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Magnolia Founder, Longtime Oxy Chief Chazen Remembered for ‘Profound’ Impact on Oil, Gas Industry

Stephen Chazen, the former chief executive of Magnolia Oil & Gas Corp., has passed away, the independent exploration and production company (E&P) said Friday. Chazen, who led the company since its inception four years ago, stepped down from his position only two days prior to his death, citing serious health reasons. “We are greatly saddened…

Oil Gains, Natural Gas Declines Keep U.S. Drilling Tally Steady Overall

A modest gain in oil-directed drilling offset a small decline in natural gas activity to nudge the combined U.S. rig count one unit higher to 764 for the week ended Friday (Sept. 23), according to the latest tally from Baker Hughes Co. (BKR). Oil-directed rigs increased by three overall in the United States for the…

September 23, 2022

Schlumberger, Aramco Eyeing Emissions Reductions Through Digital Platform

The world’s largest oilfield services company and the world’s largest oil company are partnering to develop a digital platform to help decarbonize hard-to-abate industrial sectors. Schlumberger Ltd. and Saudi Arabian Oil Co. (Aramco) said this week that, “The proposed platform will enable companies in industries such as oil and gas, chemicals, utilities, cement and steel…

September 23, 2022

Permian Basin Boom Widening Waha Natural Gas Price Difference to Henry Hub

Natural gas prices at the Waha pricing point in West Texas continue to offer an attractive long-term option for offtakers, according to an analysis from the U.S. Energy Information Administration (EIA). Since late 2021, the difference “has been widening” between the natural gas price at Waha and the Henry Hub benchmark in Louisiana, researchers said.…

September 23, 2022

UK Lifts Shale Drilling Ban in Push to Become Net Energy Exporter by 2040

The UK government on Thursday officially lifted a moratorium on unconventional natural gas extraction in England and announced a new round of oil and gas licensing for offshore blocks in the North Sea. “In light of Putin’s illegal invasion of Ukraine and weaponization of energy, strengthening our energy security is an absolute priority, and –…

September 22, 2022