U.S. drilling permit activity climbed sharply in July, led by the Eagle Ford Shale, Powder River and Permian basins, but the overall numbers are still short from the pre-pandemic days of July 2019, according to Evercore ISI. The energy analyst team led by James West uses federal and state data to compile a monthly review…
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U.S. Rig Count Inches Higher on Gains in Natural Gas Activity
Buoyed by growth in the natural gas patch, the U.S. rig count inched higher during the week ended Friday (April 30), adding two units to reach 440, according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Two natural gas-directed rigs were added in the United States during the week, along with…
Natural Gas Production in Lower 48 to Continue Falling from January to February, EIA Says
Cumulative natural gas production from seven key U.S. onshore regions is set to fall by 472 MMcf/d from January to February, extending a downtrend that goes back to early 2020, according to updated projections published Tuesday by the Energy Information Administration (EIA). In its latest Drilling Productivity Report, EIA said it expects the Anadarko, Appalachian…
U.S. E&P Bankruptcies Offsetting Lower 48 Growth, with Big Losses Forecast in Oil Output
The voluntary bankruptcies by U.S. exploration operators have continued to mount, with Lower 48 oil production by the insolvent companies set to decrease from current volumes by around 25%, or 200,000 b/d, at the end of 2021, according to a Rystad Energy analysis. “Operated oil production from the recent Chapter 11 filings is heavily weighted…
Texas Upstream Energy Job Losses Steeper than Estimated as Pandemic Jolts Industry
Routed by Covid-19, the Texas upstream oil and gas sector has lost more jobs this year than originally reported, according to a top industry group. Using internal data and information provided by the Federal Reserve Bank of Dallas, aka Dallas Fed, workforce reductions in the state over the past year are steeper than first estimates,…
U.S. Rig Count Soars Ahead of Holiday on Increases in Permian, Eagle Ford
The U.S. rig count rose 10 units to 320 during the short holiday work week ended Wednesday (Nov. 25), driven by a sharp increase in oil-directed drilling, including gains in the Permian Basin and Eagle Ford Shale, according to the latest figures from Baker Hughes Co. (BKR). Gains in the United States included 10 oil-directed…
Phillips 66 Completes NGL Upgrades at Sweeny Hub Serving Permian, Eagle Ford Operators
Phillips 66 has completed a $1.4 billion infrastructure upgrade near its Houston Ship Channel facilities to serve the Permian Shale and Eagle Ford Shale. Houston-based Phillips 66 management said operations have begun on two natural gas liquids (NGL) fractionation plants at its Sweeny Hub in Old Ocean, TX, south of Houston. With a combined capacity…
Oil, Gas Permits for Lower 48 Federal Land Climb Ahead of Biden’s Election
U.S. explorers during October increased their oil and gas permit requests for the third month in a row, with an uptick in developing leaseholds on federal lands, according to Evercore ISI. The analyst firm each month provides data using state and federal sources regarding permits for oil and gas wells, plugging and abandoned (P&A) wells…
EOG’s 21 Tcf Natural Gas Discovery in South Texas Competitive with ‘Premium Oil Plays,’ Says CEO
Super independent EOG Resources Inc. has identified 21 Tcf net natural gas resource potential with an estimated 1,250 net locations in the South Texas formations of the Austin Chalk and Eagle Ford Shale. The discovery on the Dorado prospect is in Webb County, where EOG has 163,000 net acres, were in 700 feet of stacked…
Texas E&Ps Must Justify Reasons to Flare/Vent Natural Gas, Says RRC
Producers working Texas oilfields will be required to show why they need permission to flare or vent natural gas under updated rules approved by state regulators Wednesday. However, the three-member Railroad Commission of Texas (RRC) stopped short of imposing more stringent requirements to limit emissions. For months the RRC has weighed how to balance exploration…