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Tag Archives: Texas shale oil decline

The Pandemic Has Broken Shale and Left Oil Markets in OPEC Hands

Oil rigs stand in the Permian Basin area of Odessa, Texas. Photographer: Sergio Flores/Bloomberg

BLOOMBERG, NOVEMBER 28, 2020 The contraction of the U.S. oil industry this year means the cartel probably won’t need to worry too much about losing market share for some time.  By Kevin Crowley, David Wethe, and Sheela Tobben for Bloomberg -OPEC’s oil ministers have a few challenges to consider at a crucial summit next week, but for the first time in years the shale boom …

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Gulfport files for bankruptcy: Warned in August might not survive

Gulfport Energy Corp headquarters

BLOOMBERG, NOVEMBER 14, 2020 Natural gas producer’s liabilities totaled about $2.5 billion | Company had warned in August it might not be able to survive By David Wethe for Bloomberg – Gulfport Energy Corp. filed for bankruptcy, joining a slew of U.S. oil and gas companies that are collapsing after the pandemic deepened their struggle with low prices and too much debt. …

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How a Texas shale supplier’s founders made fortunes as the firm failed

Drilling rigs operate at sunset

REUTERS, AUGUST 13, 2020 (Reuters) – On July 7, the board of directors at Texas fracking sand supplier Hi-Crush granted nearly $3 million in bonuses to four top executives, including $1.35 million for CEO and founder Robert Rasmus. Five days later, the company declared bankruptcy. The payout marked the latest in a series of board decisions that allowed the oilfield …

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U.S. shale bust slams rural economies as “mailbox money” oil checks shrivel

Oil pumps in a row. Green color.

REUTERS, MAY 22, 2020 The average oil-land owner collects about $500 a month, according to the National Association of Royalty Owners, but that will not last. DeWITT COUNTY, TX – Royalties from oil pumped on Paul Ruckman’s land allowed the South Texas retiree to build a six-bedroom, seven-bathroom vacation home. He had plenty left over, and donated some of it …

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