Capex

Colorado’s PDC Raising Capex, Production Forecasts Following Great Western Acquisition

Colorado’s PDC Raising Capex, Production Forecasts Following Great Western Acquisition

Denver-based independent PDC Energy Inc. has updated its 2022 production and spending guidance to the high side, citing year-to-date performance and the timing of closing its acquisition of Great Western Petroleum LLC. PDC snapped up Great Western, a privately held operator focused on Colorado’s Wattenberg field, in a $1.3 billion cash-and-stock deal announced in February.…

May 27, 2022
Diamondback Holding Line on Permian Production – Despite High Prices, Demand

Diamondback Holding Line on Permian Production – Despite High Prices, Demand

Permian Basin pure-play Diamondback Energy Inc. is not budging on plans to keep oil production flat this year, despite increased market tightness because of Russia’s invasion of Ukraine, said CEO Travis Stice. Diamondback “is committed to maintaining our current production levels, providing a significant supply of energy to our country and the world,” said Stice…

May 6, 2022
Permian-Focused Ring Energy Exceeds 1Q Production Guidance

Permian-Focused Ring Energy Exceeds 1Q Production Guidance

Ring Energy Inc. is off to a strong start to the year, drilling six Permian Basin wells during the first quarter and placing four new wells into production, the independent exploration and production (E&P) company reported. “Our operations teams continue to perform efficiently and effectively maintaining our base production and bringing on new development wells…

April 29, 2022
CNX Resources Raising Capex, Sees Costs Tick Upward in Appalachia on Inflationary Pressures

CNX Resources Raising Capex, Sees Costs Tick Upward in Appalachia on Inflationary Pressures

A jump in forecasted natural gas production, along with inflationary pressures, will find CNX Resources Corp. spending more this year to execute a long-term plan that remains on track after the company turned in a solid 2021.  Management said operating efficiencies have improved markedly over the last two years across its assets in the Appalachian…

January 28, 2022
Energy Execs Forecast Stronger Henry Hub and WTI Prices in 2022, Along with Higher Costs

Energy Execs Forecast Stronger Henry Hub and WTI Prices in 2022, Along with Higher Costs

Executives in the energy breadbasket of the country are forecasting Henry Hub natural gas prices to average $4.06/MMBtu at the end of 2022, according to the latest quarterly survey by the Federal Reserve Bank of Dallas. The Dallas Fed, as it is known, every three months surveys exploration and production (E&P) companies and oilfield services…

December 29, 2021
Resource-Rich States Push Back Against Making Fossil Fuel Companies Finance Pariahs

Resource-Rich States Push Back Against Making Fossil Fuel Companies Finance Pariahs

A coalition of state financial officers, many from resource-rich states and all Republicans, is pushing back against climate change-combating banks that have adopted corporate policies cutting off financing for the coal, oil, and natural gas industries. “These industries – which are engaged in perfectly legal activities – provide jobs, paychecks and benefits to thousands of…

December 21, 2021
Oilsands Specialist Suncor Targeting 5% Production Growth in 2022

Oilsands Specialist Suncor Targeting 5% Production Growth in 2022

With a vow to focus on efficiency, Suncor Energy Inc. set 2022 performance targets of 5% production growth while cutting capital expenditures by 6%. The 2022 corporate budget aims for combined oil and natural gas output of 750,000-790,000 boe/d. Spending goes down by C$300 million ($240 million) to C$4.7 billion ($3.76 billion). “We enter 2022…

December 20, 2021
Global E&P Capex in 2022 Led by U.S. E&Ps, with Privates Playing ‘Outsized Role’

Global E&P Capex in 2022 Led by U.S. E&Ps, with Privates Playing ‘Outsized Role’

The U.S. exploration and production (E&P) sector is increasing its capital spending in 2022 for the first time in four years, while Canada is set to remain near multi-decades lows, according to Evercore ISI. Global E&P capital expenditures (capex) are poised to climb by 16% year/year (y/y) in 2022, extending 5.5% growth in 2021 “for…

December 13, 2021
Lower 48 Oil, Gas Spending Seen Rising 19% in 2022 on Cost Inflation, Activity Uptick

Lower 48 Oil, Gas Spending Seen Rising 19% in 2022 on Cost Inflation, Activity Uptick

Spending by Lower 48 oil and natural gas producers is set to rise by 19.4% next year to $83.4 billion from an expected $69.8 billion in 2021, according to new analysis by Rystad Energy.  Service price inflation is expected to account for $9.2 billion of the spending growth, with increased activity contributing $8.6 billion, said…

December 3, 2021
ExxonMobil Steadies Capex to 2027, but Ambitions to Reduce GHG Emissions Expand

ExxonMobil Steadies Capex to 2027, but Ambitions to Reduce GHG Emissions Expand

ExxonMobil plans to hold capital spending steady over the next six years for its natural gas and oil projects while bumping up expenditures for carbon-reduction projects, the supermajor said Wednesday. Annual capital expenditures (capex) are to be “held constant” at $20-25 billion, a 17-33% reduction from the $30 billion spending target set in 2019 before…

December 1, 2021
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