US upstream news
US oil output will not recover pre-Covid-19 levels until 2022, says Rystad Energy
US monthly output is not likely to exceed 11.7 million bpd before 2022, according to Rystad Energy estimates.
Rystad Energy: Permian Basin 'last surviving epicentre of drilling activity'
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.
Rystad Energy: royalty exemptions could save US E&Ps from bankruptcies
Despite the recent relative oil price recovery, dozens of US operators are still threatened by bankruptcies even at a WTI oil price of US$30/bbl, according to Rystad Energy.
Weatherford's tubular running service recognised by Santos
Santos has named Weatherford its Contractor of the Year.
IEA publishes May 2020 Oil Market report
The IEA has adjusted its global 2Q20 demand prediction upwards by 3.2 million bpd – still sharply down on last year by 19.9 million bpd.
Oil prices gain on stock build relief
Oil prices rose this morning as US onshore stock builds fell for the first time since January.
US shut-ins to reach at least 2 million bpd in June, predicts Rystad Energy
A Rystad Energy analysis shows that gross US cuts could reach at least 2 million bpd in June, including liquids.
Rystad Energy: Covid-19 causes largest-ever horizontal rig count fall in US
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.
Continental Resources releases 1Q20 results
Continental Resources reported a net loss of US$185.7 million, or US$0.51 per diluted share, for 1Q20.
Kosmos Energy releases 1Q20 results
Kosmos Energy generated a net loss of US$183 million, or US$0.45 per diluted share, in 1Q20.