Oil And Gas

Declines in both oil and natural gas drilling saw the U.S. rig count drop five units overall to 664 for the week ending Friday (July 28), the latest figures from Baker Hughes Co. (BKR) show. Three natural gas-directed rigs exited the patch domestically for the period, alongside one oil-directed rig and one miscellaneous unit. The…

Lower natural gas and oil prices, combined with reduced output, took a bite out of ExxonMobil’s profits during the second quarter, but it continues to expand on the Gulf Coast, with more acquisitions possible, CEO Darren Woods said Friday. The CEO discussed the second quarter results during a conference call from the new corporate headquarters…

Crescent Point Energy Corp. built its Montney Shale prospects with a recent purchase, giving it more leverage in Western Canada and helping the independent contend with lower commodity prices and Alberta wildfires during the second quarter. The Alberta-based producer said the province’s widespread wildfires scorched oil and natural gas production in 2Q2023, knocking it down…

Mexico’s natural gas production averaged 4.35 Bcf/d in June, up from 4.04 Bcf/d in June 2022. State oil company Petróleos Mexicanos (Pemex) produced 4.12 Bcf/d of the total, versus 3.80 Bcf/d in the year-ago month, according to upstream regulator Comisión Nacional de Hidrocarburos (CNH). Private sector firms produced 227 MMcf/d, versus 242 MMcf/d a year…

Cuts in the Permian Basin and in the Eagle Ford Shale saw the combined U.S. rig count tumble six units to finish at 669 for the week ended Friday (July 21), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Declines in the United States for the period included seven oil-directed…

SLB Ltd. expects the international offshore oil and natural gas industry to surge through this decade, CEO Olivier Le Peuch said Friday. The No. 1 oilfield services company saw its highest year/year revenue growth in three years in the second quarter of 2023, even amidst a cooling of activity in its North America exploration and…

Zefiro Methane Corp., which plugs orphaned and abandoned oil and gas wells in North America to create carbon credits, has pre-sold some of the portfolio to trader Mercuria Energy America LLC.  Zefiro’s current projects include plugging abandoned or orphaned wells in the Appalachian Basin and Texas-Louisiana-Mississippi Salt Basins. “For too long, investors have not had…

The Texas upstream industry added a record 6,800 jobs in May, but the oil and gas industry overall may be at risk as activity slows and the rig count falls because of low prices, according to a top state energy economist. The monthly Texas Petro Index (TPI) compiled by economist Karr Ingham for the Texas…

Declines in the oil patch drove the combined U.S. rig count five units lower to 682 for the week ended Friday (June 23), while the natural gas drilling tally held flat at 130, the latest figures from Baker Hughes Co. (BKR) show. A six-rig decline in domestic oil-directed drilling was partially offset by a net…