Exploration And Production

The Texas oil and natural gas industry’s upstream sector added 700 jobs in September, the first uptick since February, according to data from the Texas Workforce Commission.  Total upstream employment in the state was estimated at the end of September at 170,500 jobs, according to the Texas Oil & Gas Association (TXOGA).  The upstream sector…

More than 45% of expected natural gas production in 2021 is hedged at a Henry Hub base price of $2.58/MMBtu, marginally lower than the 2020 price of $2.70, according to a Rystad Energy analysis of U.S. producers. The analysis also determined exploration and production (E&P) companies have to date hedged 41% of forecast 2021 oil…

One day after two giant Canadian producers announced a tie-up and less than a week after other mega mergers were announced, Houston-based Contango Oil & Gas Co. agreed to expand its holdings in the Lower 48 in an all-stock merger with Mid-Con Energy Partners LP.  Contango works the shallow waters of the Gulf of Mexico…

The U.S. active fracture (frack) spread count is climbing, with gains of up to 6% already this month from September, according to Tudor, Pickering, Holt & Co. In a preliminary note to clients, the analyst team said well completions activity is climbing in the Lower 48 since the start of the month. The domestic active…

Alberta natural gas and oil producers predict their annual taxes will drop by C$85 million ($64 million) thanks to provincial and municipal reductions announced Monday as a response to the Covid-19 andemic. The relief program for exploration and production (E&P) companies cuts levies on wells, drilling equipment, pipelines and industrial property for three years. While…

Oklahoma City-based independent Chaparral Energy Inc. has emerged from bankruptcy for a second time, this time as a privately held company. The Anadarko Basin-focused exploration and production (E&P) firm said it has equitized all $300 million of its unsecured senior notes due 2023, reduced its annual interest expense by more than $25 million and “significantly…

Permian Basin explorer Pioneer Natural Resources Co. on Thursday announced a management shuffle, in part attributed to an evolving picture for Lower 48 oil and gas development. The Irving, TX-based independent also is tightening up its operations by laying off about 300 people combined from headquarters and Permian operations. The management overhaul is taking effect…

For the first time since the widespread adoption of measures to limit the spread of Covid-19 began hammering energy demand earlier this year, the United States added rigs on a week/week basis, according to the latest data from Baker Hughes Co. (BKR). The United States added 10 rigs overall during the week ending Friday (Aug.…

Tulsa-based Chisholm Oil & Gas Operating LLC, stung by low oil and gas prices and operational issues, is seeking to restructure through a Chapter 11 filing, an avenue more Lower 48 operators are pursuing in the wake of Covid-19.