Exploration And Production

A potentially active hurricane season could shut in a substantial portion of oil and natural gas production in the Gulf of Mexico (GOM) this year, according to an analysis by Enverus Intelligence Research (EIR).  “Should a hurricane disrupt oil and gas production in the GOM, EIR’s mid-impact case estimates 40% of total GOM production would…

Six natural gas rigs and five oil rigs were dropped in the United States over the week ending Friday (Aug. 18), Baker Hughes Co. (BKR) reported. The U.S. rig count stood at 642 as of Friday, down by a dozen overall, including the loss of one miscellaneous rig, and 120 fewer than in the same…

A slowdown in natural gas-directed drilling in the United States for the week ended Friday (Aug. 11) dropped the overall domestic tally five units to 654, according to the latest figures from Baker Hughes Co. (BKR). Domestic oil-directed drilling was unchanged overall for the period, while the five-rig decrease lowered the natural gas count to…

The Texas upstream industry has seen reduced natural gas and oil prices and lower permitting through the first half of the year, and in June, employment growth began to slow as well.  Exploration and production (E&P) activity “is clearly in a state of contraction as measured by the Texas Petro Index (TPI),” said Texas Alliance…

Some Permian Basin-focused exploration and production (E&P) executive teams  – Callon Petroleum Co., HighPeak Energy Inc. and Permian Resources Corp. to name a few –  are reporting that oilfield services (OFS) and material prices softened during the second quarter.  Houston-based Callon Petroleum Co. CEO Joe Gatto said OFS equipment prices dropped slightly. Gatto hosted a…

WhiteHawk Energy LLC has acquired $100 million in institutional investor funding to be used in buying mineral and royalty assets in shale plays in the United States. An initial $20 million would fund closing of a purchase of Haynesville Shale mineral and royalty assets covering 375,000 gross unit acres. The Haynesville assets are being bought…

Strathcona Resources Ltd. is snapping up fellow Calgary producer Pipestone Energy Corp. and its Montney Shale assets in northwestern Alberta in an all-stock deal that would create Canada’s fifth largest exploration and production (E&P) company.  At the current market price of about C$2.40 (US$1.80), the acquisition of Pipestone’s 279 million shares was estimated to be…

An oil-focused slowdown, including in the mighty Permian Basin, sent the U.S. rig count five units lower to 659 for the week ending Friday (Aug. 4), according to the latest tally by Baker Hughes Co. (BKR). Total U.S. natural gas-directed rigs finished the week unchanged at 128. However, four oil-directed rigs and one miscellaneous rig…

Midstream giant Williams executives see strong levels of natural gas production enduring as global LNG demand is poised to further mount in coming years. The Tulsa-based company’s chief executive said producers, while trying to contain expenses amid a prolonged bout of low prices, want to maintain output momentum ahead of a years-long expansion of liquefied…