natural gas drilling

Patterson-UTI Steadies Capacity Additions while Expanding Natural Gas-Powered Fleets, Rig Tech 

Patterson-UTI Steadies Capacity Additions while Expanding Natural Gas-Powered Fleets, Rig Tech 

Contract driller Patterson-UTI Energy Inc. has no plans to add drilling or completion capacity in the Lower 48, as activity is forecast to remain flat through the year, but opportunities exist to enhance and expand the natural gas-powered fleets, CEO Andy Hendricks said. Speaking to analysts during the recent quarterly conference call, Hendricks said the…

February 20, 2024
Comstock Shedding Rigs, Suspending Dividend Amid Natural Gas Price Slump

Comstock Shedding Rigs, Suspending Dividend Amid Natural Gas Price Slump

Haynesville Shale pure-play Comstock Resources Inc. is pumping the brakes on natural gas drilling and shareholder distributions because of low commodity prices. “In response to weak natural gas prices, Comstock plans to suspend its quarterly dividend until natural gas prices improve,” management said. “In addition, the company plans to reduce the number of operating drilling…

February 14, 2024
Kansas City Fed Survey Shows Softened Natural Gas Price Outlook, Fourth Straight Activity Decline

Kansas City Fed Survey Shows Softened Natural Gas Price Outlook, Fourth Straight Activity Decline

Oil and gas executives in the Rocky Mountain and Midcontinent regions no longer expect the Henry Hub natural gas price to surpass $4/MMBtu at any point in the next five years, according to the Federal Reserve Bank of Kansas City. The Kansas City Fed conducts quarterly surveys to gauge current and expected drilling activity in…

January 16, 2024
Natural Gas Rig Count Eases Lower as Oil Drilling Powers Domestic Activity Gains

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…

December 1, 2023
Natural Gas Rigs Down Four, Oil Count Up Six in Updated BKR Tally

Natural Gas Rigs Down Four, Oil Count Up Six in Updated BKR Tally

The U.S. natural gas rig count dropped four units to finish at 114 for the week ending Friday (Nov. 17), while gains in the oil patch saw the combined domestic drilling tally rise two units to 618, according to updated numbers from Baker Hughes Co. (BKR). Changes in the United States for the period included…

November 17, 2023
U.S. E&Ps ‘Showing New Interest’ to Expand but Lending Market Said Tight

U.S. E&Ps ‘Showing New Interest’ to Expand but Lending Market Said Tight

A more favorable commodities market for oil and gas prices often has led to more U.S. drilling activity, but producers into 2024 may face volatility and less-than-enthusiastic lenders, according to a new survey by Haynes and Boone LLP. The law firm’s semi-annual Borrowing Base Redeterminations Survey found that exploration and production (E&P) companies may not…

November 14, 2023
Permian Slowdown Drives Five-Rig Decrease in Latest BKR Tally

Permian Slowdown Drives Five-Rig Decrease in Latest BKR Tally

Driven by declines in the Permian Basin, the U.S. rig count dropped five units to 675 for the week ended Friday (July 14), according to the latest tally from Baker Hughes Co. (BKR). Domestic declines for the period included three oil-directed rigs and two natural gas-directed rigs. Total natural gas-directed rigs ended the week at…

July 14, 2023
Natural Gas Rigs See Double Digit Rebound, Bucking Recent Trend

Natural Gas Rigs See Double Digit Rebound, Bucking Recent Trend

Bucking a recent trend of retrenchment, the U.S. natural gas rig count rebounded sharply during the week ended Friday (July 7), jumping 11 units higher to finish at 135, according to updated numbers from Baker Hughes Co. (BKR). Oil drilling, meanwhile, declined by five rigs in the United States. The combined domestic tally rose six…

July 7, 2023
Natural Gas Drilling Steady in U.S. as Oil Count Rises in Canada

Natural Gas Drilling Steady in U.S. as Oil Count Rises in Canada

The U.S. natural gas rig count went unchanged at 151 during the week ended Friday (June 3) amid minor regional adjustments to domestic upstream activity levels, while the Canadian oil count soared, the latest figures from Baker Hughes Co. (BKR) show. Both oil- and natural gas-directed drilling totals were unchanged in the United States for…

June 3, 2022
U.S. Drilling Activity Steady to Close Out 2021, Latest BKR Tally Shows

U.S. Drilling Activity Steady to Close Out 2021, Latest BKR Tally Shows

Overall drilling activity in the United States held steady to close out 2021, with the combined domestic count finishing unchanged at 586 for the week ended Friday (Dec. 31), according to updated figures published by Baker Hughes Co. (BKR). Total oil-directed rigs in the United States held steady at 480, while natural gas-directed rigs were…

January 3, 2022
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