2010 - 2019: How the U.S oilfield transformed from a laggard to global leader in less than a decade.
A Decade in Which Fracking Rocked the Oil World
Source: Wall Street Journal - By Rebecca Elliott and Luis Santiago Dec. 17, 2019 8:00 pm ET
Shale drillers made the U.S. the globe’s top producer of oil and natural gas, but the boom is showing cracks as the decade ends
Ten years ago, the U.S. ranked third in global oil production, trailing Saudi Arabia and Russia.
A decade later, it leads the world in oil as well as natural-gas output, having more than doubled the amount of crude it pumps while raising gas production by roughly two-thirds, according to federal data.
There is a simple reason for the surge: fracking. Horizontal drilling and hydraulic fracturing techniques spurred a historic U.S. production boom during the decade that has driven down consumer prices, buoyed the national economy and reshaped geopolitics.
Though some of these methods had existed for years, they were successfully applied to dense rock formations only about two decades ago as technologies improved, allowing companies to unlock vast amounts of oil and gas.
End of an Era: Devon Energy exits the Barnett Shale, first major discoveries in America's Shale Revolution.
By ADAM WILMOTH
Published: Sun, December 22, 2019 1:07 AM Updated: Sun, December 22, 2019 1:33 AM
When Devon Energy Corp. executives this week agreed to sell the company's Barnett Shale properties for $770 million, the move capped a transformation for Devon and reflects on dramatic changes in the oil and natural gas industry.
The Barnett is the home of the first successful, wide-scale natural gas development of shale rock, a move that transformed the oil and natural gas industry and led to shifts in global geopolitics.
It also led to rapid growth at Devon, which now is housed in Oklahoma's tallest skyscraper.
Texas oilman George Mitchell first developed the Barnett field. Mitchell developed the hydraulic fracturing processes that made it possible to economically produce the the vast volumes of natural gas trapped under and just northwest of Fort Worth. But he didn't have the cash to develop it properly.
Produced water pipelines are growing in the SCOOP, Merge and STACK, water conference attendees learned
By Jerry Bohnen | Oklahoma Energy Today | 12/13/2018
Produced water pipeline systems are continuing to grow in Oklahoma's SCOOP, Merge and STACK plays along with the numbers of wells being drilled and completed.
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Oklahoma Energy Today | November 27, 2018
Two Monday morning earthquakes in southern Oklahoma are a puzzle to the oil and gas workers at the State Corporation Commission. Plus, continued quakes around the Bridge Creek Community have them scrambling as they continued to get complaints from area residents.
Oil & Gas companies Lose $1 trillion dollars in 40 days. (Can you say 'Vol-a-til-i-ty' boys and girls?)
Oklahoma Energy Today | November 20, 2018
Now might be an appropriate time for Mr. Rogers to explain exactly what volatility means - and to reassure all the children who have parents working in the oil and gas sector - that it is perfectly OK if Daddy threw up in his trash can last week...
Those tumbling oil prices of the past 40 days have resulted in a $1 trillion loss by the oil and gas sector.
Crude prices in New York commodity markets slid more than 25 percent during the 40-days when prices began falling in early October. Last week ended with a re cord 12th straight day of oil price declines.
Prices went from a peak of $76 a barrel to less than $56. As a result, energy stocks included in the S and P 500 Index shed nearly $240 billion in value during the 40-day period.
Devon among major energy companies pledging $100 million in aid to New Mexico and Texas to ease oil boom problems
OKLAHOMA ENERGY TODAY | November 20, 2018
Oklahoma City’s Devon Energy is one of 17 major companies exploring in the Permian Basin to offer $100 million in aid to Texas and New Mexico because of challenges caused by the oil boom in the two states.
Dave Hager, chairman of Devon Energy was one of those who signed a letter creating the Permian Strategic Partnership which is pledging the $100 million to ease problems of health care, education and civic infrastructure.
By Mark Christian on 11/03/2018, 4:10 CDT - Major shareholders controlling Newfield Exploration decided to sell the company to Canada's Encana Corporation for $5.5 billion in equity and $2.2 billion of assumed debt, a deal worth $7.7 billion dollars.
Since 2013, Encana has been divesting its Canadian and U.S. shale gas assets in favor of more profitable shale oil production. The company is one of the top 10 oil producers in Texas where it produces about 100,000 bpd and continues to focus on production assets in the Permian Basin and Eagle Ford.
The Oklahoman | by Jack Money | Aug 18, 2018
CUSHING — Operators of the massive oil storage terminal here have done a great job of eliminating a storage bottleneck to keep its product moving.
In April 2017, the terminal was holding about 69.4 million barrels of oil — an all-time high in records kept since 2004 on its storage by the U.S. Energy Information Administration.
Ellen M. Gilmer, E&E News reporter Energywire: Monday, July 30, 2018
A Pennsylvania court made oil and gas lawyers sweat in April when it ruled that drillers could be trespassing when hydraulic fracturing sends cracks through the ground next door.
The ruling could severely cramp the industry's style, leaving companies on the hook for the value of nearby natural gas that seeps across invisible property lines and rises up a production well.
The court was unpersuaded that fracking should fall under the "rule of capture," a long-standing legal doctrine famously portrayed in the movie "There Will Be Blood."
Patterson UTI, Crescent Consulting, & Skyline Direction Drilling cited by OSHA in rig fire that killed 5 workers in Oklahoma.
Source: KFOR-TV AND K. QUERRY at 4:30 P.M. 08/01/2018
QUINTON, Okla. – Three companies have been cited in connection to a drilling rig explosion that killed five men earlier this year.
In January, five men were killed after a drilling rig exploded outside of Quinton, Oklahoma. Authorities say there were 22 workers on the well site, which was being drilled by Houston-based Patterson-UTI Energy, at the time of the explosion.
Officials identified the victims as 35-year-old Josh Ray, 29-year-old Matthew Smith, 26-year-old Cody Risk, 60-year-old Parker Waldridge and 55-year-old Roger Cunningham.
Originally published on 26 June 2018 in the Journal of Petroleum Technology by Pam Boschee, Senior Editor
GE announced today that it is spinning off Baker Hughes (BHGE) in its strategic plan for growth and shareholder value creation. It plans to focus on aviation, power, and renewable energy.
GE CEO John Flannery said these areas share technologies, digital and additive strategies, and business models.
Baker Hughes, a GE company has posted Weekly Rig Count reports.
Baker Hughes Rig Count: U.S. +5 to 1,013 rigs
U.S. Rig Count is up 5 rigs from last week to 1,013, with oil rigs up 5 to 820, gas rigs unchanged at 192, and miscellaneous rigs unchanged at 1.
U.S. Rig Count is up 156 rigs from last year's count of 857, with oil rigs up 132, gas rigs up 25, and miscellaneous rigs down 1 to 1.
The U.S. Offshore Rig Count is up 2 rigs to 18 and down 2 rigs from last year's count of 20.