oil and gas production

ExxonMobil is targeting net zero Scope 1 and 2 greenhouse gas emissions from its operated Permian Basin assets by 2030, the company said Monday. The Irving, TX-based supermajor was producing 500,000 boe/d in the Permian at the end of the third quarter, accounting for more than 40% of the company’s U.S. net production. ExxonMobil plans…

Policies and regulations in the U.S. oil and natural gas patch, led by Texas, are viewed as substantially more favorable to investment than in Canada, according to the latest survey by the Fraser Institute. The 2021 Canada-US Energy Sector Competitiveness Survey by the Vancouver-based think tank asked 71 senior executives in the petroleum sector to…

The U.S. natural gas rig count went unchanged at 102 during the week ended Friday (Dec. 3), while the oil count also remained steady at 467 to leave the overall domestic tally even for the period at 569, according to the latest figures from Baker Hughes Co. (BKR). The combined 569 active U.S. rigs as…

Mexico’s natural gas production in October rose to 3.93 Bcf/d, compared with 3.899 Bcf/d in the year-ago month. October’s production was the highest of any month this year. The average to date in 2021 has been 3.837 Bcf/d, according to upstream regulator Comisión Nacional de Hidrocarburos (CNH). September production was 3.894 Bcf/d. National oil company…

U.S. natural gas producers hedged most of their 2022 output before prices began to soar, setting the sector up for a slew of one-time losses on the wrong-way bets, according to Rystad Energy. When exploration and production (E&P) companies hedge their gas production, they typically take an opposite position in the forecast price. However, increasing…

The U.S. natural gas rig count went unchanged at 102 for the abbreviated pre-Thanksgiving period ended Wednesday (Nov. 24), while an uptick in drilling activity in North Dakota helped lift the oil count six units higher, according to updated Baker Hughes Co. (BKR) data. As with the total number of natural gas-directed rigs, the Gulf…

Reinvestment rates by Lower 48 oil and natural gas producers hit an all-time low in the third quarter while free cash flow (FCF) hit a record high, according to new analysis by Rystad Energy. The Oslo-based consultancy examined 21 publicly listed U.S. oil producers, excluding the majors, that together account for 40% of expected 2021…

Northern Oil and Gas Inc. has agreed to acquire “substantially all” the nonoperated Permian Basin assets owned by affiliates of Veritas Energy LLC, including 6,000 oil-weighted net acres. The transaction for $406.5 million was announced earlier this month. “This transaction completes the strategic transformation of our business that began in 2018,” CEO Nick O’Grady said.…

Publicly listed independent Goodrich Petroleum Corp. has agreed to be taken private by Paloma Partners VI Holdings LLC in a deal valued at roughly $480 million. Paloma, an affiliate of EnCap Energy Capital Fund XI LP, plans to launch a tender offer to acquire for $23/share in cash all of Goodrich’s outstanding common stock.  Goodrich…