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E&P

Strong Balance Sheet Key to ConocoPhillips Managing ‘Really Dark Days’ of Oil Downturn

Strong Balance Sheet Key to ConocoPhillips Managing ‘Really Dark Days’ of Oil Downturn

ConocoPhillips’ strategic pivot in 2016 to a value model rather than a growth model provided the Houston-based independent the financial capability to “make rational economic decisions” during the oil market downturn, including curtailing around 400,000 b/d of production. ConocoPhillips Executive Vice President and Chief Operating Officer Matt Fox said the company’s strong balance sheet, which…

September 29, 2020
Devon, WPX in $12B ‘Merger of Equals,’ Combining Permian, Multi-Basin Portfolios in Lower 48

Devon, WPX in $12B ‘Merger of Equals,’ Combining Permian, Multi-Basin Portfolios in Lower 48

Lower 48 giants Devon Energy Corp. and WPX Energy Inc. said Monday they are tying up in an all-stock transaction valued at $12 billion including debt to create operations dominated by a 400,000 net acre Permian Basin leasehold. The two Oklahoma-based independents said the company, still branded as Devon, would create a “merger of equals”…

September 28, 2020
Mexico’s State Energy Companies Must Ditch Loss Making Activities, Think Tank Says

Mexico’s State Energy Companies Must Ditch Loss Making Activities, Think Tank Says

Mexico’s state-owned energy companies must shift their limited capital budgets from unprofitable business lines to segments that make money, according to a new diagnostic analysis by local think tank Instituto Mexicano para la Competitividad, aka IMCO. For national oil company Petróleos Mexicanos, that means re-thinking its strategy to bolster the refining segment and instead investing…

September 2, 2020
Oil, Natural Gas Industry Bracing for Possible Regime Change as Biden Accepts Democratic Nomination

Oil, Natural Gas Industry Bracing for Possible Regime Change as Biden Accepts Democratic Nomination

The oil and gas industry is bracing for a possible November victory by Joseph R. Biden Jr., who is leading in the polls and who officially accepted the Democratic nomination Thursday from Wilmington, DE. Although energy policy has taken a backseat to the Covid-19 pandemic and economic hardship facing Americans, climate change has nonetheless garnered…

August 21, 2020
CNX Fined for 2019 Natural Gas Well Failure in Pennsylvania’s Utica

CNX Fined for 2019 Natural Gas Well Failure in Pennsylvania’s Utica

The Pennsylvania Department of Environmental Protection (DEP) has fined a subsidiary of CNX Resources Corp. $175,000 for a well failure that allowed natural gas to seep into nine neighboring wells.  The company was forced to flare the gas from the wells for several days to relieve pressure. Following investigation, the Canonsburg, PA-based independent and DEP…

August 21, 2020
Andros Eyeing Domestic Upstream, Downstream Opportunities with $250M Fund

Andros Eyeing Domestic Upstream, Downstream Opportunities with $250M Fund

Houston-based Andros Capital Partners said Tuesday it has completed an inaugural $250 million fund to target investments across the energy sector. The private equity firm, founded earlier this year by managing partner Phillip A. Gayle Jr., is considering “private equity investments, credit opportunities and direct asset-level investments” for the Andros Energy Capital LP fund. Middle-market…

August 18, 2020
Legal, Political Challenges on Horizon for Trump Methane Rollback

Legal, Political Challenges on Horizon for Trump Methane Rollback

Recently announced rollbacks of Obama-era methane controls for the oil and gas industry appear destined for a legal and political onslaught, particularly if Joseph R. Biden Jr. is elected president. In a two-part rulemaking, the Environmental Protection Agency (EPA) last week rescinded the regulations enacted under the 2016 Oil and Natural Gas New Source Performance…

August 18, 2020
Trump Administration Readies Alaska’s ANWR for Oil, Gas Drilling

Trump Administration Readies Alaska’s ANWR for Oil, Gas Drilling

The U.S. Department of the Interior on Monday signed off on a plan that would allow oil and gas leasing in a swath of the Arctic National Wildlife Refuge (ANWR) in Alaska, a move that invited praise from proponents but swift vows of legal action from environmentalists. Interior Secretary David Bernhardt said officials were acting…

August 17, 2020
California Push for Oil, Gas Setbacks Stalls

California Push for Oil, Gas Setbacks Stalls

Efforts to buffer California residents from oil and natural gas wells hit a logjam earlier this month in the legislature, leaving the issue to Gov. Gavin Newsom, who last year promised to fix what some view as a problem. Assembly Bill 345 failed passage in the state Senate to establish minimum distances between wells and…

August 17, 2020
EOG Swings to Steep Loss as Coronavirus Crimps Demand, but Shut-ins Coming Back Online

EOG Swings to Steep Loss as Coronavirus Crimps Demand, but Shut-ins Coming Back Online

Weakened commodity prices and lower production volumes dragged EOG Resources Inc. into the red in the second quarter, as the super independent pulled back on drilling and slashed capital expenditures (capex) in response to the demand destruction created by the coronavirus pandemic. The Houston-based company, which works in the Lower 48, Trinidad and China, said…

August 7, 2020