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Energy producers weather historic oil market collapse

Energy producers weather historic oil market collapse

The oil market collapse has put more pressure on energy producers than ever before, causing an unprecedented financial crisis, according to industry officials. On average, an oil company earns only $26 for each barrel of oil sold at current oil prices, according to a report by the Houston Chronicle. In February, oil prices in the United States fell to a ...

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Small drillers in Pennsylvania sue to block new state rules

Small drillers in Pennsylvania sue to block new state rules

PITTSBURGH (AP) — A trade group that represents small, independent gas and oil producers in Pennsylvania has filed a lawsuit challenging new state regulations for conventional drilling. The Pennsylvania Independent Petroleum Producers Association of Bradford says the rules would be financially ruinous. The Pittsburgh Post-Gazette (bit.ly/1S9tSlq) reported Thursday that the suit argues the Department of Environmental Protection unfairly grouped conventional ...

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$230 billion in energy projects delayed, report says

$230 billion in energy projects delayed, report says

Drillers delayed $230 billion in energy projects since the start of the oil downturn, according to a new report from Rystad Energy. A steep drop in oil prices led many energy companies to remain cautious on the exploration and production front. In July 2015, Rystad reported 40 shelved projects. An updated report Thursday showed a total of 63 projects have ...

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Spate of energy industry layoffs sweeps workforce

And oil and gas worker walks along a corridor. (Image courtesy of Encana Corp)

A sustained downturn led to thousands of layoffs this week as companies struggle to weather the prolonged energy market slump. Falling oil prices forced many producers to cut costs and streamline business. The International Energy Agency said oil prices may fall further this year due to low demand and an oversupply of crude. Schlumberger Schlumberger cut 10,000 jobs and reported ...

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Utica: Drillers take hits from stock prices

Stocks

Thanks to low commodity prices, drillers and investors in the oil and gas industry have taken several negative hits, and those hits are certainly visible when it comes to drillers in the Utica Shale formation. On Friday during a second-quarter earnings call, Magnum Hunter Resources Corp. CEO Gary Evans explained that there is a dramatic prices difference in oil and ...

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Drilling group says Wolf overestimates expected tax revenue

Revenue from Gov. Tom Wolf’s proposed natural gas extraction tax — slated to pay for millions in education funding — could fall far short of projections because his estimates are based on higher gas prices in other parts of the country, industry officials said Wednesday. “We’ve been saying all along that you can’t get to their budget numbers with these ...

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Redefining the profitable Bakken

map

Brian Kroshus, Publisher When the first vertical oil well was successfully drilled and completed in the Williston Basin in the early ’50s near Tioga, no one at the time would have been able to fully comprehend the sheer magnitude of the oil play lying below them. Based on conventional knowledge, the discovery of oil itself was cause for headlines, an ...

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