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US upstream news

 

Marathon Oil revises 2020 spending

The revised 2020 capital budget of US$1.3 billion or less includes the implementation of 2Q20 frac holidays in the Bakken and Eagle Ford.

 
 
 
 
 

Rystad Energy: Permian gas flaring declining

Rystad estimates total gas flaring declined to 700 million ft3/d in 1Q20, with 550 million ft3/d flared at the wellhead – the lowest quarterly flaring rate since 3Q18.

 

Oil discovery made in US Gulf of Mexico

The Monument exploration well found approximately 200 ft (c. 60 m) of net oil pay with good reservoir characteristics in Paleogene sandstone.

 

Murphy Oil to make further cost savings

The company has made an additional reduction in the 2020 capital plan down to the new midpoint of US$780 million from the previously announced US$950 million in March 2020.

 

Whiting Petroleum files for bankruptcy

The company has more than US$585 million of cash on its balance sheet and will continue to operate its business in the normal course without material disruption to its vendors, partners or employees.