E&P

Denver-based Ovintiv Inc. streamlined the business during 1Q2021 to focus only on the Anadarko, Montney and Permian basins as it eyes slashing debt to appease restless investors. With long-held but neglected shale properties in Canada’s Duvernay and the South Texas Eagle Ford sold off, the independent has accelerated a $4.5 billion total debt target timeline…

Recovering natural gas and oil prices, combined with cost cutting measures, sent ExxonMobil profits soaring in the first quarter, sending a strong signal that the global economy’s thirst for energy is rising. First quarter profits jumped to $2.7 billion (64 cents/share), from a loss of $610 million (minus 14 cents) in 1Q2020 and the loss…

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday formally raised its expectations for global oil demand in 2021, citing expectations for a recovery from the pandemic and stronger economic growth. In its Monthly Oil Market Report (MOMR), the cartel projected demand would rise by 5.95 million b/d this year, a nearly 7% increase…

Mexican state oil company Petróleos Mexicanos (Pemex) is forecasting a base-case scenario increase of natural gas production to 4.19 Bcf/d in 2021 from 3.64 Bcf/d realized in 2020, according to its newly released 2021-2025 business plan. For 2022, Pemex sees production reaching 4.39 Bcf/d before dropping to 4.1 Bcf/d in 2023 and 3.94 Bcf/d in…

Permian Basin-focused Solaris Midstream Holdings Inc. said it has completed offering $400 million in senior unsecured notes for the first sustainability linked bond (SLB) in the produced water infrastructure industry. The Houston-based operator, parent company to Solaris Water Midstream LLC, said the notes were a “landmark issuance.” SLBs, which are used for general corporate purposes,…

Mexican national oil company Petróleos Mexicanos (Pemex) reported a decline in dry natural gas output from its processing centers but an increase in fuel oil production from its refineries in February. Dry natural gas production averaged 2.08 Bcf/d for the month, down from 2.18 Bcf/d in January and 2.19 Bcf/d in February 2020. Fuel oil…

Oklahoma City-based Devon Energy Corp.’s first quarter oil and natural gas production, mostly pulled from the Permian Basin, is likely to be off by 8% because of the wintry freeze that gripped the country in February, the independent said Monday. Production has since been restored to pre-storm levels, with weather-related downtime “confined to the first…

Another round of healthy gains in the oil patch pushed the U.S. rig count six units higher to 417 for the week ended Friday (March 26), according to data from oilfield services provider Baker Hughes Co. (BKR). After adding nine rigs in the previous week, the domestic oil patch picked up an additional six rigs…

Activity increases in the Permian Basin and Marcellus Shale propelled the U.S. rig count five units higher to 402 for the week ending Friday (Feb. 26), according to updated data from Baker Hughes Co. (BKR). Four oil-directed rigs and one natural gas-directed rig were added for the week, bringing the combined domestic total to within…