oil and gas production

Vaca Muerta Shale Driving Natural Gas Production Surge for Argentina’s YPF

Vaca Muerta Shale Driving Natural Gas Production Surge for Argentina’s YPF

U.S. onshore producers may be limiting annual production growth to 5% or less, but don’t tell that to Argentina’s 51% state-owned YPF SA. The Vaca Muerta shale play in the Neuquén Basin drove a 16% year/year increase in oil and gas output to 506,000 boe/d during the first quarter for the integrated producer. On a…

May 16, 2022
Natural Gas Rig Count Climbs as U.S. Drilling Activity Continues to Rise

Natural Gas Rig Count Climbs as U.S. Drilling Activity Continues to Rise

The U.S. natural gas rig count rose three units to 149 for the week ended Friday (May 13), while rising numbers in the oil patch rounded out another week of healthy gains for domestic drilling activity, the latest numbers from Baker Hughes Co. (BKR) show. Six oil-directed rigs were added along with the three natural…

May 13, 2022
Oxy Prepared for Volatile Year, but Some Oil, Gas Producers Not So Lucky, Says Hollub

Oxy Prepared for Volatile Year, but Some Oil, Gas Producers Not So Lucky, Says Hollub

U.S. oil and gas producers that weren’t prepared to get down to business as prices rose may be out of luck, Occidental Petroleum Corp. CEO Vicki Hollub said Wednesday. Hollub helmed a first quarter conference call, joined by CFO Robert Peterson and Richard Jackson, president of U.S. Onshore Resources and Carbon Management. They shared with…

May 13, 2022
U.S.-Mexico Energy Trade Hits Record High Amid Surging Natural Gas, Oil Prices

U.S.-Mexico Energy Trade Hits Record High Amid Surging Natural Gas, Oil Prices

The value of cross-border energy trade between the United States and Mexico reached a nine-year high of $42 billion in 2021, according to the U.S. Energy Information Administration (EIA). The figure is the highest ever recorded in U.S. Census Bureau data, which started in 1996, said EIA researchers led by Natalie Kempkey. The immense flow…

May 11, 2022
Lower 48 Oil Production Growth Forecasts Too Aggressive, Says Pioneer’s Sheffield

Lower 48 Oil Production Growth Forecasts Too Aggressive, Says Pioneer’s Sheffield

Projections of Lower 48 oil production growth this year are “way too high,” Pioneer Natural Resources Co. CEO Scott Sheffield said Thursday. Irving, TX-based Pioneer is among the largest producers in the Permian Basin, with operations focused on the Midland sub-basin. As evidence, Sheffield pointed to comments by oilfield services CEOs, including Halliburton Co.’s Jeff…

May 6, 2022
U.S. Drilling Totals Rise Amid Notable Bump in GOM Activity

U.S. Drilling Totals Rise Amid Notable Bump in GOM Activity

Including expanded activity in the Gulf of Mexico (GOM), the U.S. rig count rose seven units to 705 for the week ended Friday (May 6), according to the latest tally from Baker Hughes Co. (BKR). Five oil-directed rigs and two natural gas-directed rigs were added in the United States for the week, putting the combined…

May 6, 2022
Diamondback Holding Line on Permian Production – Despite High Prices, Demand

Diamondback Holding Line on Permian Production – Despite High Prices, Demand

Permian Basin pure-play Diamondback Energy Inc. is not budging on plans to keep oil production flat this year, despite increased market tightness because of Russia’s invasion of Ukraine, said CEO Travis Stice. Diamondback “is committed to maintaining our current production levels, providing a significant supply of energy to our country and the world,” said Stice…

May 6, 2022
Shell, TotalEnergies and Petrobras say Production Underway at Deepwater Megaproject off Brazilian Coast

Shell, TotalEnergies and Petrobras say Production Underway at Deepwater Megaproject off Brazilian Coast

First-phase production has begun at the immense Mero deepwater oil and natural gas field off the Brazilian coast. Mero is located in the Libra block, more than 150 kilometers (93 miles) off the coast of Rio de Janeiro in the prolific pre-salt area of the Santos Basin. Libra is operated by Brazilian national oil company…

May 3, 2022
Cenovus Sees Continued Jolt for Oil, Natural Gas Prices and Uncertainty Overseas

Cenovus Sees Continued Jolt for Oil, Natural Gas Prices and Uncertainty Overseas

Calgary-based oilsands producer Cenovus Energy Inc. is predicting a bumpy ride for North American oil and natural gas supply and for prices in light of Covid-19 relapses and Russia’s invasion of Ukraine.  “Current fundamentals suggest a tight market will persist” for natural gas, management said as part of the 1Q0222 results. “But this could be…

April 29, 2022
Oil, Natural Gas Lenders Optimistic on 2022 Growth, Cautious Long Term

Oil, Natural Gas Lenders Optimistic on 2022 Growth, Cautious Long Term

Banks that actively lend to the oil and natural gas sector are upbeat about strong commodity prices and rising production activity that necessitate new and expanded exploration and drilling projects – and financing to make it happen. Some are reporting loan growth as a result. Others look for increased lending to develop as the year…

April 29, 2022
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