Oil And Gas Rig Count Climbs Amid Price Rally
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 8 this week, bringing the total rig count to 448. In Continue Reading
Why Exxon And Chevron Are Not Going All-Out In The Permian
The U.S. oil supermajors are leading by example what shale drilling discipline should look like. Neither ExxonMobil nor Chevron are rushing to boost production in the biggest American shale play, Continue Reading
U.S. Shale Pre-Hedge Revenues Set To Hit All-Time High In 2021
The US shale industry is set to achieve a significant milestone in 2021: If WTI futures continue their strong run and average at $60 per barrel this year and natural Continue Reading
New Mexico’s Oil And Gas Royalties Hit Record
New Mexico raked in its highest ever royalty amount from oil and gas leases in April, according to the NM’s State Land Office. The previous record high royalty payments from Continue Reading
U.S. Rig Count Increases To 440 Rigs
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 2 this week, bringing the total rig count to 440. In Continue Reading
M&A Activity In Oil And Gas Drops In March
Mergers and acquisitions in U.S. oil and gas fell by 1.49 percent below the 12-month average last month, according to GlobalData . The biggest deal by far for the month Continue Reading
Oil Trading Giant Looks To Enter The Permian Through Major Asset Sale
Commodity trading major Vitol is reportedly negotiating a deal to acquire the oil wells of Hunt Oil Co. in the Permian Basin. According to Bloomberg , which cited unnamed sources, Continue Reading
Commodity trader Vitol acquires Midland Basin shale acreage in US from Hunt Oil
Upstream assets producing around 40,000 boe/d Associated gas ties in to North American interests Vitol, the world’s largest independent oil trader, has agreed to acquire producing acreage in the Permian’s Continue Reading
Shale CEO Sees Producers Staying Disciplined at $70 Crude Oil
America’s shale producers will keep output in check even as global crude oil prices near $70 a barrel, Ovintiv Inc. Chief Executive Officer Doug Suttles said in an interview with Bloomberg Continue Reading
US land drillers see improving activity in 2021 as E&Ps expand operating spheres
US land drillers’ rig counts are continuing to inch forward, and exploration and production companies are enjoying lower costs as they reap the benefits of efficiency improvements, with increasing activity Continue Reading
US oil, gas rig count climbs 8 to 538, gas rigs hit 1-year high: Enverus
The US oil and gas rig count climbed eight to 538 in the week ended April 28, rig data provider Enverus said, as the number of active gas rigs hit Continue Reading
Oil-rich Bakken Shale shows promise of natural gas growth despite fewer rigs
Although oil production in most US shale basins is not expected to reach pre-coronavirus levels until at least late 2023, additional processing and higher gas-to-oil ratios might still lead to Continue Reading
Texas Upstream Adds 4,300 Jobs
TXOGA reports the Lone Star State added 4,300 jobs in March. The Texas Oil and Gas Association (TXOGA) reported Tuesday that the state’s upstream sector added 4,300 jobs in March. Continue Reading
Schlumberger names new executives to energy transition business – memo
The exterior of a Schlumberger Corporation building is pictured in West Houston January 16, 2015. REUTERS/Richard Carson Top oilfield services firm Schlumberger NV (SLB.N) on Monday named new executives to Continue Reading
Cautious Hedging Costs U.S. Drillers Billions
A month ago, ConocoPhillips warned it would book a $600-million impairment to its first-quarter profits from its acquisition of Concho Resources and, as Reuters reported at the time, related oil Continue Reading
Number of wells drilled in Permian, Eagle Ford make substantial recovery
After the number of drilled but uncompleted wells demonstrated a dramatic drop across multiple US basins in the past year, heightened drilling activity and stable commodity prices are starting to Continue Reading
April’s EIA Oil Growth Projections
Normally near the end of the month an update on world oil output is posted here. However this month the EIA’s world oil report will appear too close to the Continue Reading
New Use for Orphaned Oil Wells and More
A New Use for Orphaned Oil and Gas Wells? Petrolern LLC, an Atlanta-based service and technology firm specializing in subsurface engineering and downhole tools, is looking to repurpose some orphaned Continue Reading
Schlumberger sees drilling, construction activity ramp worldwide in 2021
Highlights North America sees activity growth going forward International activity likely strengthens in H2 Offshore presents unique opportunities for industry Houston — Drilling, well construction and reservoir activity around the Continue Reading
California governor seeks ban on new fracking by 2024
Gov. Gavin Newsom on Friday said California will stop issuing fracking permits by 2024 and halt all oil drilling by 2045, using his authority to take on the state’s powerful Continue Reading
U.S. Oil Producers Issue The Most Debt And Equity Since August
Higher oil prices and low interest rates have prompted listed independent U.S. oil producers to raise in March the most financing via debt and equity issues since August last year, Continue Reading
U.S. Oil Rig Count Declines For The First Time In Six Weeks
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States decreased by 1 this week, bringing the total rig count to 438. In Continue Reading
US oil, gas rig count drops for first time this year, losing 11 rigs
The US oil and gas rig count took a step back, falling 11 to 530 on the week, rig data provider Enverus said April 22 – the first rig count Continue Reading
Oilfield Services Giants Optimistic About Drilling Recovery
Two of the world’s largest oilfield services providers, Baker Hughes and Halliburton, reported on Wednesday profits beating expectations and expressed optimism that oil demand and oil drilling activity will grow Continue Reading
Diesel Frac Glut Hinders Lower-Carbon Fleet Adoption
Billionaire Alejandro Bulgheroni’s dream of making fracking more environmentally friendly is running up against the reality of shale-patch economics. The Argentine oil tycoon has pumped about $250 million into developing Continue Reading
Oilfield Services Company Turn To Tech To Boost Profitability
Artificial intelligence, the cloud, robots – these are concepts and products we associate with the IT industry. But there is one notoriously traditional, slow to innovate industry that is now Continue Reading
Landmen Who Once Staked Claims for Oil and Gas Now Hunt Wind and Sun
Carter Collum used to spend mornings shoulder to shoulder with competitors in the record rooms of East Texas courthouses, hunting for the owners of underground natural-gas deposits. At night, he Continue Reading
Oil And Gas Bankruptcies Jump Despite Rise In Crude Prices
The oil and gas sector is currently enjoying a mini-boom cycle as economies gradually re-open and oil demand begins to return to a semblance of normalcy. The oil markets are Continue Reading
U.S. Rig Count Increases As Oil Prices Hold Above $60
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 7 this week, bringing the total rig count to 439. Last Continue Reading
U.S. Oil Bankruptcies Shoot Up In Q1 2021
The number of North American producers that filed for bankruptcy protection in the first quarter of 2021 reached the highest number for a first quarter since 2016, yet the wave Continue Reading
Bakken gas production, rig count slower to recover than other US basins
Bakken natural gas production continues to show slight declines, allowing for additional Canadian exports to the US Midwest as Watford City hub prices fall to nearly $2/MMBtu. Receive daily email Continue Reading
Decade of efficiency gains deliver the most commercial wells in US shale’s history
An overwhelming amount of attention has been paid to the US tight oil industry’s financial wellbeing following the unprecedented Covid-19-induced downturn of 2020, while the aspect of operational efficiency gains Continue Reading
The Permian Faces An Empty Pipeline Crisis
Just a few short years ago, the United States was producing more shale oil than ever , pumping as much and as quickly as they could to keep up with Continue Reading
US oil drillers ‘dying on the vine’ as PE flight prompts funding drought
A vital source of funding for the US oil sector is drying up as private investors retreat, prompting stricken operators to make “last gasp” efforts to boost production and cash Continue Reading
US oil, gas rig count leaps 13 to 541 as private E&Ps add rigs: Enverus
Highlights Oil drilling accounts for nationwide gain Permian teeter-totters, adding 1 rig for 236 Private E&Ps pick up 7 rigs in week The US oil and gas rig count leaped Continue Reading
Pioneer Chief Warns of OPEC+ Price War Risk
U.S. shale producers risk another oil-price war with OPEC and its allies if they resume the breakneck production growth of the last decade, according to Pioneer Natural Resources Co. Shale, Continue Reading
The Permian Will Never Face A Pipeline Shortage Again
Just three years ago, the Permian shale oil boom was under threat: production was growing fast, but pipeline capacity wasn’t. At one point , over one two-week period, eight of Continue Reading
The Permian Basin Is Poised For A Production Boom
As the U.S. and global economy recover, production in the Permian Basin is finally returning to pre-pandemic production levels as the American oil industry gets back on track. By May, Continue Reading
The King Of Oilfield Services Is Back In A Big Way
It is no secret that the reflation in oil prices, WTI and Brent, above $50.00/bbl in the last six months has been a boon to the companies that service oil Continue Reading
Drilling Productivity Report
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Texas oil pipelines face dry months as production languishes
Nearly half of all oil pipelines from the Permian basin, the biggest U.S. oilfield, are expected to be empty by the end of the year, analysts and executives said. Pipeline Continue Reading
U.S. Oil Production Still 2 Million Bpd Under Pre-Pandemic Levels
The EIA might be forecasting that the Permian Basin’s oil production will be rebounding soon, but overall, today’s U.S. oil production is still 2 million barrels per day below the Continue Reading
Will U.S. Shale Trigger Another Oil Price Crash?
A year after the pandemic and the disagreement within OPEC+ over supply management crushed oil prices, the industry finds itself at an all-too-familiar crossroads: Will OPEC’s bet that U.S. shale’s Continue Reading
North American Fracking Activity Soars To Near Pre-Pandemic Levels
Fracking in North America has almost recovered to pre-pandemic levels, with the count of started frac jobs reaching a 12-month high in March 2021, a Rystad Energy report shows. The Continue Reading
This Is What Shale Growth Will Hinge On
The next few years of oil and gas production growth in the U.S. will hinge on this, according to GlobalData. The next few years of oil and gas production growth Continue Reading
U.S. Oil Rig Count Stalls As WTI Remains Below $60
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 2 this week, bringing the total rig count to 432. Last Continue Reading
US oil, gas rig count jumps 9 to 528, with activity hike in smaller basins: Enverus
The US oil and natural gas rig count jumped nine to 528 in the week ending April 7, rig data provider Enverus said, as drilling activity pulled back slightly in Continue Reading
Many Drilled U.S. Wells Will Never Be Completed
Fracking crews are increasing their activity in U.S. shale basins, finishing off a slew of DUC wells, according to the EIA’s latest Monthly Drilling Report. As oil and gas companies Continue Reading
Soaring Methane Emissions Suggest U.S. Oil Production Is Bouncing Back
U.S. oil production remains about 2 million bpd lower than its pre-pandemic levels. Still, methane emissions are already back to their levels from before the coronavirus. Worrying as this is Continue Reading
US oil producer Pioneer to buy rival DoublePoint for $6.4bn
Pioneer Natural Resources, one the biggest independent oil operators in the US, is to buy rival Texan producer DoublePoint Energy in a $6.4bn cash and stock deal, as consolidation in Continue Reading