Oil rig count drops, pain to get worse
The U.S. oil and natural gas industry idled 40 more drilling rigs this week. That brings the U.S. total to 59 rigs idled in the last two weeks, almost 9% of the rig total. Worse yet, more than half of the idled rigs were in the Permian basin of West Texas. That...Pioneer cuts workers and market cheers: Window dressing for a sale?
Today, May 21, Pioneer Natural Resources (PXD) announced that it would lay off 230 workers at its headquarters and in Permian Basin offices. Added to the 300 employees who took buyouts earlier this year, the total cuts amount to about 20% of the company's workforce....While OPEC argues, its control of the oil market ebbs
Two important piece of news that form the context for OPEC's meeting today and its attempt to set global oil prices. First, the U.S. Energy Information Administration reported that the United States turned into a net exporter of oil last week for the first time in 75...Shutdown at Canada’s Syncrude upends U.S. oil prices
The accident last week at the giant Syncrude plant in Alberta wasn't the biggest event for global oil markets last week. That honor still goes to the OPEC decision to expand production by a net 700,000 barrels a day. But for U.S. and Canadian oil markets the accident,...Ignore the short-term oil volatility and continue to hold Pioneer Natural Resources for the long-term story
So much near-term noise. Since Pioneer Natural Resources (PXD) reported earnings on May 2--the company beat Wall Street estimates on earnings by 16 cents a share and reported revenue in-line with projections and up 56.5% year over year--there's been so much noise in...Drilling productivity report highlights Permian as source of U.S. production growth
It’s not the most high-profile or best followed report from the U.S. Energy Information Administration, but if you’re looking to see where in the energy sector to put your dollars, the monthly Drilling Productivity Report is a good place to start. That’s because the report projects the trends in production per well in U.S. oil shale geologies and the growth in the number of working wells.