Rystad Energy

Enterprise Products Partners publicly acknowledged the deep slump in pipeline demand out of the Permian Basin by canceling a project at a time when most producers have been quietly postponing US projects.

Several E&P and OFS companies have already filed for Chapter 11, but unless prices strengthen the total number of filings could be as high as 190 by 2022.

Based on the early results from mass shut-ins of shale wells, it did not harm long-term production and it paid a short-term dividend with more oil flowing in the days after restarting.

Among the top 50 oilfield service firms, downsizing is estimated to land at a headcount of 610,000, down from the 760,000 maintained after the 2016 downturn.

The forces of low oil prices and new efficiency trends are converging to remake the US pressure-pumping business into one that can complete more wells with less horsepower than ever. However, that might also mean service provider margins remain low for much of this new decade.

Although oil prices were down on 8 June, the market is expected to see higher prices in response to the OPEC+ decision to continue production cuts.

Even before the global pandemic impacted markets, decommissioning work in the North Sea region was expected to increase. Global decommissioning projects could reach $42 billion by 2024.

The company’s first report on global emissions shows that, while the US emits the most, Canada has the highest emission intensity and Norway has the lowest.

Delays and disruptions have stymied project plans in the past few months. How will companies prevent current stresses from morphing into catastrophic issues?

As operators feel the pinch of low oil prices, so, too, do their service providers.