Privately held Ellipsis U.S. Onshore Holdings LLC said it has acquired upstream assets across multiple Lower 48 basins with current production of more than 6,000 boe/d. The assets are in the Permian and Denver-Julesburg (DJ) basins, as well as the Texas-Louisiana Salt Basin, said management of Dallas-based Ellipsis. The Texas-Louisiana Salt Basin is a dry…
Exploration And Production
Articles from Exploration And Production
Natural Gas Drilling Steady as U.S. Oil Count Nudges Higher, BKR Data Show
The U.S. natural gas rig count held steady at 120 for the week ended Friday (Dec. 29), while the overall domestic drilling total nudged two units higher to 622 amid gains in oil activity, according to the latest numbers from Baker Hughes Co. (BKR). Land drilling increased by one rig domestically for the period, with…
Former BP Chief’s ‘Serious Misconduct’ Results in Steep Compensation Losses
The former chief of BP plc, Bernard Looney, is set to forfeit more than $40 million in compensation after he “knowingly misled” the board about his previous relationships with colleagues. Looney, who resigned abruptly in September, gave the board “inaccurate and incomplete assurances” as part of an investigation that began in 2022, according to the…
North Dakota Natural Gas Production Dips, Takeaway Capacity Concerns Forecast for 2024
North Dakota natural gas production fell slightly in October because of an early wintry blast, but benign weather in the last two months of 2023 could lead to “great numbers” for oil and gas output, according to the state’s Department of Mineral Resources (DMR) director, Lynn Helms. Production averaged 3.4 Bcf/d in October, down 1%…
Haynesville Notches One Rig as U.S. Natural Gas Drilling Creeps Higher in BKR Tally
The U.S. natural gas rig count added one unit to climb to 120 for the week ended Thursday (Dec. 21), while declines in the oil patch helped drop the overall domestic tally by three to 620, according to the latest figures from Baker Hughes Co. (BKR). The 120 active U.S. natural gas rigs as of…
EIA Models Appalachian, Haynesville Natural Gas Declines, Permian Gains into Early 2024
Natural gas production from seven key Lower 48 regions is set to ease lower from December to January as declines from the Haynesville Shale and the Appalachian Basin overshadow Permian Basin gains, according to the latest modeling from the U.S. Energy Information Administration (EIA). EIA’s updated Drilling Productivity Report (DPR), which also models production trends…
U.S. Natural Gas Rigs Steady at 119 in Latest Baker Hughes Tally
The U.S. natural gas rig count held steady at 119 for the week ended Friday (Dec. 15), while the overall number of domestic rigs eased lower on a slowdown in oil-directed activity, according to updated figures from Baker Hughes Co. (BKR). Domestic natural gas rigs ended the period down 35 from the 154 rigs active…
Oxy-CrownRock Deal Caps Record Permian M&A Year as Dealmaking Surpasses $100B
The aggregate value of mergers and acquisitions (M&A) in the Permian Basin has surpassed $100 billion this year with the recently announced $12 billion takeover by Occidental Petroleum Corp. (Oxy) of CrownRock LP, eclipsing the previous record of $65 billion set in 2019, according to new analysis by Wood Mackenzie. The Oxy-CrownRock deal followed ExxonMobil’s…
Norway Encourages E&Ps to ‘Think Outside the Box’
Pipeline flows of natural gas from Norway have helped the European Union maintain a tight supply balance, along with demand cuts and record LNG imports, but the country’s oil and gas authority reports that most of the discovered reserves remain untapped. In an updated survey of the natural gas discoveries, the Norwegian Petroleum Directorate (NPD)…
Argentina’s Milei Promises Vast Shake-Up in Natural Gas-Rich Nation
Libertarian Javier Milei swept to victory in Argentina’s presidential elections last month promising drastic change and a radically new way of doing business in the country. The 53-year-old outsider has since vowed to privatize state oil and natural gas firm YPF SA. “Everything that can be placed into the hands of the private sector, will…