Mexican presidential candidate Xóchitl Gálvez on Monday applauded a recent Supreme Court ruling that invalidated one of President Andrés Manuel López Obrador’s most controversial energy policies. Mexico’s high court deemed unconstitutional a set of modifications to Mexico’s electricity industry law (LIE) that sought to prioritize the dispatch of electricity from power plants owned by state…
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Chevron Goes Big on Natural Gas, Oil Production as Global Demand Rises
Chevron Corp. generated company-record natural gas and oil production in 2023, punctuating a broader U.S. industry trend. American gas and crude output both reached all-time highs last year and remained elevated early this year as exploration and production (E&P) companies were striving to meet mounting global demand, even amid soft near-term prices. Chevron said it…
Natural Gas Count Slides to 117 in U.S. as Haynesville Drops Two Rigs
The U.S. natural gas rig count dropped two units to 117 for the week ended Friday (Feb. 2), including a slowdown in the Haynesville Shale, updated Baker Hughes Co. (BKR) data show. Domestic oil-directed drilling, meanwhile, went unchanged overall for the period at 499 rigs, and the combined U.S. rig count finished two units lower…
ExxonMobil’s Global Trading Arm Finding Opportunities in Volatile Natural Gas, Oil Prices
ExxonMobil’s goal to advance its natural gas and oil trading arm is gaining momentum, as the company eyes more opportunities in the global market, CEO Darren Woods said Friday. Woods discussed the supermajor’s fourth quarter and full year results during a wide-ranging conference call. “We saw energy prices and refining margins start to normalize in…
U.S. Adds Three Natural Gas Rigs as Oil Tally Eases Lower, BKR Data Show
Including gains in the Marcellus Shale, the U.S. natural gas rig count climbed three units to 120 for the week ended Friday (Jan. 19), according to the latest tally from Baker Hughes Co. (BKR). After a two-rig decline in oil drilling, the combined U.S. rig count finished at 620, up one week/week. That’s down from…
SLB Forecasting ‘Durable’ Natural Gas, Oil Activity, with Growth Offshore, Overseas
Exploration and production companies are investing billions to expand their natural gas and oil development in the global offshore, including the U.S. Gulf of Mexico, as Lower 48 activity flattens, SLB Ltd. CEO Olivier Le Peuch said Friday. During the fourth quarter conference call with analysts, Le Peuch said, “the characteristics of breadth, resilience and…
Natural Gas E&Ps Grab the Baton for M&A in Early 2024 After Record Year of Permian Deals
Could more natural gas-focused exploration and production (E&P) or midstream transactions be in the works after Chesapeake Energy Corp. and Southwestern Energy Co. agreed to combine into the Lower 48’s largest gas producer? Oil-focused dealmaking powered much of the consolidation in the U.S. oil and gas industry in 2023, with associated gas production riding the…
Natural Gas Rigs Down One in U.S. as Combined Count Slides to 619
The U.S. natural gas rig count fell to 117 for the week ended Friday (Jan. 12), down one rig for the period, while a drop in oil drilling saw the combined domestic tally fall two rigs to end at 619, according to the latest numbers from Baker Hughes Co. (BKR). Active U.S. natural gas rigs…
U.S. Oil, Natural Gas Industry Aiming to ‘Dismantle Policy Threats’ as Election Nears
The U.S. oil and gas industry is urging policymakers to support LNG exports, permitting reform for energy infrastructure, and increased leasing in federal lands and waters. The sector’s most prominent lobbying group, the American Petroleum Institute (API), laid out its policy priorities during a recent industry event and subsequent call with reporters. As the industry…
‘No Significant Impact’ in Pausing Natural Gas, Oil Activity on Colorado’s Thompson Divide, Say Feds
A multi-year effort to pause oil and natural gas development across a portion of Colorado’s Western Slope may soon be finalized, according to federal officials. A draft environmental assessment (DEA) issued in December by the U.S. Forest Service (USFS) found there would be “no significant impact” if federal mineral leasing was withdrawn for 20 years…