In a ruling considered a victory for the natural gas and oil industry, the U.S. Supreme Court has unanimously narrowed federal oversight established in the Waters of the United States (WOTUS) within the Clean Water Act (CWA). In an opinion written by Justice Samuel Alito, the court said the Environmental Protection Agency’s (EPA) interpretation of…
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Appalachia’s Ascent Turning to Liquids, Market Diversification Amid Low Natural Gas Prices
Ascent Resources Utica Holdings LLC is pivoting to the liquids-rich window of its acreage and marketing most of its natural gas outside the Appalachian Basin to offset price volatility, according to management. CEO Jeff Fisher hosted a conference call earlier this month to discuss first quarter results of Oklahoma City-based Ascent, a Utica Shale pure-play…
Mexico’s Pemex Eyeing 48% Upstream Capex Increase in Effort to Maintain Natural Gas, Oil Production
Mexico’s state oil company Petróleos Mexicanos (Pemex) has set an upstream capital expenditures (capex) budget of 240 billion pesos ($13.4 billion) for 2023, up from 162 billion pesos ($9.05 billion) in 2022. The 100% state-owned firm outlined the investment plans in its latest 20-F annual report filed to the U.S. Securities and Exchange Commission in…
Texas E&P Sector Sees Slower Job Growth as Rig Count, Natural Gas Prices Slump
Employment in the Texas upstream oil and gas industry continued to rise in April but at a slower clip than the previous month, according to the latest tally from the Texas Independent Producers and Royalty Owners Association (TIPRO). Direct employment in the exploration and production (E&P) sector totaled 199,400 for the month, up 700 jobs…
U.S. Rig Total Walloped Once Again, This Time With Oil Count Down Double Digits
The U.S. rig count posted a second straight double-digit decline during the week ended Friday (May 19), this time with losses hitting the oil patch, the latest figures from Baker Hughes Co. (BKR) show. U.S. operators shelved 11 rigs — all oil-directed — for the period, dropping the domestic tally to 720, lagging the year-earlier…
Domestic Natural Gas, Oil Industry Supporting ‘11 Million Careers,’ Trillion-Plus in Revenue, Says API
The U.S. natural gas and oil industry supported 10.8 million jobs and contributed nearly $1.8 trillion to the domestic economy in 2021, according to the American Petroleum Institute (API). API commissioned the report, which was completed by PricewaterhouseCoopers (PwC). API CEO Mike Sommers said natural gas and oil delivered “growing economic contributions to America,” which…
Brazil’s Petrobras Avoids Costly LNG Imports As Hydro Reservoirs Replenished
Brazilian national oil company Petróleo Brasileiro SA, aka Petrobras, managed to avoid expensive LNG imports during the first quarter amid historically high reservoir levels at the country’s hydroelectric dams. The majority state-owned firm sourced 63% of its gas supply from domestic production and 37% via pipeline imports from Bolivia during the first quarter. In 1Q2022,…
Argentina’s YPF Still Upping Oil, Gas Production Despite Tricky Macro Environment
Executives at Argentina’s state oil and gas firm YPF SA in an earnings call acknowledged the difficult economic environment in the country but said upstream plans remained unchanged. Hydrocarbon production hit 511,000 boe/d in the first quarter of 2023, up 1% year/year. Shale oil and natural gas led the way, mainly from the Vaca Muerta…
Mexico Private E&Ps Reporting Major Finds, but Slowdown Expected Without New Rounds
Mexico’s private oil and natural gas industry has made major strides adding reserves and production since the sector was opened to non-state firms in 2014. The most recent major announcement was German company Wintershall Dea’s Kan-1 discovery. Wood Mackenzie Latin America analyst Adrian Lara said the discovery “is one of the largest in Mexico’s shallow…
Latin America Driving Global Natural Gas, Oil Activity Growth, Say OFS Firms
Oilfield services (OFS) companies continue to report steady growth in revenue and upstream activity throughout Latin America, with onshore and offshore operations each playing a role. Halliburton Co. reported a 40% year/year increase in Latin America revenue to $915 million during the first quarter. The growth was “due primarily to increased well construction services and…