U.S. natural gas prices retreated Monday after rallying the previous week in the wake of Russia’s invasion of Ukraine. Traders looked past soaring European gas and global oil prices to start and focused on the likelihood of waning domestic demand. The April Nymex gas futures contract settled at $4.833/MMBtu, down 18.3 cents day/day. May shed…
Lower 48
Articles from Lower 48
Oxy’s Hollub says More Capital Needed to Sustain Production in 2022
Occidental Petroleum Corp. will need to spend more capital in 2022 to maintain oil production at 2021 levels, CEO Vicki Hollub said. Hollub discussed the plans of Occidental, better known as Oxy, during a conference call to discuss fourth-quarter results. Houston-based Oxy is one of the largest U.S. oil producers, with a leading footprint in…
U.S. Natural Gas Drilling Rises in Latest Baker Count as Oil Activity Surges
The U.S. natural gas rig count climbed two units to 109 for the week ended Friday (Jan. 14), while big gains in Texas sent the overall domestic drilling tally higher by double digits, according to updated figures published by Baker Hughes Co. (BKR). Including a net gain of 11 oil-directed rigs, the combined domestic rig…
Crescent Energy Created in Merger by Lower 48 E&Ps Independence, Contango
Texas-based exploration and production (E&P) firms Independence Energy LLC and Contango Oil & Gas Co. have created Crescent Energy Co. after completing an all-stock transaction. Houston-based Crescent, whose assets are across the Lower 48, had pro forma production of about 119,000 boe/d during 3Q2021. The Independence portfolio spanned the Eagle Ford Shale, Rockies, Permian Basin…
Lower 48 Plays to Continue Ratcheting Up Natural Gas, Oil Output in December, EIA Says
Led by growth out of the Haynesville Shale, natural gas production from seven key U.S. onshore regions is set to climb from November to December, according to updated projections from the Energy Information Administration (EIA). Total natural gas production from the Anadarko, Appalachia and Permian basins, as well as from the Bakken, Eagle Ford, Haynesville…
October Natural Gas Futures Skyrocket Ahead of Expiration, Reach New 2021 High
Natural gas futures sailed higher on Monday, rallying for a third straight session ahead of prompt month expiration and amid a potential global energy supply crunch. The October Nymex contract spiked 56.6 cents day/day and settled at $5.706/MMBtu. October rolls off the board as the prompt month at the close of trading Tuesday. November jumped…
FERC, NERC Inquiry into February Freeze Spotlights Natural Gas Failures
Natural gas-fired electric generators made up a majority of the failures identified by FERC during an inquiry into the extreme cold weather that rattled power markets in Texas and the Midwest in February. The Federal Energy Regulatory Commission, in a joint effort with the North American Electric Reliability Corp. (NERC), found freezing generator components and…
Lower 48 E&Ps in Turf War as Efficiencies, Low Costs Rule
The battle to become a top oil and natural gas producer is no longer being waged by Jett Rink-like roustabouts toiling in the sun off of caliche roads in West Texas, but rather by algorithm experts sitting in darkened, air-conditioned offices in Houston. Exploration and production (E&P) companies looking for the edge to elevate their…
U.S. Oil, Natural Gas M&A on Torrid Pace in 2Q, while Canada Led International Dealmaking
After a cold start to the year, North American upstream merger and acquisition (M&A) activity heated up in the second quarter, with U.S. dealmaking alone hitting more than 40 deals valued at around $33 billion. Energy data analytics expert Enverus on Monday issued its 2Q2021 report on U.S. exploration and production (E&P) activity. Finbrook Pte…
Natural Gas Rig Count Up as Overall U.S. Activity Flat in Latest Tally
The U.S. natural gas rig count climbed one unit to finish at 98 for the week ended Friday (June 25), while a small decline in oil rigs left the overall domestic tally flat for the period, according to data from Baker Hughes Co. (BKR). One oil-directed rig exited the patch in the United States during…