Appalachian pure-play Montage Resources Corp. plans to slash spending by $30 million through the remainder of the year as natural gas prices stagnate, but production is expected to increase.
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Black Hills Corp., with operations in eight states, has increased its five-year capital investment plans to $2.8 billion to focus on consolidating multiple natural gas utilities.
Onshore heavyweight EOG Resources Inc. became one of the rare explorers to announce increased capital spending for 2019, with plans to devote more resources to new areas in the Lower 48 with better-priced drilling potential and less funds to more established plays.
Domestic natural gas production growth is expected to keep pace with demand and exports this year, and inventories will build faster than the five-year average, keeping a lid on Henry Hub prices, which are expected to average just $2.89/MMBtu in 2019, according to the Energy Information Administration (EIA).
Tulsa-based Samson Resources II LLC reported 30-day initial production of 2,339 boe/d (97% oil) from the Spearhead (Federal 11-2635 4075) well in the Shannon formation in Converse County, WY, within the Powder River Basin. With about 145,000 net acres in the PRB, the board is considering expanding its delineation program. An operating budget is be finalized late in 1Q2019.
The U.S. rig count grew by four to 1,067 for the week ended Friday (Oct. 19), driven by gains in oil drilling and featuring a sharp uptick in Texas, according to data from Baker Hughes, a GE Company (BHGE).
Permian Basin explorer Ring Energy Inc. has increased its capital spending for 2018 by nearly 25% as it builds out infrastructure in the Delaware sub-basin and Central Basin Platform (CBP) to deliver more natural gas and oil to market.
Driven by record production from the Permian Basin, including a near-70% increase in natural gas output from No. 1 prospect Alpine High, Apache Corp. is boosting its capital spending this year by $400 million to $3.4 billion.
Global oil supply outside the cartel that makes up the Organization of the Petroleum Exporting Countries, i.e. OPEC, has recovered since contracting in 2016, but uncertainties remain about where the market may be headed through the rest of this year.
Houston-based Occidental Petroleum Corp.’s (Oxy) most significant U.S. oil and natural gas results in 3Q2017 were found in the Permian Basin’s Sand Dunes area of New Mexico, where drilling results are shattering expectations, executives said Thursday during a conference call with analysts.