Oil And Gas

U.S. Natural Gas Rig Count Slides as Oil Patch Sees More Growth

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…

June 11, 2021
Civitas Looking to Create DJ Beast by Merging Crestone Peak with Bonanza, Extraction Tie-Up

Civitas Looking to Create DJ Beast by Merging Crestone Peak with Bonanza, Extraction Tie-Up

If all goes to plan, Civitas Resources Inc. could become a giant among giants in the Colorado oil and natural gas world as it looks to merge another Denver Julesburg (DJ) Basin producer into its operations. DJ pure-plays Bonanza Creek Energy Inc. and Extraction Oil & Gas Inc. agreed to merge in early May. That…

June 7, 2021
U.S. Rig Count Steady After Small Adjustments in Haynesville, Permian

U.S. Rig Count Steady After Small Adjustments in Haynesville, Permian

The U.S. rig count held essentially flat for the week ended Friday (June 4), dropping one unit overall to fall to 456, including a small net decline in the Permian Basin and a small uptick in the Haynesville Shale, according to data from Baker Hughes Co. (BKR). Oil-directed drilling went unchanged week/week in the United…

June 4, 2021
U.S. Petroleum Demand Eases, but Production Falls and Oil Inventories Recede, EIA Says

U.S. Petroleum Demand Eases, but Production Falls and Oil Inventories Recede, EIA Says

After climbing for two consecutive weeks, U.S. petroleum demand declined during the last week of May, the U.S. Energy Information Administration (EIA) said Wednesday. Still, refinery utilization reached a high for the year to date, and analysts anticipate demand to prove strong this summer. EIA said in its Weekly Petroleum Status Report (WPSR) overall petroleum…

June 4, 2021
Oil Count Up, Natural Gas Down as U.S. Adds Two Rigs in Latest Tally

Oil Count Up, Natural Gas Down as U.S. Adds Two Rigs in Latest Tally

A mix of gains and losses in the U.S. onshore, including an uptick in the Permian Basin and a drop in the Marcellus Shale, saw the domestic rig count finish at 457 units as of Friday (May 28), up two week/week, according to Baker Hughes Co. (BKR). The addition of three oil-directed rigs in the…

May 28, 2021
Cimarex, Cabot Combination ‘Building an Ark, Not a Party Boat’ in Lower 48 Oil, Natural Gas

Cimarex, Cabot Combination ‘Building an Ark, Not a Party Boat’ in Lower 48 Oil, Natural Gas

Cimarex Energy Co. and Cabot Oil & Gas Corp. on Monday agreed to combine in an all-stock merger, tying together their extensive operations in the Marcellus Shale, Permian and Anadarko basins. Denver-based Cimarex controls 560,000 net acres combined in the Permian and Anadarko, while Houston-based Cabot has 173,000 net acres in the Marcellus. Cabot CEO…

May 24, 2021
Oasis Selling Permian Assets for $406M, Doubling Down on Williston

Oasis Selling Permian Assets for $406M, Doubling Down on Williston

Oasis Petroleum Inc. said Thursday it is exiting the Permian Basin to become a Williston Basin pure play. The Houston-based independent is selling its Permian acreage to an undisclosed buyer for total gross consideration of up to $481 million.  Oasis will receive $406 million at closing and up to three $25 million annual contingent payments…

May 21, 2021
Natural Gas Rig Count Down One in U.S. as Oil Patch Notches Further Gains

Natural Gas Rig Count Down One in U.S. as Oil Patch Notches Further Gains

The U.S. natural gas rig count slid one unit to finish at 99 for the week ended Friday (May 21), while another round of additions in the oil patch lifted the overall domestic tally higher for the period, according to data published by Baker Hughes Co. (BKR). Four oil-directed rigs were added in the United…

May 21, 2021
Mexico’s Pemex Claims Majority Interest in Zama Offshore Oil Deposit in SEC Filing

Mexico’s Pemex Claims Majority Interest in Zama Offshore Oil Deposit in SEC Filing

Mexican national oil company Petróleos Mexicanos (Pemex) is claiming a majority interest in the Zama oil deposit discovered by a private sector consortium at offshore Block 7 in 2017. The assertion by Pemex, made in its 20-F annual report filed to the U.S. Securities and Exchange Commission on Monday, appears to contradict a previous assessment…

May 19, 2021
U.S. Natural Gas Rig Count Down Three as Oil Drilling Surges

U.S. Natural Gas Rig Count Down Three as Oil Drilling Surges

The U.S. natural gas rig count slid three units to finish the week ended Friday (May 14) at an even 100, while oil drilling lifted the overall domestic drilling total higher for the week, according to data from Baker Hughes Co. (BKR). Offsetting the decline in natural gas drilling, eight oil-directed rigs were added in…

May 14, 2021