Coterra Energy Inc. is “throttling back on operations” in the Marcellus Shale to start 2024, but management is “highly optimistic on the 12- to 18-month outlook” for natural gas as LNG facilities come online, CEO Tom Jorden said. The Houston-based independent plans to decrease capital expenditures (capex) in 2024 by 12% year/year to $1.75-1.95 billion…
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Natural Gas Drilling Rises in U.S. as Haynesville, Marcellus Add Rigs, BKR Data Show
Led by gains in both the Haynesville and Marcellus shales, the U.S. natural gas rig count advanced to 121 for the week ended Friday (Feb. 9), up four rigs for the period, according to the latest tally from Baker Hughes Co. (BKR). Total U.S. oil-directed rigs were unchanged week/week at 499, and the combined domestic…
Drilling Permits on the Uptick in Lower 48 Natural Gas Plays
Drilling permits in the natural gas-rich Marcellus, Utica and Haynesville shale plays showed strong month/month growth in December 2023 but remained 16% below the December 2022 total, according to the latest tally by Evercore ISI. The three formations, which together supply about 53% of Lower 48 gas output, had a combined issued permit count of…
Natural Gas Rig Count Eases Lower as Oil Drilling Powers Domestic Activity Gains
The U.S. natural gas rig count slid one unit to 116 for the week ended Friday (Dec. 1), while gains in the oil patch lifted the overall domestic count to 625, according to the latest figures from Baker Hughes Co. (BKR). Changes in the United States for the period included the addition of five oil-directed…
Natural Gas Count Up Three in U.S. as Marcellus, Haynesville Pick Up Rigs
The U.S. natural gas drilling count rose three units to 117 for the period ending Wednesday (Nov. 22) as the Haynesville and Marcellus shales picked up rigs, Baker Hughes Co. (BKR) data show. Oil-directed drilling was unchanged at 500 rigs in the United States for the period, while the addition of one miscellaneous unit helped…
Coterra Eyeing Anadarko Natural Gas as Gulf Coast LNG Supply Source
Faster cycle times and strong well productivity drove a production beat for multi-basin independent Coterra Energy Inc. during the third quarter, a performance that led the explorer to increase guidance for the year. The Houston-based exploration and production (E&P) giant, which works in the Anadarko and Permian basins, as well as the Marcellus Shale, expects…
Chesapeake Prepared to Expand Natural Gas Drilling in 2024 Ahead of LNG Export Growth
Chesapeake Energy Corp. has turned to another global commodity trader to help expose more of its U.S. natural gas production to international markets, inking a tentative deal with Vitol Inc. to sell up to 1 million metric tons/year (mmty) of LNG. The heads of agreement (HOA) follows one that Chesapeake signed earlier this year with…
Lower 48 Oil and Natural Gas Permitting Rises, but Not Everywhere
Nearly 3,000 permits were issued in February to explore for U.S. oil and gas, a slight increase from January but down nearly 9% from a year ago, according to state and federal data. Evercore ISI, which tracks oil and gas permitting data, said 2,929 permits gained approval in February, up by 211 or 8% from…
MPLX Bullish on Natural Gas Growth as Permian, Marcellus Bottlenecks Targeted
MPLX LP is bumping up its capital spending by $50 million in 2023 to work toward debottlenecking pipeline constraints and expanding gathering and processing (G&P) capacity in the Permian Basin, as well as the Bakken and Marcellus shales. MPLX has set aside $800 million of growth capital for the year, with another $150 million earmarked…
Pennsylvania Natural Gas Production Continues to Dip, 4Q Drilling Below Last Year’s Pace
Pennsylvania natural gas production from horizontal wells totaled 1.88 Tcf or 20.6 Bcf/d in the third quarter, down 0.8% from the third quarter of 2021, according to data from the state’s Department of Environmental Protection (DEP). This marks the third straight quarter in which output did not rise on a year/year (y/y) basis, DEP said,…