The Baker Hughes Inc. (BHI) U.S. land rig count gained again during the week ending June 10, and with increasing confidence, analysts following the drilling and services sector have been calling a bottom to the long-running activity decline.
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Two rigs returned to the U.S. Gulf of Mexico (GOM) in the latest count of active drilling rigs by Baker Hughes Inc. released Friday (Sept. 25). That brings the GOM tally to 31, still way off from its year-ago level of 59.
Vertical drilling rigs made a strong return to the oil/gas patch, climbing by 13, according to the latest data from Baker Hughes Inc. released Friday (July 10). It was enough to give the U.S. count of active rigs a tiny nudge up by one and continue a recent climb back from the count’s June 19 level, which had set a multi-year low.
A class action lawsuit in Ohio pending in a Youngstown court could affect property owners attempting to rid themselves of original lease agreements with oil and natural gas operators.
Exco Resources Inc. is back in the acquisition game after having struck a $1 billion deal with Chesapeake Energy Corp. last week, CEO Douglas Miller said Monday. There are plenty of deals, and financing is available, he told analysts following the company.
XTO Energy Inc.’s natural gas liquids (NGL) recovery facility in Butler County, PA, has entered service processing wet gas from Marcellus and Utica shale drilling in southwestern Pennsylvania.
Expressing “alarm” that the Commodity Futures Trading Commission (CFTC) is not registering all swap dealers that are active in energy markets, six prominent West Coast senators said they are “increasingly concerned” that the $8 billion annual de minimis threshold exemption in the agency’s Dodd-Frank Wall Street Reform Act rules may allow the vast majority of the energy swap market to fly under the regulator’s radar.
Expressing “alarm” that the Commodity Futures Trading Commission (CFTC) is not registering all swap dealers that are active in energy markets, six prominent senators from the West Coast said they were “increasingly concerned” that the $8 billion annual de minimis threshold exemption in the agency’s Dodd-Frank rules may allow the vast majority of the energy swap market to fly under the regulator’s radar.
The Marcellus Shale today is the largest U.S. natural gas production region, with output of more than 7 Bcf/d, which has led to a “significant, positive” impact on early movers, but some operators continue to underperform share-wise in the play, according to IHS Inc.
Although drilling activity in the Marcellus Shale has slowed and some producers have dropped rigs, there is enough of a drilling backlog that, if wells were brought online over a one-year period, production would continue to grow but at a slower pace, energy analysts with Barclays Capital said.