Drilling

U.S. Onshore D&C Spending Cuts to Far Outpace Oil Output Decline in 2021, Rystad Says

U.S. Onshore D&C Spending Cuts to Far Outpace Oil Output Decline in 2021, Rystad Says

Oil production from U.S. shale plays is likely to hit a floor in 2021 with no further declines expected in a $40 to $45/bbl West Texas Intermediate (WTI) price environment, according to new analysis by Rystad Energy. Output is expected to fall by an estimated 3.1% year/year to 7.5 million b/d in 2020 from 7.7…

November 19, 2020
U.S. Energy Industry Bracing for Change as Biden Becomes President-Elect

U.S. Energy Industry Bracing for Change as Biden Becomes President-Elect

Joseph R. Biden Jr. has become the president-elect and will take office in January, heralding a seismic shift in energy and climate policy from the executive branch. However, any major legislation could be stymied by a divided Congress, assuming Republicans retain their majority in the Senate, while executive actions could be challenged by a more…

November 9, 2020
Pioneer Natural Sees Federal Oil, Natural Gas Drilling Ban as Biggest Industry Exposure if Biden Hangs On

Pioneer Natural Sees Federal Oil, Natural Gas Drilling Ban as Biggest Industry Exposure if Biden Hangs On

Permian Basin heavyweight Pioneer Natural Resources Co.’s executive team sees a possible drilling ban on federal property as the biggest exposure facing the oil and gas industry if Joseph R. Biden Jr. hangs on to win the presidency, management said Thursday. Assuming that Republicans maintain a majority in the Senate, there “should be no effect…

November 5, 2020
Weatherford Forecasting Slow Recovery in North America, but DUCs Lining Up

Weatherford Forecasting Slow Recovery in North America, but DUCs Lining Up

Houston-based Weatherford International plc has emerged from Chapter 11 with yet another CEO at the helm, who has charged the executive team to be “relentlessly focusing” on extending its global options and improving liquidity.  Girish Saligram, who took the helm less than a month ago, is the third CEO in three years for the battered…

November 5, 2020
Trump Issues Fracking Order in Bid to Edge Out Biden in Pennsylvania; Drilling Accelerates Ahead of Election

Trump Issues Fracking Order in Bid to Edge Out Biden in Pennsylvania; Drilling Accelerates Ahead of Election

President Trump signed a memorandum effectively promoting hydraulic fracturing, aka fracking, amid a weekend of barnstorming through Pennsylvania ahead of Election Day. He capitalized on the symbolic missive to amplify his backing of the natural gas extraction technique used in the state’s Marcellus Shale – part of a bid to shore up support in the…

November 2, 2020
Hess Boosts Bakken Oil Production, but Maintaining Only One Rig Until WTI Prices Improve

Hess Boosts Bakken Oil Production, but Maintaining Only One Rig Until WTI Prices Improve

Hess Corp. said net production from its acreage in the Bakken Shale increased substantially in the third quarter, and it expects the full-year 2020 total to exceed year-earlier levels as the company weathers the pandemic’s demand shocks. The New York City-based independent said Wednesday Bakken net production rose 21% from a year earlier to 198,000…

October 29, 2020
Patterson-UTI Sees U.S. Fracturing Improving into New Year on Stable Oil, Gas Prices

Patterson-UTI Sees U.S. Fracturing Improving into New Year on Stable Oil, Gas Prices

The Lower 48 oil and natural gas rig count remains sharply lower than a year ago, but fracturing activity is rising, a revival that should extend into 2021, all things (prices) being equal, Patterson-UTI Energy Inc. CEO Andy Hendricks said Thursday.  Drilling and completion activity for the Houston giant “stabilized” in the third quarter as…

October 22, 2020
Seven Key Oil, Natural Gas Producing Regions Set to Lower Output in November, Says EIA

Seven Key Oil, Natural Gas Producing Regions Set to Lower Output in November, Says EIA

Despite anticipated increases in productivity per rig across seven key U.S. producing regions, overall oil and gas output from these areas is expected to fall across the board from October to November, according to updated numbers released Tuesday by the Energy Information Administration (EIA). The agency’s latest Drilling Productivity Report (DPR) projects that total natural…

October 13, 2020
Onshore Natural Gas, Offshore Oil Said Most Vulnerable to Federal Drilling Curbs if Biden Wins

Onshore Natural Gas, Offshore Oil Said Most Vulnerable to Federal Drilling Curbs if Biden Wins

Curtailed oil and natural gas drilling on federal property under a Joseph R. Biden Jr. presidency would mainly affect production of onshore natural gas and offshore oil, according to new analysis by Moody’s Investors Service. Onshore acreage accounted for 69% of natural gas output from federal leases in 2019, while the Gulf of Mexico (GOM)…

October 6, 2020
Matador Sees Strong Results in Permian Delaware with More Wells Nearing Completion

Matador Sees Strong Results in Permian Delaware with More Wells Nearing Completion

Permian Basin-focused Matador Resources Co. has seen some of the highest initial potential (IP) rates from one of four wells recently completed and turned to sales in the Stateline asset area in Eddy County, NM. The Dallas-based operator said Tuesday the test results from the Boros No. 215H well showed 24-hour IP production of 4,584…

September 22, 2020
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