Cimarex Beats 3Q Output Guidance, to Deploy 12 Rigs in 2016

The pursuit of more efficient drilling and the use of longer laterals continued to be the name of the game for Cimarex Energy Co. during the third quarter, as it cut from 16 to 12 the number of rigs it plans to deploy in the Permian Basin and the Midcontinent next year. But the company blew past its production guidance, and impairments on the value of its oil and gas portfolio trimmed quarterly earnings by more than $750 million. Read More

Rig Rout: U.S. Drops 29, Led by Oklahoma, Texas

The count of active U.S. drilling rigs plummeted by 29 units, almost 3.5%, to rest at 809 in the latest count by Baker Hughes Inc. for the week ending Oct. 2. Canada added a net of three rigs to bring the North American rig decline to minus 26, about 2.56% down from the prior week. Read More

Oklahoma Quakes Spur Regulators' Limits on Disposal Wells

With a new swarm of 3.1-magnitude earthquakes not far from Oklahoma City, state regulators earlier this month ordered cutbacks in disposal well operations in specific areas (see Shale DailyAug. 4), but some industry observers see that action spreading throughout the state eventually. The first phase of the cutbacks takes effect Aug. 23. Read More