Apache Reducing Permian Rig Count to Zero

Here are some of Rigzone’s top stories during the last week, just in case you missed them…

Apache Responds to Low Oil Prices 

Apache Corporation announced several actions in response to the current oil price environment. These included reducing its Permian rig count to zero, activity reductions in Egypt and the North Sea and a reduction of its 2020 capital investment plan.

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Canada Is First Price-War Casualty

Bloomberg outlined that the first big victim in the price war between the Saudis and Russia is likely to be Canada. Bloomberg highlighted that the benchmark blend of crude produced from Canada’s oil sands dived to a record low of $7.47 per barrel recently.

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Ovintiv Dropping 16 Rigs

Denver-based exploration and production company Ovintiv Inc. reported Thursday that it is immediately dropping 10 operated rigs and that it plans to drop another six operated rigs in May. The company also intends to immediately cut $300 million from its second quarter capital investment program and $100 million from its full-year cash costs.

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Three Potential Oil Market Scenarios

IHS Markit outlined three potential oil market scenarios recently. Two of these see the restoration of the OPEC+ alliance, while the other sees an unprecedented billion-barrel supply surplus emerging as global demand falls by five million barrels per day for the year. 

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Halliburton to Furlough 3,500 Workers in Houston

Halliburton decided to implement a mandatory furlough for about 3,500 employees in Houston. During the furlough, which will last up to 60 days, employees will work a one-week on, one-week off working schedule and will not be paid or permitted to perform any work on behalf of the company on their week-off.

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Here’s What’s Coming

Keep an eye out for these articles on Rigzone later today…

• Oil War Truce Timeline Piques Interest
• Frac Tracker Sees Plunging Spread Count
• Houston Firm Building Gulf Coast Oil Export Operation
• INOX Signs LNG MoU With Shell Energy
• Eni Withdraws 2020 Share Buyback Plan
• Shell Halts Ethane Cracker Construction 
• Continental Slashes Budget by 55 Percent

To contact the author, email andreas.exarheas@rigzone.com