Latest News Updates From David Wethe

CEO Kaes Van’t Hof said that while he expects prices to stay “higher for longer,” he’s erring on the side of caution regarding exploration and production. 

ConocoPhillips announced that CEO Ryan Lance will retire and become executive chair of the board. CFO Andy O’Brien will become CEO effective Sept. 1.  

ConocoPhillips CEO Ryan Lance’s priority in Venezuela is recouping billions his company is owed almost two decades after its oil projects were nationalized, rather than drilling new wells. 

A commenter in a Federal Reserve Bank of Dallas energy survey wrote: “What was once the world’s most dynamic energy engine has been gutted by political hostility and economic ignorance.”

The majority of the oil giant’s job cuts, which are in the range of 20% to 25% of its roughly 13,000-strong workforce, will occur this year, the company said in an email Sept. 3.

Diamondback Energy, the largest independent oil producer in the Permian Basin, says production has likely peaked in America’s shale fields and will decline in the months ahead.  

The dominant North American oil field services provider told investors April 22 on a conference call that tariffs will have an impact of 2 to 3 cents per share during the second quarter.

Baker Hughes Co. lowered its expectations for U.S. shale activity, saying an anticipated recovery in oil drilling is no longer likely this year.

Drilling in the U.S. shale patch dropped to the lowest level in almost 2½ years as operators vow to make good on promises to investors for subdued production growth this year.

From a dark Houston control room, Rafael Guedes watched on a monitor as a robot took charge of a drilling rig in a North Dakota oil field, locking out the human operator.