Driven partly by declines in Texas and in the Permian Basin, the U.S. rig count fell by one to 1,067 for the week ended Friday (Nov. 2), according to data from Baker Hughes, a GE Company (BHGE).
Articles from Cana
After more than a month of retrenchment, the domestic rig count bounced back for the week ended Friday on growth in oil-focused activity in the U.S. onshore, according to data from Baker Hughes Inc. (BHI).
Strong growth in oil production — especially in the Permian Basin — propelled Devon Energy Corp. to record the highest average daily production rate in its history during the second quarter of 2013, as the company also saw positive test results in the Woodford Shale.
Chevron Corp. will gain access to some needed infrastructure to develop a portion of its one million-acre leasehold in the Permian Basin in West Texas, and Cimarex Energy Co. will have expanded opportunities in a key Texas county under a joint agreement.
Continental Resources Inc. plans to double the number of drilling rigs it has targeting a legacy shale play in Oklahoma in 2013, and it will increase development and exploratory drilling in the Bakken Shale as it looks to maintain its reign as North Dakota’s top oil producer.
Marathon Oil Corp. production targets are being raised sharply for its growing plays in the Eagle Ford and Bakken Shales, while the targeted sale of assets continues, as evidenced by a $170 million sale of a gas processing interest in Louisiana, CEO Clarence Cazalot said during a 4Q2012 conference call with financial analysts.
Marathon Oil Corp.’s $5.2 billion capital, investment and exploration budget for 2013 is about 65% targeted toward liquids-rich areas, particularly the Eagle Ford Shale of South Texas.
Broken Arrow, OK-based Magnolia Petroleum Plc announced successful well results in the Mississippian Lime play on Tuesday and said well costs would be recovered quickly.