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E&Ps

New Rules for Pennsylvania’s Conventional Oil, Natural Gas E&Ps Slowly Move Forward

New Rules for Pennsylvania’s Conventional Oil, Natural Gas E&Ps Slowly Move Forward

Pennsylvania regulators are moving ahead with regulations for conventional oil and natural gas producers, with tentative plans to unveil the rulemaking package next year as legislative efforts continue to fail.  The Republican-controlled general assembly sent another bill last week to establish regulations for legacy exploration and production (E&P) operators to Democratic Gov. Tom Wolf, who…

November 24, 2020
Leading Utica Producer Gulfport in Restructuring Talks with Lenders

Leading Utica Producer Gulfport in Restructuring Talks with Lenders

Gulfport Energy Corp. revealed in a regulatory filing on Friday that it’s having discussions with its lenders about filing for bankruptcy.  The company has entered a 30-day grace period to defer making an interest payment that was due Thursday on its 6% senior unsecured notes due 2024. It took the grace period “while it continues…

October 19, 2020
‘Quiet’ Quarterly Earnings Season Predicted for E&Ps, OFS but Covid Questions Loom

‘Quiet’ Quarterly Earnings Season Predicted for E&Ps, OFS but Covid Questions Loom

Natural gas and oil operators are likely to report a return to normalcy — but not growth — when they unveil their third quarter results in the coming weeks, but the demand forecasts may be hazy amid a historic hurricane season and the expanded wave of damaging Covid-19 infections.  Schlumberger Ltd., the world’s largest oilfield…

October 15, 2020
Drilling Activity on the Rise at Home and Abroad as U.S. Adds More Rigs

Drilling Activity on the Rise at Home and Abroad as U.S. Adds More Rigs

The U.S. rig count gained two units to reach 256 for the week ending Friday (Sept. 4), putting the domestic tally on a modest uptrend over the past month, the latest data from Baker Hughes Co. (BKR) show. The United States added one oil-directed rig and one miscellaneous rig during the week, while natural gas-directed…

September 4, 2020
Oil Count Retreats Further as Permian Rigs Exit Patch

Oil Count Retreats Further as Permian Rigs Exit Patch

Yet another round of losses in the oil patch saw the U.S. rig count slide four units to 247 for the week ended Friday (Aug. 7), according to updated numbers from Baker Hughes Co. (BKR). Total oil-directed rigs in the United States fell four units to 176, while natural gas-directed rigs held steady at 69.…

August 7, 2020
Continental Expects Improved Cash Flow at $40/bbl as Production to Ramp Through End of 2020

Continental Expects Improved Cash Flow at $40/bbl as Production to Ramp Through End of 2020

After curtailing production in the second quarter amid the extraordinary disruptions caused by the coronavirus pandemic, Continental Resources Inc. (CLR) expects to boost cash flow at $40/bbl West Texas Intermediate (WTI) pricing as it looks to ramp up output through the end of the year, management said. The Oklahoma City-based independent in its 2Q2020 earnings…

August 6, 2020
U.S. Rig Count Unchanged as Pandemic-Induced Collapse Leveling Off

U.S. Rig Count Unchanged as Pandemic-Induced Collapse Leveling Off

In a further sign that the post-Covid collapse in domestic drilling activity could finally be flattening out, the U.S. rig count finished unchanged at 251 during the week ended Friday (July 31), according to the latest data from Baker Hughes Co. (BKR). A one-rig increase in natural gas-directed rigs offset the departure of one oil-directed…

July 31, 2020
Apache Curtailing Some Permian Oil Until Prices ‘Well Into the $50s,’ Says CEO

Apache Curtailing Some Permian Oil Until Prices ‘Well Into the $50s,’ Says CEO

Apache Corp. has no plans to raise rigs again in the Permian Basin “unless oil prices recover well into the $50s,” CEO John Christmann said Thursday. The Permian, which in recent years had been the Houston independent’s No. 1 prospect, continues to deliver “highly competitive economics,” Christmann said. However, “other areas within our portfolio offer…

July 31, 2020
Permian Gains Give Oomph to U.S. Drilling Permits in June, but Recovery to 2019 Levels Not in Sight

Permian Gains Give Oomph to U.S. Drilling Permits in June, but Recovery to 2019 Levels Not in Sight

Requests for U.S. drilling permits improved in June following a brutal April and May, with the Permian Basin still the top region for operators, according to Evercore ISI. The analyst firm each month compiles permitting statistics for the Lower 48 and offshore using federal and state data. Covid-19 and low commodity prices had crushed permit…

July 20, 2020
Haynesville Natural Gas Output Seen Down to 2023, but Henry Hub Gains Could Alter Track

Haynesville Natural Gas Output Seen Down to 2023, but Henry Hub Gains Could Alter Track

The Haynesville Shale, the second largest dry natural gas producing area in the United States, is positioned for a 20% decline in output and activity to 2023 if Henry Hub prices were to maintain an average of$1.80-1.90/MMBtu.

May 12, 2020
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