Texas upstream news

The URTeC Management Committee has decided to cancel the face-to-face component of the upcoming Unconventional Resources Technology Conference (URTeC) in Austin, Texas, US.

The Velox™ wellhead system is designed for operators needing to lock in pressure integrity while enhancing safety and improving efficiency.

The technology aims to reduce uncertainty and saves rig time by enabling operators to accurately position packers, perforating guns and the bottomhole assembly without running wireline or moving the work string.

The Permian Basin has systematically increased its market share in nationwide horizontal oil drilling in the US, reaching 74% as of last week, according to analysis by Rystad Energy of Baker Hughes data.

A Rystad Energy analysis shows that gross US cuts could reach at least 2 million bpd in June, including liquids.

The total horizontal oil rig count fell below 270 rigs last week, a 57% decline from the peak of 624 rigs seen in the middle of March 2020.

ExxonMobil has announced an estimated 1Q20 loss of US$610 million compared with earnings of US$2.4 billion a year earlier.

The integrated truck and crane is designed to haul, lift and set large tanks and oilfield equipment.

Diamond intends to use the proceedings to restructure and strengthen its balance sheet and achieve a more sustainable debt profile.

The company has announced a net loss of US$1 billion, or US$1.16 per diluted share, for 1Q20.