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Talos CEO Touts IRA Legislation’s Positives to Advance CCS, Upstream Oil and Gas

Talos CEO Touts IRA Legislation’s Positives to Advance CCS, Upstream Oil and Gas

Houston-based Talos Energy Inc., a major explorer in the Gulf of Mexico (GOM), expects to garner “several favorable provisions” from the Democrats’ Inflation Reduction Act (IRA), which would benefit the upstream business and the low-carbon ventures underway, CEO Timothy S. Duncan said. The independent issued its 2Q2022 results earlier this month, followed by a conference…

August 16, 2022
Natural Gas Forwards Pull Back, but Freeport LNG Timeline Emboldens Bulls

Natural Gas Forwards Pull Back, but Freeport LNG Timeline Emboldens Bulls

A down-then-up stretch in the futures market saw natural gas forwards pull back slightly at most Lower 48 hubs during the Aug. 4-10 trading period, although several western hubs enjoyed basis strengthening on upcoming heat, NGI’s Forward Look data showed. Prices for September delivery at benchmark Henry Hub ended the period at $8.203/MMBtu, a 6.4-cent…

August 12, 2022
Chevron Permian Drilling, Fracturing Efficiency Doubled in Four Years, Says Exec

Chevron Permian Drilling, Fracturing Efficiency Doubled in Four Years, Says Exec

The Permian Basin is driving U.S. oil and gas production growth for Chevron Corp., helped by low development costs, substantial efficiency improvements and low carbon intensity, management said Friday. CFO Pierre Breber and Executive Vice President of Upstream Jay Johnson hosted a conference call to discuss the San Ramon, CA-based major’s second quarter earnings.  Amid…

July 29, 2022
GOM Natural Gas Production Seen Falling for Fourth Straight Year in 2023

GOM Natural Gas Production Seen Falling for Fourth Straight Year in 2023

Natural gas production in the U.S. Gulf of Mexico (GOM) is expected to decline for a fourth straight year in 2023, according to Energy Information Administration (EIA) analysts. GOM gas output is forecast to average 2.1 Bcf/d in 2023, down 0.1 Bcf/d from the expected total in 2022, said EIA analysts James Easton, Kirby Lawrence…

June 24, 2022
Oxy Prepared for Volatile Year, but Some Oil, Gas Producers Not So Lucky, Says Hollub

Oxy Prepared for Volatile Year, but Some Oil, Gas Producers Not So Lucky, Says Hollub

U.S. oil and gas producers that weren’t prepared to get down to business as prices rose may be out of luck, Occidental Petroleum Corp. CEO Vicki Hollub said Wednesday. Hollub helmed a first quarter conference call, joined by CFO Robert Peterson and Richard Jackson, president of U.S. Onshore Resources and Carbon Management. They shared with…

May 13, 2022
Court Cites Flawed Emissions Analysis in Rejecting Federal Offshore Oil, Natural Gas Auction

Court Cites Flawed Emissions Analysis in Rejecting Federal Offshore Oil, Natural Gas Auction

A U.S. district court on Thursday vacated the results from last November’s oil and natural gas auction in the Gulf of Mexico (GOM), citing an outdated emissions analysis by the Trump administration. In the ruling, considered a major victory for environmental groups, U.S. District Judge Rudolph Contreras of the District of Columbia invalidated Lease Sale…

January 28, 2022
Activist Groups Seeking to Nullify November’s GOM Oil, Gas Lease Sale

Activist Groups Seeking to Nullify November’s GOM Oil, Gas Lease Sale

The federal oil and gas auction held last month for tracts in the Gulf of Mexico (GOM) is being challenged by activist groups that are seeking “any and all communications” regarding the sale since President Biden took office in January. Lease Sale 257, the eighth offshore auction and first in a year, was overseen last…

December 20, 2021
Shell Reports Another Deepwater Gusher in GOM Perdido

Shell Reports Another Deepwater Gusher in GOM Perdido

The plethora of oil and natural gas discoveries in the rich Perdido thrust belt of the deepwater Gulf of Mexico (GOM) has yielded yet another discovery for Royal Dutch Shell plc. Houston-based Shell Offshore Inc. made a “material discovery at the Blacktip North prospect” in U.S. waters. The well encountered about 300 feet net oil…

December 15, 2021
Shell’s Perdido Yields Yet Another Deepwater Discovery

Shell’s Perdido Yields Yet Another Deepwater Discovery

The plethora of oil and natural gas discoveries in the rich Perdido thrust belt of the deepwater Gulf of Mexico (GOM) has yielded yet another discovery for Royal Dutch Shell plc. Houston-based Shell Offshore Inc. made a “material discovery at the Blacktip North prospect” in U.S. waters. The well encountered about 300 feet net oil…

December 14, 2021
Federal Oil, Natural Gas Auctions Facing Changes as Interior Proposes Higher Royalty Rates

Federal Oil, Natural Gas Auctions Facing Changes as Interior Proposes Higher Royalty Rates

The U.S. oil and natural gas industry need not fear a federal drilling ban — for now — but royalty rates may be hiked for the first time in a century and leasing terms could be tightened based on an analysis by the Department of Interior. After taking office in January, President Biden issued Executive…

November 30, 2021
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