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E&P

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
Permian Pure-Play Pioneer Raises Oil Production Guidance, but 6,000 b/d Curtailed Till Prices Improve

Permian Pure-Play Pioneer Raises Oil Production Guidance, but 6,000 b/d Curtailed Till Prices Improve

Permian Basin heavyweight Pioneer Natural Resources Co. is raising its 2020 oil production guidance by 2.5%, but it is keeping most of the oil volumes curtailed during the second quarter offline until commodity prices improve, management said Wednesday. The Irving, TX-based independent curtailed about 7,000 b/d of net oil production during 2Q2020 and said it…

August 7, 2020
Column: Lozoya Case Can’t Hide Current Failures for Mexico’s Pemex

Column: Lozoya Case Can’t Hide Current Failures for Mexico’s Pemex

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process. Prud’homme was central to the development of Cenagas, the nation’s natural gas pipeline operator, an entity formed in 2015 as part of…

July 31, 2020
Despite Covid-19, Oil Curtailments, Pemex Maintains Production Rates in 2Q

Despite Covid-19, Oil Curtailments, Pemex Maintains Production Rates in 2Q

Mexico’s Petróleos Mexicanos (Pemex) held steady its oil and gas production in the second quarter despite major upheaval in oil markets caused by the coronavirus pandemic.  Liquid hydrocarbons production was 1.693 million b/d in the second quarter, flat compared with year-ago output of 1.690 million b/d.  The figure included the 100,000 b/d of output shut-in…

July 28, 2020
Court Blocks Trump Effort to Rescind Obama-Era Methane Rule

Court Blocks Trump Effort to Rescind Obama-Era Methane Rule

A federal judge has vacated the Trump administration’s attempt to rescind an Obama-era rule governing associated natural gas flaring and venting on public and tribal lands, citing “myriad inadequacies” on which the rescission was based, including violating National Environmental Policy Act (NEPA) regulations.  A coalition of environmental and citizens’ groups had argued that the move…

July 16, 2020
OPEC-Plus To Ease Production Cuts as Conflicting Factors Keep WTI Around $40

OPEC-Plus To Ease Production Cuts as Conflicting Factors Keep WTI Around $40

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, has agreed to ease coordinated oil production cuts to 7.7 million b/d from the August-December period from the May-July amount of 9.7 million b/d. The decision announced Wednesday to start turning the taps back on comes amid a tightening of the global supply/demand…

July 16, 2020
Hilcorp Taking Over BP’s Legacy Alaska Upstream Portfolio

Hilcorp Taking Over BP’s Legacy Alaska Upstream Portfolio

Houston’s Hilcorp Energy Co. has completed a takeover of BP plc’s upstream portfolio in Alaska and is nearing a handoff of the midstream unit, allowing the private explorer to become one of the state’s biggest operators. The $5.6 billion deal struck last year with BP hands affiliate Hilcorp Alaska immediate control of BP Exploration (Alaska)…

July 2, 2020
Oil, Natural Gas Exploration Said Vital to Meeting Energy Demand to 2040, Even if Global Warming Kept Under 2 C

Oil, Natural Gas Exploration Said Vital to Meeting Energy Demand to 2040, Even if Global Warming Kept Under 2 C

Oil and natural gas exploration will play an essential role in meeting global energy demand through at least 2040, even if human-induced global warming is kept under 2 C, according to a new analysis by Wood Mackenzie. “Only about half the supply needed to 2040 is guaranteed from fields already onstream,” said Wood Mackenzie’s Andrew…

July 1, 2020
Pennsylvania Regulators Failed to Protect Public from Natural Gas Development Problems, Says Grand Jury

Pennsylvania Regulators Failed to Protect Public from Natural Gas Development Problems, Says Grand Jury

Pennsylvania Attorney General (AG) Josh Shapiro on Thursday said a two-year grand jury investigation into unconventional natural gas development uncovered “systematic failure” by regulators to protect the public from the risk of industry operations. The grand jury report recommended new state laws to better protect water supplies and manage air pollution.  “This report is about…

June 25, 2020