Oil And Gas

Most of the top financial officers of oil and natural gas companies expect 2023 to bring increases to profitability as a result of post-Covid demand recovery and investors “warming to the industry,” according to a recent survey from BDO USA LLP. In the face of a potential economic downturn this year, energy companies are still…

Rig technology expert Helmerich & Payne Inc. (H&P) is not expecting over-the-top activity by its exploration customers this year, with steady and moderate activity more likely, CEO John Lindsay said this week. Lindsay on Tuesday discussed the fiscal first quarter performance for the Tulsa-based oilfield services company. Last November, Lindsay predicted moderate growth this year…

Driven by a sharp pullback in oil-directed activity, the combined U.S. rig count fell four units to 771 for the week ended Friday (Jan. 20), according to updated numbers from oilfield services provider Baker Hughes Co. (BKR). Changes domestically included a 10-rig decline in oil-directed rigs, partially offset by an increase of six natural gas-directed…

An uptick in global offshore development, combined with expansion of natural gas opportunities overseas, bode well for SLB Ltd. to improve activity in 2023, CEO Olivier Le Peuch said Friday.  All signs point in a positive direction, Le Peuch said, after the world’s No. 1 oilfield services (OFS) operator closed out a “remarkable year.” He…

Bolstered by another strong month of growth from the Haynesville Shale, domestic natural gas production from seven key onshore plays should climb to over 96.6 Bcf/d from January to February, updated modeling from the Energy Information Administration (EIA) shows. The agency said in its latest Drilling Productivity Report (DPR), published Tuesday, that it expects natural…

“I would say there’s a sensation that you can see a light at the end of the tunnel,” José María Lujambio, partner and energy practice director at Cacheaux, Cavazos & Newton, told NGI’s Mexico GPI. “It is a feeling that deterioration in the [Mexican energy] sector has ended and members of the industry are starting…

The U.S. natural gas rig count dropped two units to finish at 150 for the week ended Friday (Jan. 13), while gains in the oil patch lifted the combined domestic tally three units higher to 775, according to the latest figures from oilfield services provider Baker Hughes Co. (BKR). Domestic drilling activity on land was…

The past year marked a renewed sense of collaboration between Mexico’s state power utility Comisión Federal de Electricidad (CFE) and private sector energy firms, resulting in the sanctioning of new natural gas infrastructure projects and agreements to advance stalled ones. Meanwhile, Mexico’s pipeline natural gas imports from the United States were down year/year during summer,…

Bolstered by gains in the oil patch, including in the Permian Basin and the Eagle Ford Shale, the U.S. rig count rose three units to reach 775 during the week ended Friday (Jan. 13), according to updated numbers published by Baker Hughes Co. (BKR). Changes in the United States for the week included a five-rig…