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Shell and BP took body blows from their failed clean-energy strategies, but they still see profits in trading on the transition, writes Mitchell Ferman trib.al/IQkVJn1

Executives at US shale companies expect President Donald Trump’s 25% steel import tariffs to lead to lower activity in the shale patch, according to a Federal Reserve Bank of Dallas survey bloomberg.com/news/articles/… w/Emma Sánchez via Bloomberg Markets

U.S. firms need $65 a barrel on average to drill profitably—up slightly from $64 last year. Breakevens range from $61 to $70, with the Permian steady at $65. Large producers need $61. dallasfed.org/research/surve… #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities

Texas oilmen are growing impatient due to President Trump's trade war bloomberg.com/news/articles/… w/Kevin Crowley & Emma Sánchez via Bloomberg Markets

The US slashed its forecasts for global oil demand growth and domestic crude production as Donald Trump’s tariff moves puts a cloud over the economic outlook bloomberg.com/news/articles/… By Mia Gindis & Nathan Risser via Bloomberg Markets

President Donald Trump threatened fresh tariffs and possibly sanctions on Mexico, escalating a dispute about water at the US southern border bloomberg.com/news/articles/… via Bloomberg Politics

CHART OF THE DAY: The US oil industry has done more to reduce America's trade deficit than any other. Now, President Trump, in theory the champion of “drill, baby, drill,” risks killing it. My @Opinion column today on $50 oil and the trade deficit: bloomberg.com/opinion/articl…

Energy Secretary Chris Wright says Donald Trump’s administration is giving the “green light” to more US oil production, but the signal from the fracking company he used to run is flashing bright red bloomberg.com/news/articles/… w/ Emma Sánchez & Kevin Crowley via Bloomberg Markets

Energy Secretary Chris Wright sought to reassure US oil companies during a visit to Oklahoma, saying turmoil from President Donald Trump’s trade war is apt to be fleeting and the administration fully supports more crude output bloomberg.com/news/articles/… w/Alix Steel via Bloomberg Politics

Harold Hamm, a shale billionaire and significant donor to President Donald Trump, said his company Continental Resources is committing to only buy oilfield equipment made in the US — even if it costs more. bloomberg.com/news/articles/… w/ Alix Steel via Bloomberg Politics

Rystad has slashed its estimate for US onshore crude growth by more than half for this year, amid lower commodity prices and higher costs brought on by President Donald Trump’s global trade war bloomberg.com/news/articles/… via Bloomberg Markets

ICYMI: Shale-rig supplier Nabors gave us the first indication of big US oil explorer reaction to the tariffs. A Nabors survey of the biggest Lower 48 operators reveals plans to cut about 4% of industry rigs through the end of this year. bloomberg.com/news/articles/… via Bloomberg Markets

Exxon and Chevron are likely to shoulder more of the Permian Basin’s oil growth as independent producers cut back due to falling crude prices. bloomberg.com/news/articles/… w/ Kevin Crowley via Bloomberg Markets

Diamondback, the largest independent oil producer in the Permian Basin, says production has likely peaked in America’s prolific shale fields and will decline in the months ahead as crude prices have plummeted. bloomberg.com/news/articles/… via Bloomberg Markets

US oil executives are feeling anxious due to President Trump's trade war, which has made buying and repairing equipment more expensive bloomberg.com/news/articles/… w/Kevin Crowley

While the Energy Department pushes for more drilling, the frack company founded by Secretary Chris Wright is forecasting a slowdown in shale drilling later this year bloomberg.com/news/articles/…

The biggest US oil field has been pumped so full of poisonous wastewater from shale drilling that it’s at risk of leaks, Texas regulators are warning — a development that could force producers to curtail output bloomberg.com/news/articles/… w/Kevin Crowley

Banks are cutting estimates for the average oil price this year to below $60 a barrel amid production hikes from OPEC+ and flat crude demand growth, according to a survey from the law firm Haynes Boone bloomberg.com/news/articles/…

Wil VanLoh, the founder of one of the biggest private-equity backers of shale drillers, said he’s concerned the Trump administration is creating "a lot of chaos" both for the US energy industry and the overall economy bloomberg.com/news/articles/…

Galveston, Texas, is undergoing a revival as demand for cruising surges, but swarms of tourists are provoking a backlash among some locals. Great story by Redd Brown bloomberg.com/news/features/…