Oil And Gas

The U.S. natural gas rig rose three units to 154 for the week ended Friday (March 3), though a third straight weekly decline in oil activity dropped the overall domestic tally four units to 749, according to updated numbers from Baker Hughes Co. (BKR). Net changes domestically for the period included an eight-rig decline in…

Overshadowing gains in natural gas drilling, a third consecutive weekly decline in the oil patch dropped the U.S. rig count four units to 749 for the week ended Friday (March 3), according to the latest tally from Baker Hughes Co. (BKR). Net changes domestically for the period included an eight-rig decline in oil-directed rigs. In…

Mark Ovintiv Inc. as yet another North American producer expecting to pull back the reins on natural gas development this year.  The Denver-based explorer is reducing development “in response to weaker short term North American natural gas fundamentals,” CEO Brendan McCracken said during the recent quarterly conference call.  Executives of other U.S.-based producers during 4Q2022…

Water recycling firm Infinity Water Solutions LLC is extending a collaboration with a unit of ExxonMobil to improve water use in oil and natural gas activities in the Permian Basin’s Delaware subbasin in New Mexico. The multi-year contract with major Permian operator XTO Energy Inc., an ExxonMobil subsidiary, would preserve millions of barrels of water…

Pipeline and environmental projects will fire up 2023 into a growth year in Canadian natural gas and oil investments, according to a major industry trade group. The Canadian Association of Petroleum Producers (CAPP) is forecasting investments totaling US$30 billion total this year, up by $3 billion from 2022. “The year 2023 may be one of…

Amid record profits across the globe for oil and gas giants, Mexico’s national oil company Petróleos Mexicanos, aka Pemex, posted yet another loss in the fourth quarter of 2022. The company reported a fourth-quarter net loss of 172.4 billion pesos ($9.4 billion) after a 52- billion peso loss in the third quarter. In 4Q2021, Pemex…

The U.S. natural gas rig count held steady at 151 for the week ended Friday (Feb. 24), while a slowdown in the oil patch dropped the combined domestic drilling total seven units to 753, according to the latest numbers from Baker Hughes Co. (BKR). Land drilling fell seven units week/week, while the Gulf of Mexico…

Southwestern Energy Co. said Friday it would drop drilling rigs this year in the Appalachian Basin and Haynesville Shale, joining other natural gas-focused producers that have announced plans to curb activity in response to falling prices. “Given near-term market conditions, we have proactively moderated activity, resulting in slightly lower expected production for 2023, and have…

A slowdown in oil-directed drilling sent the U.S. rig count tumbling seven units lower to 753 for the week ended Friday (Feb. 24), according to updated figures from oilfield services provider Baker Hughes Co. (BKR). Total U.S. natural gas-directed rigs were unchanged week/week at 151, with oil-directed rigs accounting for the entirety of the overall…