• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 17 hours Wind droughts
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 10 days How Far Have We Really Gotten With Alternative Energy
  • 48 mins Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 7 hours Oil Prices Fall After Fed Raises Rates
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 44 mins 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 5 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 8 days The Federal Reserve and Money...Aspects which are not widely known
Russia's Snap Referendums In Ukraine Begin

Russia's Snap Referendums In Ukraine Begin

Russia has begun its rushed…

Energy Earnings Set To Ease, But Oilfield Services Remain Strong

Energy Earnings Set To Ease, But Oilfield Services Remain Strong

Credit rating company Moody’s expects…

Is This The Best Way To Play The Fuel Cell Market?

Is This The Best Way To Play The Fuel Cell Market?

Fuel cell vehicle technology is…

Michael Kern

Michael Kern

Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, 

More Info

Premium Content

The Cowboy State Is Hurting As Low Oil Prices Persist

The Cowboy State is struggling. Low demand for oil, gas, and coal is crippling the local economy, and lawmakers are scrambling for solutions. Production has been limited and exploration for new wells has come to a grinding halt. But is there some relief on the horizon?

COVID-19 has taken a major toll on the oil and gas industry as a whole, but Wyoming, a state highly dependent on its abundance of natural resources, is really feeling the sting. And the dominoes are already starting to fall.  The rig count in Wyoming fell from 30 rigs in March to just two rigs in early June. Experts estimate that for every rig lost, around 100 oil and gas jobs cease to exist. And though oil prices have rebounded in recent weeks, a full recovery of Wyoming's oil and gas industry appears unlikely in the short or even medium term. 

Even one of the Cowboy State's top producers is throwing in the towel. At least for now. 

One of Wyoming's top oil producers, Ultra Petroleum Corp., filed for Chapter 11 bankruptcy Thursday evening. This is the result of months of financial problems sparked by the COVID-19 fueled downturn in energy markets. 

Brad Johnson, Ultra Petroleum’s CEO explained, “After several months of liability management efforts and careful consideration of how best to navigate a challenging low commodity price environment and our debt levels, Ultra’s Board of Directors determined that a voluntarily filing for Chapter 11 reorganization provides the best outcome for the entity,” adding “This financial restructuring will result in an enterprise with very little debt, good liquidity and significant free cash flow that is underpinned by a large-scale, low-cost base of natural gas and condensate production.”

Related: The True Impact Of COVID-19 On Natural Gas Demand

And that's bad news for Wyoming as a whole. 

As one of the top producers - and taxpayers - in the state, Ultra's insolvency puts Wyoming's entire revenue in additional jeopardy.

Adding to the pain, Texas and New Mexico have had a significant advantage in this market. The nature of drilling in the south means that Permian producers are able to pull up natural gas as a free byproduct of oil production. This has made it difficult for producers in Wyoming who deal exclusively with gas.

While most of the natural gas in the U.S. comes from oil drilling operations, the collapse in energy demand worldwide makes it even more difficult for producers who only pump gas because they have nothing else to fall back on. 

By Michael Kern for Oilprice.com 

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News