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…
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U.S. Adds Six Rigs on Strength of Oil Activity; Natural Gas Count Steady
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…
Permian, Marcellus Gains See U.S. Rig Count Extend Uptrend
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…
Haynesville-Focused Comstock ‘Hitting the Jackpot’ as Natural Gas Prices Skyrocket, Export Demand Improves
With natural gas prices up and exports climbing, Haynesville Shale-focused Comstock Resources Inc. is looking to have a “fabulous” 2021, CEO Jay Allison said last week. A conference call to discuss 4Q2020 performance and the outlook for 2021 was held in the midst of the deep freeze in Texas, which sent gas prices soaring. Comstock…
Cabot to Cut Spending, Maintain Pennsylvania Production Despite Better Natural Gas Outlook
Appalachian pure-play Cabot Oil & Gas Corp. plans to keep year/year production flat in 2021 and cut spending, despite what management believes is likely to be a better year for natural gas producers. In formally releasing its plans for this year, the company reiterated preliminary guidance unveiled in October to move through 2021 in maintenance…
EIA Predicts ‘Record-High’ U.S. Oil, Natural Gas Output Through 2050
Oil prices will inform the trajectory of U.S. oil and natural gas production moving forward, but supply is on track to maintain record levels through 2050, according to the Energy Information Administration’s (EIA) latest long-term projections. Under the baseline reference case in the agency’s Annual Energy Outlook 2021 (AEO2021), published Wednesday, U.S. oil and natural…
Permian, Haynesville, Utica Rig Totals Climb as U.S. Adds Eight Units
Propelled by growing activity across the Permian Basin and the Haynesville and Utica shales, the U.S. rig count rose eight units to 392 for the week ending Friday (Feb. 5), according to the latest numbers from Baker Hughes Co. (BKR). The United States saw a net increase of four natural gas-directed rigs for the week,…
In 2021, Midterm Elections Could be Pivotal in Determining Future of Mexico’s Energy Sector
The June midterm elections in Mexico, set to be the country’s largest single-day election in its history, could either stall or advance President Andrés Manuel López Obrador’s state-centric energy sector platform. The election would see the entire lower house being voted in, as well as numerous gubernatorial, state legislature and mayoral races. Wins for his…
Shell Marks Another $4.5 Billion in Oil, Gas Assets Up for Write-Down in 4Q
Royal Dutch Shell plc expects to write down between $3.5 billion to $4.5 billion during the fourth quarter because of impairments, asset restructuring and onerous contracts. It would be the third time this year the Anglo-Dutch supermajor has written down assets. In a fourth quarter update, Shell said it expects to take a partial impairment…
Mexico Ruling on Zama Unitization to be Crucial Decision in 2021, Expert Says
“The Zama case is very important in our eyes and in the eyes of all oil investors, international and domestic, because of the precedents that will be set when the state oil company wants a share of production,” George Baker, Managing Principal of the Houston-based consultancy Baker & Associates and long-time publisher of the Mexico…