Exploration And Production

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…

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…

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.…

The U.S. natural gas rig count climbed two units to finish at 96 during the week ended Friday (April 30), while a decline in the Permian Basin saw the oil count ease lower, according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). One miscellaneous unit joined the two natural gas units…

Recovering natural gas and oil prices, combined with cost cutting measures, sent ExxonMobil profits soaring in the first quarter, sending a strong signal that the global economy’s thirst for energy is rising. First quarter profits jumped to $2.7 billion (64 cents/share), from a loss of $610 million (minus 14 cents) in 1Q2020 and the loss…

Mexico, the United States and Canada have benefitted from the energy integration of North America through greater energy security and improved standards of living, according to IHS Markit Vice Chairman Daniel Yergin. Speaking Tuesday at the La Convención Nacional Petrolera virtual conference organized by Mexican oil and gas association Asociación Mexicana de Empresas de Hidrocarburos…

While bank borrowing remains light, publicly traded U.S. exploration and production (E&P) companies are boosting the amount of debt and equity issued via capital markets, taking advantage of continued low interest rates and recovered stock valuations. Companies are using proceeds to pay down more expensive legacy debt but also positioning themselves to ramp up production…

A small contraction in oil-directed drilling saw the U.S. rig count decline one unit to 438 for the week ended Friday (April 23), according to data from Baker Hughes Co. (BKR). Oil rigs fell to 343 in the United States for the week, while the number of natural gas-directed rigs operating domestically remained unchanged at…

Schlumberger Ltd.’s management team on Friday said it returned to form in the first quarter, with the expectation global oil and natural gas activity could return to pre-pandemic levels by 2022. CEO Olivier Le Peuch held court during a conference call from Houston, where he shared an optimistic vision for the world’s No. 1 oilfield…