Oil And Gas

The Texas upstream industry has seen reduced natural gas and oil prices and lower permitting through the first half of the year, and in June, employment growth began to slow as well.  Exploration and production (E&P) activity “is clearly in a state of contraction as measured by the Texas Petro Index (TPI),” said Texas Alliance…

Some Permian Basin-focused exploration and production (E&P) executive teams  – Callon Petroleum Co., HighPeak Energy Inc. and Permian Resources Corp. to name a few –  are reporting that oilfield services (OFS) and material prices softened during the second quarter.  Houston-based Callon Petroleum Co. CEO Joe Gatto said OFS equipment prices dropped slightly. Gatto hosted a…

Canada’s natural gas and oil sector faced daunting challenges during the second quarter because of the still-unfolding wildfire season, but activity overall has recovered, according to some of the top operators. Exploration and production (E&P) companies, midstream operators, oilfield services (OFS) providers and utilities reported big and small impacts to their operations between April and…

EOG Resources Inc. is advancing multiple upstream natural gas projects ahead of an expected surge in LNG export demand, management said Friday. CEO Ezra Yacob discussed an improving outlook for natural gas prices, which have plunged this year, during the Houston-based independent’s second quarter earnings call.  EOG operates in all the major Lower 48 onshore…

Fitch Ratings Inc. downgraded the credit ratings of Petróleos Mexicanos (Pemex) in mid July, citing the Mexico state-owned oil company’s high debts, multiple accidents and “continued weak operating performance.”  Fitch’s Saverio Minervini, a senior director in the Latin America corporate finance group, spoke with NGI’s Mexico GPI about the reasons for the downgrade. “This was…

An oil-focused slowdown, including in the mighty Permian Basin, sent the U.S. rig count five units lower to 659 for the week ending Friday (Aug. 4), according to the latest tally by Baker Hughes Co. (BKR). Total U.S. natural gas-directed rigs finished the week unchanged at 128. However, four oil-directed rigs and one miscellaneous rig…

Permian Basin heavyweight Pioneer Natural Resources Co. is aiming to land 70% of its natural gas sales outside the Waha hub of West Texas during the second half of this year, and sales may reach 80% by the second half of 2024, management said Wednesday. CEO Scott Sheffield hosted a conference call to discuss second…

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…