Condensate

Denver-based Ovintiv Inc., whose broad oil and natural gas portfolio runs across the Permian and Anadarko basins and the Montney formation in Canada, is shelving some onshore work in the Eagle Ford, Bakken, Uinta and Duvernay formations, but it’s keeping a sharp eye on the direction of natural gas prices to determine when to boost activity.

U.S. crude oil and lease condensate proved reserves increased by 12% in 2018 compared with 2017, and natural gas proved reserves rose 9% year/year, setting new records, according to data from the Energy Information Administration (EIA).

Despite roughly halving its guidance for expansion capital expenditures (capex) in 2020, Enable Midstream Partners LP is moving forward with a 100,000 Dth/d expansion of its system that would ease some of the existing bottlenecks in the Anadarko and Arkoma basins.

Liquid byproducts stand out as a growth item in an otherwise flat outlook for Canadian natural gas, according to two new industry reviews.

Encana Corp.’s second quarter performance was highlighted by its continued liquids growth in the North American onshore, with output from the Permian Basin climbing 43% and Montney production jumping 128%.

A plethora of Permian Basin crude oil and condensate pipeline projects can welcome another to the mix as ExxonMobil Corp. and Plains All American Pipeline LP are pondering a joint venture to transport more than 1 million b/d to the Texas coast.

The grim outlook for natural gas prices, along with management’s desire to protect the balance sheet, has prompted Eclipse Resources Corp. to cut its full year capital expenditures forecast by 20%.

Appalachian pure-play Eclipse Resources Corp. said this week that it is exploring a “full range” of strategic, operational and financial alternatives to maximize shareholder value.

As the year gets into full swing, Appalachia-focused Eclipse Resources Corp. is turning back to its condensate acreage in Ohio, where it plans to keep drilling longer laterals.