Tag: Rob Thummel

Tortoise's Rob Thummel in the Wall Street Journal

Oil’s Slide Deepens on Mounting Demand Worries Unexpected rise in crude stockpiles sends prices to lowest close since mid-January A rout in oil prices deepened Wednesday after government data showed an unexpected increase in stockpiles, triggering fresh worries that demand for fuel is weakening alongside the U.S. economy. U.S. crude futures fell 4.7% to $51.09 […]

Tortoise's Rob Thummel in MarketWatch

Chevron, Exxon earnings: Shale M&A is high on the list of investor concerns Exxon Mobil Corp. and Chevron Corp. are slated to report second-quarter earnings next Friday before the bell amid heightened interest in U.S. shale and continued concerns about flagging demand for oil. For Chevron CVX, +0.12%, it will be the first earnings report […]

Tortoise's Rob Thummel in Bloomberg

The Shale Boom in the Permian Is Slowing Down High well-decline rates burning cash as investors stay away Smaller producers fight to survive, bigger ones cutting back The promise of the Permian is shrinking. Producers in the nation’s oil-rich shale basins are dialing back growth plans in the face of a growing panoply of problems […]

Tortoise's Rob Thummel in S&P Global

Q2 a cautious period for upstream E&Ps, but little change seen for rest of 2019 CEOs still wary of oil price volatility Executives likely hold capex steady at midyear Firm financial, operational targets a top priority Houston — Second-quarter 2019 was a cautious quarter for US upstream operators, and little change is expected in the […]

Tortoise's Rob Thummel quoted in Bloomberg

Oil Slips Below $54 as Trade Fears Outweigh U.S. Gasoline Demand American crude stockpiles fell by more than expected last week WTI futures shed earlier loss; OPEC+ may extend supply curbs Oil slipped below $54 a barrel after a short-lived spike as anxieties about global trade and a supply glut overshadowed record gasoline consumption in […]

Rob Thummel in Wall Street Journal

Frackers Scrounge for Cash as Wall Street Closes Doors With traditional financing options dwindling, shale companies explore costlier alternatives Shale drillers are scrambling to raise cash as oil prices plummet and financing from Wall Street dries up. The companies behind the U.S. fracking boom are turning to asset sales, drilling partnerships and other alternative financing […]

Tortoise's Rob Thummel in Bloomberg

Shale Overhead Costs Under Fire as Investors Drill Even Deeper Producers have cut growth plans, everyday costs now targeted Push comes as stocks continue to underperform broader market U.S. shale producers that have reined in growth plans to mollify investors are now facing increasing pressure to slash their own pay and gut bloated offices. Almost […]

Rob Thummel quoted in WSJ

Oil Volatility Picks Up, Putting 2019 Rally Under Scrutiny Portfolio managers move into less-risky investments; prices swing with Trump pressure on OPEC and Iran Volatility is picking up in oil markets following a powerful 2019 rally, prompting a retreat among portfolio managers into less-risky investments in a sector that many investors still view as hot. […]

Tortoise's Rob Thummel in Bloomberg

Occidental Bids $38 Billion for Anadarko in Plan to Beat Chevron Cash-and-stock proposal values oil producer at $76 per share Occidental says it made three offers to Anadarko since March The first major bidding war has broken out in the Permian. After being rebuffed several times, Occidental Petroleum Corp. on Wednesday made public a $38 […]

E&E News with Rob Thummel

Robots in the Permian? Climate concerns drive innovation Chevron Corp.’s $33 billion takeover of Anadarko Petroleum Corp. shows how some of the world’s supermajor oil companies are investing in the Permian Basin oil field as a hedge against a future clouded by climate change. The deal, announced April 12, will leave Chevron with about 2.4 […]

Rob Thummel comments on Oil

Oil Prices Near Five-Month High As U.S. Gasoline Stockpiles Tumble Crude oil prices held near a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories. Futures in New York rose as much as 0.9% on Wednesday, while gasoline futures jumped as much as […]

Tortoise's Rob Thummel in Wall Street Journal

Battered Oil Investors Dive Back Into Crude Signs suggest heavyweight producers from OPEC are cutting output and the breakneck expansion in U.S. shale drilling is slowing down Oil investors, their wounds still fresh from last year’s sharp selloff, are again growing bullish on crude. Supporting the confidence of hedge funds and other money managers: signs […]

Rob Thummel in S&P Global

Producers weigh DUC production at $50/b oil Highlights Market mixed if higher or lower price needed Platts: $50/b oil enough to bring production DUC decisions also hinge on takeaway ability Houston — The volume of drilled but unproduced wells continues to build across the US to record levels, but market sentiment is mixed on whether […]

Tortoise's Rob Thummel quoted in The Wall Street Journal

Fears Loomed Large in Oil’s Worst Quarter Since 2014 The U.S. crude benchmark finished the year 25% lower after a slump that shaved $30 off oil prices The oil market is engulfed by fears of a global growth slowdown, as worries grow that falling demand and robust output from major producers will lead to a […]