Drilling

Permian Oil Drilling Permits Climb, while Lower 48 Natural Gas Stronger

Permian Oil Drilling Permits Climb, while Lower 48 Natural Gas Stronger

Permits for new oil and gas wells rose 25% month/month in July, with “significant” growth in the Permian Basin, but overall activity was down by two-thirds from a year ago, according to Evercore ISI. The analyst team led by James West each month compiles federal and state permitting data, which provides a window into what…

August 13, 2020
Bonanza Creek, Highpoint Lift DJ Basin Volumes, Rein in Capex Amid Price Pressures

Bonanza Creek, Highpoint Lift DJ Basin Volumes, Rein in Capex Amid Price Pressures

A pair of prominent oil and gas companies active in the Denver-Julesburg Basin (DJ) are keeping capital expenditures (capex) in check while posting modest upticks in sales volumes. Bonanza Creek Energy Inc. and Highpoint Resources Corp., both based in Denver, reported substantial second-quarter losses, however, dinged by lower sales prices in the wake of the…

August 11, 2020
Aethon Energy, Burlington Resources Get Green Light to Develop 4,250 Wells as Part of Moneta Divide Project

Aethon Energy, Burlington Resources Get Green Light to Develop 4,250 Wells as Part of Moneta Divide Project

The U.S. Department of the Interior’s Bureau of Land Management (BLM) said it approved the development of up to 4,250 oil and gas wells for the Moneta Divide Project in Wyoming. The project stretches across more than 327,000 acres of mostly public lands. Aethon Energy Management and Burlington Resources Oil and Gas Company LP proposed…

August 10, 2020
Talos Maintains Bright Outlook For Private Sector E&P in Mexico Despite Tension

Talos Maintains Bright Outlook For Private Sector E&P in Mexico Despite Tension

Despite tension between Mexico’s government and non-state energy firms, Houston-based Talos Energy Inc. maintains a bright outlook for private sector exploration and production (E&P) in the country, management said last week. President Andrés Manuel López Obrador has upheld his pledge to honor the more than 100 E&P contracts awarded following the 2013-2014 market-opening energy reform,…

August 10, 2020
Colorado Governor’s Call for Energy Industry Collaboration Praised by PDC

Colorado Governor’s Call for Energy Industry Collaboration Praised by PDC

Colorado’s natural gas and oil industry has faced pressure from all sides in recent years, reviled by landowners and litigated by environmental groups, but Gov. Jared Polis has shown he can compromise, PDC Energy Inc. executives said last week. CEO Bart Brookman discussed second quarter results in a wide ranging conference call that hit on…

August 10, 2020
LA Operator AllenCo Under More Scrutiny for Oil Facility Violations

LA Operator AllenCo Under More Scrutiny for Oil Facility Violations

The Los Angeles (LA) City Attorney has filed 25 counts against embattled exploration and production operator AllenCo Energy Inc. for alleged environmental, health and safety violations at an oil production facility. The wellsite has been under scrutiny by the Department of Conservation’s California Geologic Energy Management Division (CalGEM), which in March issued a remedial order…

August 6, 2020
Lower 48 Oil Well Productivity Stumbling, Pointing to Bullish Prices in 2021, Says Raymond James

Lower 48 Oil Well Productivity Stumbling, Pointing to Bullish Prices in 2021, Says Raymond James

U.S. liquids supply growth may struggle to grow more than 500,000 b/d a year as Lower 48 well productivity, particularly in the Permian Basin, declines, according to research by Raymond James & Associates Inc. The analyst team led by Marshall Adkins on Monday said its current base case production forecast for the United States assumes…

August 3, 2020
National Oilwell Sees Opportunities Amid Mayhem as E&Ps Prize Efficiencies, ‘ESG-Friendly’ Equipment

National Oilwell Sees Opportunities Amid Mayhem as E&Ps Prize Efficiencies, ‘ESG-Friendly’ Equipment

Covid-19’s impact on demand has tossed aside forecasts for the oil and gas industry, but there’s still a solid future for the fossil-fueled world, the chief of National Oilwell Varco Inc. (NOV) said Tuesday. During a conference call to discuss second quarter performance, CEO Clay Williams said the downturn from the coronavirus is unlike anything…

July 28, 2020
Precision Drilling Improves Bottom Line, but Pandemic Clouds Outlook

Precision Drilling Improves Bottom Line, but Pandemic Clouds Outlook

Global drilling behemoth Precision Drilling Corp. cut costs by double-digits and improved efficiencies across its operations during the second quarter, but there’s paltry visibility as uncertainties surrounding the impacts of Covid-19 remain a concern, management said. Even though revenue plunged by nearly half from a year ago to $47 million, the multi-talented operator is poised…

July 24, 2020
Natural Gas, Renewables Transforming Colorado Energy Landscape, EIA Says

Natural Gas, Renewables Transforming Colorado Energy Landscape, EIA Says

Horizontal drilling, hydraulic fracturing and renewable power generation have transformed Colorado’s energy landscape over the last decade, the Energy Information Administration (EIA) said Thursday. Colorado ranked eighth among U.S. states in natural gas gross withdrawals (5.5 Bcf/d) and fifth in oil production (514,000 b/d) in 2019, said researchers led by Brett Marohl. Weld County, north…

July 23, 2020
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