The U.S. natural gas rig count surged eight units higher to reach 121 for the week ended Friday (Sept. 15) in the latest Baker Hughes Co. (BKR) data, prompting an immediate dip in New York Mercantile Exchange (Nymex) futures amid ongoing concerns over ample production levels. The October Nymex contract dropped from just above $2.670/MMBtu…
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Vital Energy’s Permian Triple Play a ‘Game Changer,’ Says CEO
Permian Basin pure-play Vital Energy Inc. is snapping up a bevy of assets concentrated in West Texas through a transformational deal worth an estimated $1.67 billion. The Tulsa-based independent clinched the cash-and-equity deals with affiliates of Henry Energy LP and Henry Resources LLC, as well as Tall City Property Holdings III LLC and Maple Energy…
Natural Gas, Oil Operators Able to Draw on Federal Funding to Mitigate Methane Emissions
Federal funding is on tap to alleviate the costs for natural gas and oil producers to reduce and monitor their methane emissions. The energy sector makes up 40% of total methane emissions from human activity, with gas and oil operations responsible for 80 million metric tons of these emissions, according to the International Energy Agency. …
Natural Gas Count Eases Lower as U.S. Adds Rigs Overall in Latest BKR Data
The U.S. rig count nudged one unit higher to finish at 632 for the week ended Friday (Sept. 8), though natural gas drilling activity eased lower for the period, according to the latest tally from Baker Hughes Co. (BKR). Total domestic natural gas-directed rigs finished at 113, down one week/week, while oil-directed rigs increased by…
U.S. Drilling Activity Steady as One Natural Gas Rig Exits
With a host of small adjustments to activity levels across a number of onshore plays, the combined U.S. natural gas and oil rig count eased one unit lower to finish at 631 for the week ended Friday (Sept. 1), according to the latest numbers from Baker Hughes Co. (BKR). Oil-directed drilling was unchanged for the…
Tenth Circuit Upholds Obama-Era Rule to Maximize Natural Gas, Oil Royalty Collection
A federal court has rejected an appeal by the American Petroleum Institute (API) of a 2016 rule that steepened royalty payments for natural gas and oil produced on federal property. The role of natural gas index pricing in determining those royalty obligations featured prominently in the complaint, which the oil and gas trade group filed…
PE-Backed Peak 10 Buys Upstream Properties in Permian Midland
Investment firm Peak 10 Energy Holdings LP made its inaugural acquisition of assets in the Permian Basin’s Eastern Shelf, expanding its position as it snaps up and works with operators to develop Lower 48 oil and natural gas assets. The private equity (PE)-backed company made its inaugural purchase of acreage in Fisher and Scurry counties,…
Mexico Regulators Approve $7.2B Trion Ultra-Deepwater Project in GOM
Mexico’s upstream regulator Comisión Nacional de Hidrocarburos (CNH) has approved the development plan for the Trion ultra-deepwater oil and gas project planned by Australia’s Woodside Energy Group Ltd. and Mexican state oil company Petróleos Mexicanos (Pemex) in the Gulf of Mexico (GOM). The plan calls for capital expenditures of $7.2 billion, with first oil targeted…
Mexico Natural Gas Production Holding Steady Amid Record Summer Imports
Mexico’s natural gas production averaged 4.30 Bcf/d in July, compared to 4.35 Bcf/d in June and 4.10 Bcf/d in July 2022. State oil company Petróleos Mexicanos (Pemex) supplied 4.07 Bcf/d of the total, compared to 3.86 Bcf/d in the year-ago month, data from upstream regulator Comisión Nacional de Hidrocarburos (CNH) show. Private sector operators produced…
GOM Hurricane Odds Increasing Along with Water Temps, Potentially Impacting Natural Gas, Oil Production
A potentially active hurricane season could shut in a substantial portion of oil and natural gas production in the Gulf of Mexico (GOM) this year, according to an analysis by Enverus Intelligence Research (EIR). “Should a hurricane disrupt oil and gas production in the GOM, EIR’s mid-impact case estimates 40% of total GOM production would…