Exploration And Production

A sizable boost in quarterly output from the exploration arm, as well as stronger midstream volumes, have helped fuel Appalachian Basin-focused National Fuel Gas Co. (NFG) as it shifts focus to undeveloped acreage in the Marcellus and Utica shales. Management told investors during a third quarter conference call the firm’s performance reflected its approach to…

Houston-based Coterra Energy Inc., created from a merger between Cabot Oil & Gas Corp. and Cimarex Energy Co., surpassed natural gas and oil production guidance in the second quarter, setting the independent up for higher-than-forecast volumes this year. Total production from three Lower 48 plays – the Anadarko and Permian basins and the Marcellus Shale,…

With activity climbing in Texas, the U.S. rig count surged nine units higher to 767 for the week ended Friday (July 29), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Oil-directed drilling increased by six rigs domestically, with two natural gas-directed rigs and one miscellaneous unit also added for the…

Not only is Guyana set to become one of Latin America’s shining economic stars, but the once poor backwater could soon be a key player in the new global energy map. The International Monetary Fund (IMF) sees the Guyanese economy growing by a staggering 47% this year, even as the rest of the world could…

Natural gas output at Petróleos Mexicanos (Pemex) remains under par because the company is solely focused on oil production, according to Sergio Guaso, founder of consulting firm Guaso360. Guaso told NGI’s Mexico GPI that “no matter what happens, the mission for Pemex is always to increase barrels of oil production. The rest is secondary.” Guaso…

The U.S. natural gas rig count rose two units to 155 during the week ended Friday, propelling the combined domestic tally to 758 as domestic oil drilling held flat, updated numbers from Baker Hughes Co. (BKR) show. Total oil-directed rigs were unchanged domestically for the period at 599. The 758 active U.S. rigs as of…

Click here to listen to the latest episode of NGI’s Hub & Flow for a preview of what’s on the dealmaking horizon among public and private U.S. exploration and production companies. In the podcast, Seenu Akunuri, principal for PwC’s U.S. Energy, Resources, and Utilities Deals, highlights upstream trends he’s seeing. He highlights investors’ growing appetite…

Devon Energy Corp. said Thursday that it has closed on its $865 million acquisition of RimRock Oil and Gas LP’s leasehold interest and related assets in the Williston Basin. The bolt-on deal, announced last month, adds 38,000 contiguous net acres (88% working interest) to Devon’s existing Williston footprint. Oklahoma City-based Devon said it expects the…

Baker Hughes Co. (BKR) management on Wednesday offered a bullish assessment of natural gas growth opportunities but conveyed a more measured outlook for the oil market. “Overall, we remain very positive on the outlook for natural gas,” Baker Hughes’ CEO Lorenzo Simonelli told analysts during the oilfield services (OFS) giant’s 2Q2022 earnings call. “We also…