Exploration And Production

Mexico’s Pemex said Poorly Positioned to Capitalize on Oil Price Rally

Mexico’s Pemex said Poorly Positioned to Capitalize on Oil Price Rally

As major economies across the globe emerge from the doldrums of the pandemic and travel surges, oil prices could further spike and reach $100/bbl by next year, according to the most bullish Wall Street forecast yet this year. It could also mark the final surge in oil prices, however, as pressure intensifies on energy companies…

June 23, 2021
U.S. Adds One Natural Gas Rig as Numbers Rising in Oil Patch

U.S. Adds One Natural Gas Rig as Numbers Rising in Oil Patch

The U.S. natural gas rig count increased one unit to 97 for the week ended Friday (June 18), while a surge in oil-directed drilling lifted the combined domestic tally to 470 for the period, according to the latest figures from Baker Hughes Co. (BKR). The United States added nine rigs overall for the week, including…

June 18, 2021
Rigs Flocking to Oil Patch as U.S. Count Surges to 470

Rigs Flocking to Oil Patch as U.S. Count Surges to 470

The U.S. oil patch continued to add to its numbers during the week ended Friday (June 18) as the overall domestic rig count surged nine units higher to 470, according to the latest figures from Baker Hughes Co. (BKR). Changes in the United States for the week included the addition of eight oil-directed rigs, along…

June 18, 2021
U.S. OFS Jobs Seen ‘Fairly Flat’ as E&Ps Shift from Production Growth

U.S. OFS Jobs Seen ‘Fairly Flat’ as E&Ps Shift from Production Growth

Employment in the U.S. oilfield services (OFS) sector ticked up in May as growth in support roles and equipment fabrication offset declines in extraction, pipeline construction and manufacturing, according to estimates by the Energy Workforce & Technology Council. The sector grew by 1.6% in May, racking up an additional 9,707 jobs over April, according to…

June 18, 2021
Latin America Oil, Natural Gas Capex Seen Rebounding in 2021

Latin America Oil, Natural Gas Capex Seen Rebounding in 2021

Upstream oil and gas spending in Latin America is on track for a modest year/year (y/y) recovery in 2021 after a pandemic-driven slowdown in 2020, according to Evercore ISI. Exploration and production (E&P) spending by select firms in the region fell by 14% y/y in 2020, Evercore analysts said in the firm’s 2021 Global E&P…

June 14, 2021
U.S. Natural Gas Rig Count Slides as Oil Patch Sees More Growth

U.S. Natural Gas Rig Count Slides as Oil Patch Sees More Growth

The U.S. natural gas rig count fell one unit to 96 for the week ended Friday (June 11), while the oil patch continued to add to its numbers, lifting the overall domestic drilling tally in the process, the latest data from Baker Hughes Co. (BKR) show. Oil-directed drilling increased by six units in the United…

June 11, 2021
Oxy Sells Colgate Energy Slice of Permian West Texas Acreage, Production

Oxy Sells Colgate Energy Slice of Permian West Texas Acreage, Production

Occidental Petroleum Corp. is selling off 25,000 net acres in its West Texas holdings in the Permian Basin, along with the production, to private equity (PE) sponsored Colgate Energy Partners III LLC. The $508 million deal by Oxy, as it is better known, includes 25,000 net acres in Reeves and Ward counties within the Delaware…

June 11, 2021
Civitas Looking to Create DJ Beast by Merging Crestone Peak with Bonanza, Extraction Tie-Up

Civitas Looking to Create DJ Beast by Merging Crestone Peak with Bonanza, Extraction Tie-Up

If all goes to plan, Civitas Resources Inc. could become a giant among giants in the Colorado oil and natural gas world as it looks to merge another Denver Julesburg (DJ) Basin producer into its operations. DJ pure-plays Bonanza Creek Energy Inc. and Extraction Oil & Gas Inc. agreed to merge in early May. That…

June 7, 2021
U.S. Rig Count Steady After Small Adjustments in Haynesville, Permian

U.S. Rig Count Steady After Small Adjustments in Haynesville, Permian

The U.S. rig count held essentially flat for the week ended Friday (June 4), dropping one unit overall to fall to 456, including a small net decline in the Permian Basin and a small uptick in the Haynesville Shale, according to data from Baker Hughes Co. (BKR). Oil-directed drilling went unchanged week/week in the United…

June 4, 2021
California Resources Turning to Decarbonization Projects

California Resources Turning to Decarbonization Projects

California Resources Corp. (CRC) in 1Q2021 reported red ink and a shift in focus to renewables and decarbonization, following its emergence from Chapter 11 bankruptcy last year. CRC drilled 17 wells with one drilling rig in place during the quarter, according to CEO Mark McFarland. He also said the anti-hydraulic fracturing move by California Gov.…

May 21, 2021
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