Exploration And Production

Mexico’s state oil and gas giant Petróleos Mexicanos (Pemex) is showing how serious it is about producing more oil and natural gas, even if it means increasing amounts of government help. Natural gas production was 4.051 Bcf/d in the second quarter, up 199 MMcf/d compared to the same period last year. Liquids production was the…

Declines in both oil and natural gas drilling saw the U.S. rig count drop five units overall to 664 for the week ending Friday (July 28), the latest figures from Baker Hughes Co. (BKR) show. Three natural gas-directed rigs exited the patch domestically for the period, alongside one oil-directed rig and one miscellaneous unit. The…

Antero Resources Corp. management is “positive on the natural gas market” as future LNG demand could “provide support,” CEO Paul Rady said Thursday.  During the second quarter conference call to discuss results, Rady said the independent is preparing for a build out of more Gulf Coast liquefied natural gas facilities.  Antero sells its Appalachian gas…

Lower natural gas and oil prices, combined with reduced output, took a bite out of ExxonMobil’s profits during the second quarter, but it continues to expand on the Gulf Coast, with more acquisitions possible, CEO Darren Woods said Friday. The CEO discussed the second quarter results during a conference call from the new corporate headquarters…

Crescent Point Energy Corp. built its Montney Shale prospects with a recent purchase, giving it more leverage in Western Canada and helping the independent contend with lower commodity prices and Alberta wildfires during the second quarter. The Alberta-based producer said the province’s widespread wildfires scorched oil and natural gas production in 2Q2023, knocking it down…

Click here to listen to the latest episode of NGI’s Hub & Flow. Primary Vision Network CEO Matthew Johnson offers his expertise into the U.S. drilling and completions market and where it is headed to the end of the year. The firm’s weekly Frac Spread Count is similar to Baker Hughes Co.’s weekly rig count…

The main three oilfield services firms see international exploration and production (E&P) companies increasing activity, in particular in the offshore, and despite a slowdown in North America. They all reported growth in their Latin American businesses. SLB Ltd. CEO Olivier Le Peuch said international offshore would drive the upstream industry through this decade. “Second quarter…

Cuts in the Permian Basin and in the Eagle Ford Shale saw the combined U.S. rig count tumble six units to finish at 669 for the week ended Friday (July 21), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Declines in the United States for the period included seven oil-directed…

Fitch Ratings Inc. has again downgraded the credit rating of Mexican state oil company Petróleos Mexicanos (Pemex), citing liquidity and environmental, social and governance (ESG) concerns. Pemex’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) already were in junk territory at ‘BB-,’ and now have been lowered to ‘B+,’ the Fitch team said Friday…