Exploration And Production

“We are the first private producers to develop gas in the Burgos Basin and connect to Cenagas,” Roberto Gutierrez, vice president of commercial sales at Verdad Exploration Mexico LLC, told NGI’s Mexico GPI in a phone interview. On February 22, Verdad connected their gas production from a block in the Burgos Basin to the Sistrangas…

The U.S. natural gas rig count held steady at 151 for the week ended Friday (Feb. 24), while a slowdown in the oil patch dropped the combined domestic drilling total seven units to 753, according to the latest numbers from Baker Hughes Co. (BKR). Land drilling fell seven units week/week, while the Gulf of Mexico…

Southwestern Energy Co. said Friday it would drop drilling rigs this year in the Appalachian Basin and Haynesville Shale, joining other natural gas-focused producers that have announced plans to curb activity in response to falling prices. “Given near-term market conditions, we have proactively moderated activity, resulting in slightly lower expected production for 2023, and have…

Whitecap Resources Inc. said it is pumping up the natural gas and oil volumes in the Montney Shale and Duvernay formations following a breakout year. The Calgary-based independent, which reports in Canadian dollars (C$1.00/US 75 cents), last year paid $1.7 billion to buy assets in the Montney and Duvernay formations owned by ExxonMobil affiliates, including…

Diamondback Energy Inc. has no plans to accelerate oil production growth despite signs of impending tightness in the global market, according to management. CEO Travis Stice hosted a conference call to discuss the Permian Basin pure-play’s fourth quarter and full-year 2022 results. “I don’t think the macro conditions are dictating any kind of production growth…

Targa Resources Corp. is bullishly pushing forward with expansion projects in the prolific Permian Basin, citing expectations for robust global oil and natural gas demand long term The Houston-based company expects momentum to push through 2023, a year in which global oil demand is projected by the International Energy Agency to grow and foundations are…

In a week of small adjustments, a downtick in oil activity saw the U.S. rig count ease one unit lower to 760 for the week ended Friday (Feb. 17), according to updated figures published by Baker Hughes Co. (BKR). Domestic changes for the week included a two-rig decline in oil-directed drilling, partly offset by the…

The U.S. natural gas rig count fell two units to 158 for the week ended Friday (Feb. 3), while declines in the oil patch sent the combined domestic tally tumbling 12 units lower to 759, according to the latest tally from Baker Hughes Co. (BKR). Along with the loss of two natural gas-directed rigs, domestic…

Rig technology expert Helmerich & Payne Inc. (H&P) is not expecting over-the-top activity by its exploration customers this year, with steady and moderate activity more likely, CEO John Lindsay said this week. Lindsay on Tuesday discussed the fiscal first quarter performance for the Tulsa-based oilfield services company. Last November, Lindsay predicted moderate growth this year…