Capex

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…

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…

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…

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…

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…

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…

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…

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…

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…