Exploration And Production

Chevron Corp. has earmarked $14 billion for organic capital investments and $3 billion for its affiliates in 2023, with most of the fundings budgeted for the Gulf of Mexico and the Permian Basin. Nearly $2 billion of the capital expenditures (capex) also would be set aside for lower carbon projects, the San Ramon, CA-based major…

ExxonMobil is boosting its capital investments over the next five years around the world, prioritizing the Permian Basin, Brazil, Guyana and LNG, with a “sizable increase” in lower-emissions initiatives, executives said Thursday. The corporate plan through 2027 would hold annual capital expenditures (capex) at $20-25 billion, while growing lower-emissions investments by nearly 15% to $17…

Mexico’s natural gas production averaged 4.04 Bcf/d in October, up from 3.93 Bcf/d in October 2021, according to the latest data from upstream regulator Comisión Nacional de Hidrocarburos (CNH). Associated gas tied to oil production accounted for 2.31 Bcf/d of the total, while non-associated gas output averaged 1.73 Bcf/d. State oil company Petróleos Mexicanos (Pemex)…

In terms of changes to overall activity levels, it was a quiet week for U.S. drillers, with the natural gas rig count holding steady at 155 for the week ended Friday (Dec. 2), according to the latest figures from Baker Hughes Co. (BKR). Total oil-directed drilling in the United States was also flat for the…

Despite some regional adjustments, including declines in the Permian Basin, the U.S. rig count went unchanged overall for the week ended Friday (Dec. 2), according to the latest tally from Baker Hughes Co. (BKR). Both oil- and natural gas-directed drilling totals in the United States were flat for the period. Land drilling declined by one…

Canadian Natural Resources Ltd. (CNRL) is targeting a roughly 5% year/year increase in natural gas production next year, and plans to export more than one-third of its output to North American markets outside the AECO hub in Western Canada. Gas production in 2023 is forecast to average 2.17-2.24 Bcf/d, up from 2.11 Bcf/d projected for…

New Fortress Energy Inc. (NFE) is steaming ahead with another LNG export project in Mexico. On Tuesday, the company said it had finalized a deal with Mexican state oil firm Petróleos Mexicanos (Pemex) to develop and operate a natural gas field and a liquefaction project off the coast of Veracruz. The offshore liquefaction plant at…

The U.S. natural gas rig count rose two units to 157 for the week ended Friday (Nov. 18), while an uptick in the oil patch helped lift the combined domestic drilling total three units higher to 782, according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Land drilling increased by four…

Management for Houston-based ConocoPhillips during a quarterly earnings call highlighted the independent’s progress as it expanded its LNG activities while achieving record production. CEO Ryan Lance told investors “the world is going to need investments in medium- and long-term production in addition to U.S. shale plays.” ConocoPhillips’ portfolio is “well positioned to meet these long-term…