U.S. Natural Gas Activity Steady and Completions Market Tight, Says Liberty CEO

A softening outlook for natural gas activity and an elevated recession risk may lead to some hiccups this year, but the overall forecast for North American hydrocarbons is the healthiest in years, according to Liberty Energy Inc. CEO Chris Wright. The Denver-based hydraulic fracturing (fracking) and completions expert recently issued its fourth quarter and year-end…

Slowdown in Oil Patch Drives Double-Digit Drop in Latest BKR Count

Driven by declines in the oil patch, the U.S. rig count tumbled 12 units lower to finish at 759 for the week ended Friday (Feb. 3), according to updated numbers from oilfield services provider Baker Hughes Co. (BKR). Domestic declines for the week included 10 oil-directed rigs and two natural gas-directed rigs. Land drilling declined…

February 3, 2023

Expect ‘Moderate and Choppy’ U.S. Land Activity, Says H&P Chief

Rig technology expert Helmerich & Payne Inc. (H&P) is not expecting over-the-top activity by its exploration customers this year, with steady and moderate activity more likely, CEO John Lindsay said this week. Lindsay on Tuesday discussed the fiscal first quarter performance for the Tulsa-based oilfield services company. Last November, Lindsay predicted moderate growth this year…

February 3, 2023

Federal Methane Prevention Proposal ‘Unrealistic and Arbitrary,’ Says Energy Industry

U.S. oil and natural gas trade groups are calling foul on a proposal by federal officials to collect royalties on gas that is vented or flared. The proposal, first announced in November, would replace what the Bureau of Land Management (BLM) called an “outdated” and “ill-suited” ruling that came about before the boom of unconventional…

February 3, 2023

ConocoPhillips Sees Continued ‘Tight’ Global Supply Supporting Lofty Production, LNG Investments

Despite softening natural gas and oil prices at the end of last year, ConocoPhillips expects stronger prices through 2023, sustaining multi-billion dollar investments planned for major LNG projects. In a fourth-quarter earnings call hosted Thursday, CEO Ryan Lance said the Houston independent planned to remain focused on capital returns this year. However, the company’s expectations…

February 2, 2023