Exploration

Southwestern to Curb Activity in Response to Weaker Natural Gas Market 

Southwestern to Curb Activity in Response to Weaker Natural Gas Market 

Southwestern Energy Co. said Friday it would drop drilling rigs this year in the Appalachian Basin and Haynesville Shale, joining other natural gas-focused producers that have announced plans to curb activity in response to falling prices. “Given near-term market conditions, we have proactively moderated activity, resulting in slightly lower expected production for 2023, and have…

February 24, 2023
Brazil, Guyana Shine in ‘Standout Year’ for Natural Gas, Oil Exploration

Brazil, Guyana Shine in ‘Standout Year’ for Natural Gas, Oil Exploration

The global natural gas and oil exploration sector had its strongest year in 2022 in a decade as national oil companies and majors focused on taking advantage of what might be a short-term window of opportunity. The sector created some $33 billion of value at $60/bbl Brent prices last year, according to a report from…

February 9, 2023
U.S. Adds Six Natural Gas Rigs as Oil Count Pulls Back

U.S. Adds Six Natural Gas Rigs as Oil Count Pulls Back

The U.S. natural gas rig count rose six units to 156 for the week ended Friday (Jan. 20), while a sharp pullback in the oil patch saw the combined domestic tally drop four units to 771, the latest figures from Baker Hughes Co. (BKR) show. The increase in natural gas rigs only partially offset a…

January 20, 2023
SLB Bullish on Oil, Natural Gas Growth Following Boffo Quarterly Performance

SLB Bullish on Oil, Natural Gas Growth Following Boffo Quarterly Performance

An uptick in global offshore development, combined with expansion of natural gas opportunities overseas, bode well for SLB Ltd. to improve activity in 2023, CEO Olivier Le Peuch said Friday.  All signs point in a positive direction, Le Peuch said, after the world’s No. 1 oilfield services (OFS) operator closed out a “remarkable year.” He…

January 20, 2023
Sitio, Brigham Complete $4.8B Merger to Form U.S. Mineral, Royalties Giant

Sitio, Brigham Complete $4.8B Merger to Form U.S. Mineral, Royalties Giant

Minerals firm Sitio Royalties Corp. closed the books on a successful merger with Brigham Minerals Inc., combining “two of the largest public companies in the mineral and royalty sector,” the companies said. The $4.8 billion all-stock transaction has added 15,000 boe/d of oil-weighted pro forma production to Denver-based Sitio’s portfolio, which now stands at about…

December 30, 2022
Williston Rig Gains Lead Small Increase in Latest U.S. Drilling Tally

Williston Rig Gains Lead Small Increase in Latest U.S. Drilling Tally

On the strength of gains in the oil patch, including in the Williston Basin, the U.S. rig count rose two units overall to finish the week ended Friday (Nov. 4) at 770, according to the latest tally from Baker Hughes Co. (BKR). Net changes domestically included a three-rig increase in oil-directed drilling, partially offset by…

November 4, 2022
Natural Gas Drilling Flat as Oil Patch Sees Modest Growth in Latest BKR Count

Natural Gas Drilling Flat as Oil Patch Sees Modest Growth in Latest BKR Count

The U.S. natural gas rig count was unchanged at 157 for the week ended Friday (Oct. 21), while oil-directed activity gains helped raise the combined domestic tally two units to 771, according to updated figures from Baker Hughes Co. (BKR). Net changes domestically included a two-rig increase in oil-directed drilling. Total land rigs increased by…

October 21, 2022
Lower 48 Permitting Ends September with Gains Led by Permian, Haynesville

Lower 48 Permitting Ends September with Gains Led by Permian, Haynesville

Oil and natural gas permitting climbed in September from August by 26% and rose nearly 60% from a year ago, ending the third quarter on a positive note, according to Evercore ISI. Analysts said there were 809 more requests to drill in September month/month (m/m). The Permian Basin led the way, rebounding by 47% from…

October 14, 2022
U.S. Natural Gas Drilling Declines as Oil Growth Drives Overall Upstream Activity Higher

U.S. Natural Gas Drilling Declines as Oil Growth Drives Overall Upstream Activity Higher

The U.S. natural gas rig count fell four units to 162 for the week ended Friday (Sept. 16), while an eight-rig increase in oil-directed drilling lifted the combined domestic tally four units higher to 763, according to updated figures from Baker Hughes Co. (BKR). The 763 active U.S. rigs as of Friday compares with 512…

September 16, 2022
Canes Midstream Snaps Up Sizeable Permian Midland Asset Package

Canes Midstream Snaps Up Sizeable Permian Midland Asset Package

Private equity-backed Canes Midstream LLC said Wednesday it has closed on its acquisition of Permian Basin midstream firm Cogent Midstream LLC. Located in the southern portion of the Permian’s Midland sub-basin, the Cogent assets include 520 MMcf/d of natural gas processing capacity, over 800 miles of pipelines, 42 compressor stations, a crude oil gathering system,…

May 27, 2022