Capex

Canada Natural Gas, Oil Sector Forecast to Spend Slightly More in ‘24, with ‘Sense of Caution’

Canada Natural Gas, Oil Sector Forecast to Spend Slightly More in ‘24, with ‘Sense of Caution’

Upstream natural gas and oil explorers in Canada are expected to increase their capital spending over 2023, but not by much, according to a top industry group. The Canadian Association of Petroleum Producers (CAPP) issued its latest survey of capital expenditures (capex) for the upstream sector in Canadian dollars (C$1.00/US74 cents).  Capex is forecast at…

March 5, 2024
U.S. E&Ps Setting Cautious Course on Uncertain Natural Gas, Oil Prices

U.S. E&Ps Setting Cautious Course on Uncertain Natural Gas, Oil Prices

Natural gas and oil executives are likely to “prudently navigate” through turbulent commodity prices this year before sailing into smoother seas heading into 2025, according to industry analysts. Exploration and production (E&P) companies in their quarterly conference calls, which are already underway, should be “guiding conservatively” in 2024, “particularly on the natural gas side,” Tudor,…

January 30, 2024
Chevron Charts ‘23 Spending at $17B, with Permian, Gulf of Mexico Snagging Most Capex

Chevron Charts ‘23 Spending at $17B, with Permian, Gulf of Mexico Snagging Most Capex

Chevron Corp. has earmarked $14 billion for organic capital investments and $3 billion for its affiliates in 2023, with most of the fundings budgeted for the Gulf of Mexico and the Permian Basin. Nearly $2 billion of the capital expenditures (capex) also would be set aside for lower carbon projects, the San Ramon, CA-based major…

December 9, 2022
ExxonMobil Bumping Up Capex to Boost Investments in Permian, Overseas and in LNG

ExxonMobil Bumping Up Capex to Boost Investments in Permian, Overseas and in LNG

ExxonMobil is boosting its capital investments over the next five years around the world, prioritizing the Permian Basin, Brazil, Guyana and LNG, with a “sizable increase” in lower-emissions initiatives, executives said Thursday. The corporate plan through 2027 would hold annual capital expenditures (capex) at $20-25 billion, while growing lower-emissions investments by nearly 15% to $17…

December 9, 2022
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
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