Chord Energy Corp. executives, in an inaugural earnings call after emerging from the merger of two key Bakken Shale players, said the firm’s core assets beat production expectations during the second quarter of 2022 and helped set a course for the new company. Chord was formed by the merger of independents Whiting Petroleum Corp. and…
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California Resources Launches $2.5B CCS JV with Brookfield as State Cuts Oil, Gas Leasing
Amid the Golden State’s latest strike against oil and natural gas leasing, the state’s largest producer, California Resources Corp. (CRC), said it would launch a carbon capture, storage and sequestration (CCS) venture to curb 5 million metric tons/year (mmty). Last week, CRC disclosed a joint venture (JV) with Brookfield Renewable Partners LP, which contributed $500…
New Fortress Developing Quick Turnaround LNG in Mexico to Meet Rising Natural Gas Demand
New Fortress Energy Inc. (NFE) is looking to develop up to four fast LNG (FLNG) projects offshore Mexico’s Gulf Coast amid the global natural gas supply crunch, management said during an earnings call last week. This is in addition to the company’s first FLNG project currently under development offshore Louisiana. At the port of Altamira,…
Helmerich & Payne Benefits from Higher Oil and Natural Gas Prices, Rig Rates
Tulsa-based drilling expert Helmerich & Payne (H&P) is getting more bang for its buck, as North American pricing improves for the super-spec FlexRig fleet. CEO John Lindsay and CFO Mark Smith led a recent conference call to discuss fiscal 3Q2022 results with analysts. In the North American Solutions segment, efforts earlier this year to “achieve…
Marathon Oil Prioritizing Investment Grade Over Capitalizing on High Commodity Prices
Houston-based Marathon Oil Corp. held its natural gas and oil production levels relatively steady during the second quarter, a trend it plans to continue, as it prioritizes financial stability over capitalizing on lofty commodity prices. CEO Lee Tillman told investors during a 2Q2022 conference call the exploration and production (E&P) company was focused on remaining…
Coterra Bumps Up Capital, Production Forecast as Natural Gas, Oil Volumes Exceed Guidance
Houston-based Coterra Energy Inc., created from a merger between Cabot Oil & Gas Corp. and Cimarex Energy Co., surpassed natural gas and oil production guidance in the second quarter, setting the independent up for higher-than-forecast volumes this year. Total production from three Lower 48 plays – the Anadarko and Permian basins and the Marcellus Shale,…
After Dealmaking, Crestwood Looking to ‘Big Year’ in Permian, Williston
After a series of acquisitions, Crestwood Equity Partners LP is now in “harvest mode,” with a focus on generating strong growth in the core areas of the Williston, Permian Delaware and Powder River basins, management said. Crestwood earlier this month closed on the acquisition of Permian-focused Sendero Midstream Partners LP, boosting its natural gas processing…
Texas Tally Rises, Lifting U.S. Drilling Total Higher in Latest Baker Count
With activity climbing in Texas, the U.S. rig count surged nine units higher to 767 for the week ended Friday (July 29), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Oil-directed drilling increased by six rigs domestically, with two natural gas-directed rigs and one miscellaneous unit also added for the…
ExxonMobil’s Woods Says Permian, LNG to Assist Europe, but Diversification Key
ExxonMobil’s ability to invest through the pandemic enabled the supermajor to ramp up supply quickly as demand soared this year, with Permian Basin and LNG supply expanding, CEO Darren Woods said Friday. On the back of the Permian and a flood of investments in Guyana and liquefied natural gas projects worldwide, ExxonMobil’s deep pockets have…
Tourmaline Readies Montney Natural Gas Growth to Fetch Premium Prices from WCSB to Gulf Coast
Calgary-based Tourmaline Oil Corp. is continuing to build its portfolio of natural gas and oil assets as it prospects for markets across the North American continent, from the Western Canadian Sedimentary Basin (WCSB) to the South Texas coast. CEO Michael Rose led a conference call to discuss the exploration and production (E&P) company’s second quarter…