Recent News
Haynes & Boone Expect Approx. 100 Oil & Gas Bankruptcies in 2020 4/3/2020
Haynes & Boone co-chair of the energy practice Buddy Clark is expecting approx. 100 US oil & gas firms to file for Chapter 11 within a year.
According to S&P Global Ratings, the number of firms with a distressed credit ratio has risen from 25% at year-end 2019 to a March 2020 level of 94%.
In the release, the following companies were named as potential Chapter 11's:
- Chesapeake Energy
- California Resources
- Denbury Resources
- Ultra Petroleum
- Oasis Petroleum
Russia Ramps Up LNG Production Target for 2035 to 80-140 Mtpa 4/3/2020
Russia reported a new national LNG production target for 2035 of 80-140 Mtpa, rising from the prior goal of 70-82 Mtpa. The 2024 target remained unchanged at 46-65 Mtpa.
- 4/2/2020 - Teck Resources & Partners Considering Full Shutdown of 194 Mbbl/d Fort Hills Oilsands Mine
- 4/1/2020 - Callon Petroleum Brings On Advisors to Handle $3B Debt Load
- 4/1/2020 - Flint Hillls Resources Invokes Force Majuere to Back Out of April Crude Purchases; No Room Left to Store Volumes
- 4/1/2020 - S&P Downgrades BP's Credit to "Stable" & Moody's Revises Outlook to "Negative"
- 3/31/2020 - TC Energy Proceeding w/ Keystone XL Pipeline; Government of Alberta Investing $1.0 Billion
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Upstream
3/31/2020 - Diamondback Energy Reiterates $1.7B CapEx Budget; Ending 2020 at Seven Rigs
3/24/2020 - Tullow Ghana Cancels Drillship Contract with Maersk Drilling for Maersk Venturer Vessel
3/23/2020 - Husky Energy Halting Work at West White Rose Project Due to COVID-19
3/20/2020 - Equinor & Husky Defer Bay du Nord Project in Canada
3/9/2020 - Indonesian Firm Pertamina Intends to Ramp Up Crude Imports Amid Collapse
3/6/2020 - Husky Reports 4Q19 Impairment Charge of $2.3 Billion
2/28/2020 - Range Issues 2020 CapEx Guidance of $520 Million; Shifts to Maintenance Mode
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Midstream
4/2/2020 - Enable Midstream Reduces 2020 CapEx by 48% & Cuts Dividend 50%
3/24/2020 - EnLink Midstream Reduces Dividend 50%, Freeing Up $185MM in Cash
3/12/2020 - Marathon Petroleum Considering $15B Sale of MPLX Gathering & Processing Assets
3/1/2020 - Shell Midstream Partners Acquiring Additional Midstream Assets from Shell
2/24/2020 - Magellan Midstream Considering Partnership with Sentinel on Texas GulfLink Deepwater Crude Terminal
2/21/2020 - Transco Resubmits Application for NE Supply Enhancement Project in New Jersey
2/14/2020 - Enbridge Issues 4Q19 Line 3 Replacement Regulatory Update
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LNG
4/3/2020 - Venture Global LNG Reports Successful String Test of Calcasieu Pass Refrigerant Compression System
4/2/2020 - LNG Canada Confirms Case of COVID-19 at Worksite
3/10/2020 - McDermott Introduced Feed Gas Into Freeport LNG Train 3
3/9/2020 - FERC Issues Alaska LNG Final Environmental Impact Statement
3/2/2020 - Tellurian Reducing Corporate Overhead to $6MM/Mo; Looking to Extend Loan Maturity
3/2/2020 - Cameron LNG Train 2 Officially Enters Service; Train 3 On Track for 2Q20 Start-Up
3/1/2020 - Pembina Uncertain of Timing for Jordan Cove LNG Project
Current Research
Natural Gas
- Daily Market Review - 4/3/2020
- Gas News Highlights - 4/3/2020
- Rockies & West Pipeline Flow Analysis - 4/3/2020
- South Central Pipeline Flow Analysis - 4/3/2020
- Midwest Pipeline Flow Analysis - 4/3/2020
- Northeast Pipeline Flow Analysis - 4/3/2020
- Southeast Pipeline Flow Analysis - 4/3/2020
- LNG Export Report - 4/3/2020
- Fundamental Natural Gas Report - 4/3/2020
- Weekly Midstream Project Updates - 3/30/2020
- LNG Biweekly Highlights - 3/24/2020
Crude Oil
- Crude Oil Highlights - 4/3/2020
Criterion's News Feed
- US Drilling Rig Count Drops by Further 64 Rigs; Now Down 128 in 3-Weeks - 4/3/2020
- Kinder Morgan Partially Suspends Construction on Permian Highway After Spill in Blanco County - 4/3/2020
- Ovintiv Cuts 2Q20 CapEx Guidance a Further $200 Million - 4/3/2020
- Ovintiv Restructures Crude Oil Hedges for 2020 to Provide Downside Protection - 4/3/2020
- NCS Multistage Holdings Cuts 20% of Workforce, Furloughs Additional Workers and Cuts Base Salaries - 4/3/2020
- Cryopeak LNG Solutions Breaks Ground on Micro-LNG Plant In British Columbia - 4/3/2020
- Extraction Oil & Gas Cuts 2020 CapEx 42% to $275MM; G&A Reduced 18% - 4/3/2020
- Haynes & Boone Expect Approx. 100 Oil & Gas Bankruptcies in 2020 - 4/3/2020
- Athabasca Oil Issues Revised 2020 CapEx Guidance of $85 Million - 4/3/2020
- Athabasca Oil Corp Shuts Down Hangingstone SAGD Operations Amid Price Drop; Reduced 2020 Guidance by 2.5 Mboe/d - 4/3/2020
- Venture Global LNG Reports Successful String Test of Calcasieu Pass Refrigerant Compression System - 4/3/2020
- Russia Ramps Up LNG Production Target for 2035 to 80-140 Mtpa - 4/3/2020
- Petrobras Believes OPEC+ Negotiations Will Be Irrelevant for Prices - 4/3/2020
- Petrobras Announces New Oil Find in Uirapuru Block of Santos Basin - 4/2/2020
- Apache Announces New Discovery in Suriname via Sapakara West-1 Well - 4/2/2020