Increase

Saudi Arabia, which leads the Organization of the Petroleum Exporting Countries (OPEC), may quickly ramp up production this spring, following the recent momentum in oil prices and its own expectations for increased demand in the second half of 2021. It would mark a stark shift from its current stance. OPEC and its allies, aka OPEC-plus,…

Natural gas futures extended to three days a winning streak built on intensifying winter weather and renewed momentum in U.S. liquefied natural gas (LNG) demand. Before rolling off the board on Wednesday, the February Nymex gas futures contract climbed 10.4 cents day/day and settled at $2.760. March, which takes over as the prompt month on…

The U.S. rig count rose 10 units to 320 during the short holiday work week ended Wednesday (Nov. 25), driven by a sharp increase in oil-directed drilling, including gains in the Permian Basin and Eagle Ford Shale, according to the latest figures from Baker Hughes Co. (BKR). Gains in the United States included 10 oil-directed…

State-owned Qatar Petroleum (QP), the world’s largest natural gas producer, said by 2027 it should be able to increase current liquefaction capacity by 64%.

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.

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.