significantly' adjust its cost base in anticipation of a reduction in activity levels.

Centrica Brakes on Spirit Energy Sale, Cancels Dividend
Thursday, April 02, 2020Centrica Plc paused the divestment of its North Sea oil and gas assets and withheld its final dividend payment.

OGA Chief to Stay Until 2022 Share your comments
Thursday, April 02, 2020Andy Samuel will continue as the chief executive of the Oil and Gas Authority until the end of 2022.

New CEO at Repsol Sinopec Resources UK Limited Share your comments
Thursday, April 02, 2020Repsol Sinopec Resources UK Limited revealed Wednesday that Jose Luis Munoz has taken up the position of chief executive officer at the company.


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