Pubblicato in: Materie Prime, Problemia Energetici, Stati Uniti

Guerra petrolifera. Whiting Petroleum Corporation chiede il Chapter 11.

Giuseppe Sandro Mela.

2020-04-05.

Raffineria 010

In questo momento Russia ed Arabia Saudita sono coalizzate per distruggere lo shale americano.

Se è vero che un accordo sembrerebbe essere stato raggiunto, sarebbe altrettanto vero ricordare quanti di simili accordi sono poi stati disattesi.

I costi di estrazione americani variano infatti dai 39 Usd ai 48 Usd a barile, molto superiori ai prezzi correnti del petrolio dopo che l’Arabia Saudita ha ridotto il costo ed aumentata la estrazione.


«U.S. shale producer Whiting Petroleum Corporation, once one of the top producers in the Bakken, said on Wednesday that it had filed for bankruptcy protection, becoming the first major victim of the oil price war and the coronavirus pandemic that sent oil prices to $20.»

«Whiting Petroleum Corporation, whose largest projects are in the Bakken and Three Forks plays in North Dakota and the Niobrara play in northeast Colorado, said in a statement that it had started voluntary Chapter 11 cases under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas»

«Given the severe downturn in oil and gas prices driven by uncertainty around the duration of the Saudi / Russia oil price war and the COVID-19 pandemic, the Company’s Board of Directors came to the conclusion that the principal terms of the financial restructuring negotiated with our creditors provides the best path forward for the Company»

«Whiting Petroleum has reached an agreement with certain noteholders to pursue financial restructuring to debt by more than US$2.2 billion via the exchange of all of the notes for 97 percent of the new equity of the reorganized company»

«Whiting Petroleum will continue to operate without material disruption to vendors or employees, and at this point, it expects to have enough liquidity to meet its financial obligations during the restructuring without resorting to additional financing»

«no one in the U.S. shale patch can profitably drill a new well at $20 WTI Crude»

«what we’ve seen so far may just be a taste of what’s to come»

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È inutile nascondersi dietro ad un dito.

È in corso una guerra economica combattuta con ogni mezzo, conflitto che si preannuncia essere all’ultimo sangue.

La tempistica è stata ottimale: l’Arabia Saudita si è mossa quando gli Stati Uniti sono stati colpiti dal Covid-19 e dalla crisi del mercato finanziario borsistico, e quando la Russia ha aperto quasi completamente gli oleodotti ed i gasdotti che aveva in costruzione per trasferire le risorse energetiche siberiane alla Cina.

Difficile prognosticare chi ne possa uscire vincitore.

Un cinico potrebbe suggerire come l’Arabia Saudita abbia solo un esercito locoregionale.

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Russia’s Plan To Bankrupt U.S. Shale Could Send Oil To $60

«As soon as U.S. shale leaves the market, prices will rebound and could reach $60 a barrel, Rosneft’s Igor Sechin said recently. As fate would have it, in what many would have until recently considered an impossible scenario, a lot of U.S. shale might do just that. Breakeven prices for U.S. shale basins range between $39 and $48 a barrel, according to data compiled by Reuters. Meanwhile, West Texas Intermediate (WIT) is trading below $25 a barrel and has been for over a week now. 

The SCOOP/STACK play in Oklahoma has the highest average breakeven price at $48 a barrel. Surprisingly, the Permian is not the lowest-cost play but the second-lowest, at $40. The lowest-cost basin, on average, is the Delaware Basin, part of the Permian.

On the face of it, these averages give no cause for optimism to an industry hit hard and fast by a perfect storm of radically lower demand and a sharp increase in supply. However, it’s worth noting the figures above are averages. They cover a range of breakeven costs that last year, according to the Dallas Fed, featured breakeven prices of as little as $23 a barrel in the Permian. In all fairness, these figures were reported last year. Since then, the lowest may have gone up or, in some locations, down.»

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Canadian Drillers Face Nightmare Scenario As Oil Crashes To $5

«The U.S. shale patch laments oil prices in the low $20s crippling companies with already weakened debt and liquidity profiles. But further north, the outlook for Canada’s oil patch is even gloomier. Hit by the pandemic-driven demand shock and the price war-induced supply shock, Canadian oil prices have already crashed to below US$10 a barrel.

This year’s oil price crash will hit Canada’s oil patch harder than the 2014 price collapse, analysts say.  

Following the double supply-demand shock of the past weeks, the industry had to quickly switch back to survival mode, just as it was expecting an uptick in upstream investments this year, for the first time in five years.

Canada’s oil and gas sector now faces an existential threat – losing even the little competitiveness it held onto in the wake of the previous oil crash.»

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The U.S. Is About To Lose Its Place As The World’s Largest Oil Producer

«The United States may lose its top spot among oil producers globally this year, according to economists. With oil prices continuing their slide and Saudi Arabia reiterating its plans to flood the market with oil, U.S. producers are idling rigs and cutting spending plans.

Production has only one way to go: down. 

“I think it’s almost a guarantee that this year it will certainly lose that position,” Emirates NBD commodity analyst Edward Bell told CNBC, referring to the United States. “And it might happen probably a lot faster than we anticipate.”

IHS Markit’s Daniel Yergin also expects that U.S. oil production to swing from growth to decline this year on the significant slump in oil demand caused mostly by the coronavirus outbreak that has so far infected more than 700,000 people globally.»

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Shale Giant Files For Bankruptcy As Oil Price War Rages On

U.S. shale producer Whiting Petroleum Corporation, once one of the top producers in the Bakken, said on Wednesday that it had filed for bankruptcy protection, becoming the first major victim of the oil price war and the coronavirus pandemic that sent oil prices to $20.

Whiting Petroleum Corporation, whose largest projects are in the Bakken and Three Forks plays in North Dakota and the Niobrara play in northeast Colorado, said in a statement that it had started voluntary Chapter 11 cases under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.  

“Given the severe downturn in oil and gas prices driven by uncertainty around the duration of the Saudi / Russia oil price war and the COVID-19 pandemic, the Company’s Board of Directors came to the conclusion that the principal terms of the financial restructuring negotiated with our creditors provides the best path forward for the Company,” said Bradley J. Holly, the company’s chairman, president and CEO.

Whiting Petroleum has reached an agreement with certain noteholders to pursue financial restructuring to debt by more than US$2.2 billion via the exchange of all of the notes for 97 percent of the new equity of the reorganized company.

Whiting Petroleum will continue to operate without material disruption to vendors or employees, and at this point, it expects to have enough liquidity to meet its financial obligations during the restructuring without resorting to additional financing, it said.

Whiting Petroleum became the first sizable U.S. shale producer to seek bankruptcy protection and restructuring after the oil price collapse forced many U.S. drillers, including the supermajors Exxon and Chevron, to announce significant reductions in projected spending and drilling operations, as no one in the U.S. shale patch can profitably drill a new well at $20 WTI Crude.  

Since the oil price crash last month, 22 U.S. independents have cut expenditure for 2020 by a total of US$20 billion, an average of 35 percent, and three have slashed capex by 50 percent or more, Simon Flowers, Chairman and Chief Analyst at Wood Mackenzie, said on Tuesday.

 “The size of cuts is close to those of 2015 and have come through faster. Yet companies today are far leaner than back then; and what we’ve seen so far may just be a taste of what’s to come. Diamondback and Occidental have already cut twice in two weeks, suggesting further, deeper cuts are coming for many US Independents,” Flowers noted.