After some shuffling around in the major U.S. onshore plays, the domestic rig count added two units to finish at 348 for the holiday-shortened week ending Wednesday (Dec. 23), according to Baker Hughes Co. (BKR). An increase of two natural gas-directed units and one oil-directed unit, partially offset by the loss of one miscellaneous unit,…
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U.S. E&P Bankruptcies Offsetting Lower 48 Growth, with Big Losses Forecast in Oil Output
The voluntary bankruptcies by U.S. exploration operators have continued to mount, with Lower 48 oil production by the insolvent companies set to decrease from current volumes by around 25%, or 200,000 b/d, at the end of 2021, according to a Rystad Energy analysis. “Operated oil production from the recent Chapter 11 filings is heavily weighted…
Goodrich Looking to Haynesville As Natural Gas Prices Improve in 2021
With the 2021 natural gas futures strip price improved to more than $3.00/Mcf, Haynesville Shale-focused Goodrich Petroleum Corp. has increased its outlook and cash flow potential for the coming year. The independent’s production is 98% weighted to natural gas, and the latest price signals could “dramatically” help increase earnings potential, CEO Gil Goodrich said during…
Oil, Gas Permits for Lower 48 Federal Land Climb Ahead of Biden’s Election
U.S. explorers during October increased their oil and gas permit requests for the third month in a row, with an uptick in developing leaseholds on federal lands, according to Evercore ISI. The analyst firm each month provides data using state and federal sources regarding permits for oil and gas wells, plugging and abandoned (P&A) wells…
Comstock Ramps Haynesville Activity in Anticipation of Higher Natural Gas Prices
Haynesville Shale giant Comstock Resources Inc. “went back to work” in the third quarter to try to cash in on expected higher natural gas prices by accelerating seven well completions and by adding two horizontal drilling rigs, CEO Jay Allison said Thursday. “We have advantaged access to the demand market of the Gulf Coast,” Allison…
Liberty Oilfield Finds Opportunities with Haynesville Entry, OneStim Takeover
Denver-based Liberty Oilfield Services Inc. proved the contrarian during the third quarter, and it appeared to pay off, as it acquired a top-tier pressure pumping business, gained entry into the gassy Haynesville Shale, and un-furloughed all of the employees who were sent home last spring in anticipation of brighter days ahead. Revenue jumped 67% from…
BP Looks to Haynesville on Rising Henry Hub Natural Gas Prices, LNG Export Outlook
BP plc has no plans to veer off an objective to reach net-zero emissions by 2050, but natural gas and oil continue to be the “engine” driving the company in the near term, CEO Bernard Looney said Tuesday. Looney and CFO Murray Auchincloss held a wide-ranging conference call to share third quarter results. BP’s global…
Seven Key Oil, Natural Gas Producing Regions Set to Lower Output in November, Says EIA
Despite anticipated increases in productivity per rig across seven key U.S. producing regions, overall oil and gas output from these areas is expected to fall across the board from October to November, according to updated numbers released Tuesday by the Energy Information Administration (EIA). The agency’s latest Drilling Productivity Report (DPR) projects that total natural…
Matador Sees Strong Results in Permian Delaware with More Wells Nearing Completion
Permian Basin-focused Matador Resources Co. has seen some of the highest initial potential (IP) rates from one of four wells recently completed and turned to sales in the Stateline asset area in Eddy County, NM. The Dallas-based operator said Tuesday the test results from the Boros No. 215H well showed 24-hour IP production of 4,584…
Range Resources Aiming for Net Zero Emissions in Lower 48 by 2025
Lower 48 independent Range Resources Corp. on Wednesday unveiled an emissions goal of net zero greenhouse gas (GHG) emissions by 2025. The Fort Worth, TX-based exploration and production (E&P) company said in its 2020 Corporate Sustainability Report it has reduced absolute GHG emissions by 47% since 2017. It also has recycled 147% of produced water…