After a cold start to the year, North American upstream merger and acquisition (M&A) activity heated up in the second quarter, with U.S. dealmaking alone hitting more than 40 deals valued at around $33 billion. Energy data analytics expert Enverus on Monday issued its 2Q2021 report on U.S. exploration and production (E&P) activity. Finbrook Pte…
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PE-Backed WildFire Energy Acquiring Eagle Ford Pure-Play Hawkwood in $650M Deal
Eagle Ford pure-play Hawkwood Energy LLC is set to be acquired by private equity-backed platform WildFire Energy I LLC, the firms announced Thursday. The transaction, slated to close in the third quarter, values Denver-based Hawkwood at about $650 million. Hawkwood’s liquids-weighted gross production currently stands at about 15,000 boe/d, spanning 160,000 net acres in the…
Rigs Added in Gulf of Mexico as U.S. Count Continues Steady Ascent
An uptick in drilling activity in the Gulf of Mexico (GOM) helped lift the U.S. rig count four units higher to 479 during the week ended Friday (July 9), according to updated numbers from oilfield services provider Baker Hughes Co. (BKR). Drilling gains in the United States for the week were split evenly between natural…
Permian Oil Patch Faces Economic Conundrum as Efficiencies Reduce Workforce
The technological breakthroughs that sparked the Lower 48 oil and natural gas revolution jolted economic activity across the Permian Basin, but the efficiencies reduced the need for people, creating a conundrum of sorts, according to the Federal Reserve Bank of Dallas. Business economist Garrett Golding and research analyst Sean Howard of the Dallas Fed, as…
Natural Gas Rig Count Up as Overall U.S. Activity Flat in Latest Tally
The U.S. natural gas rig count climbed one unit to finish at 98 for the week ended Friday (June 25), while a small decline in oil rigs left the overall domestic tally flat for the period, according to data from Baker Hughes Co. (BKR). One oil-directed rig exited the patch in the United States during…
Rigs Added in Permian, Marcellus as U.S. Drilling Count Continues Uptrend
With gains spread across multiple drilling regions, including the Permian Basin and the Marcellus Shale, the U.S. rig count climbed five units to finish at 475 for the week ended Friday (July 2), according to the latest tally from Baker Hughes Co. (BKR). Four oil-directed rigs and one natural gas-directed rig were added in the…
Mexico’s Pemex said Poorly Positioned to Capitalize on Oil Price Rally
As major economies across the globe emerge from the doldrums of the pandemic and travel surges, oil prices could further spike and reach $100/bbl by next year, according to the most bullish Wall Street forecast yet this year. It could also mark the final surge in oil prices, however, as pressure intensifies on energy companies…
Latin America Oil, Natural Gas Capex Seen Rebounding in 2021
Upstream oil and gas spending in Latin America is on track for a modest year/year (y/y) recovery in 2021 after a pandemic-driven slowdown in 2020, according to Evercore ISI. Exploration and production (E&P) spending by select firms in the region fell by 14% y/y in 2020, Evercore analysts said in the firm’s 2021 Global E&P…
Alberta Set for Strong Economic Comeback on Higher Oil Prices
Canada’s top oil- and gas-producing province is expected to score the nation’s strongest comeback this year on improved commodity prices after taking the biggest dive in 2020 driven by the Covid-19 pandemic, according to a new report. As measured in 2012 dollars, the “real” trend yardstick used by the Conference Board of Canada, Alberta’s gross…
U.S. Natural Gas Rig Count Slides as Oil Patch Sees More Growth
The U.S. natural gas rig count fell one unit to 96 for the week ended Friday (June 11), while the oil patch continued to add to its numbers, lifting the overall domestic drilling tally in the process, the latest data from Baker Hughes Co. (BKR) show. Oil-directed drilling increased by six units in the United…