Oil And Gas

Six natural gas rigs and five oil rigs were dropped in the United States over the week ending Friday (Aug. 18), Baker Hughes Co. (BKR) reported. The U.S. rig count stood at 642 as of Friday, down by a dozen overall, including the loss of one miscellaneous rig, and 120 fewer than in the same…

Liberty Energy Inc. President Ron Gusek does not shy away from the reality of climate change. He is convinced the planet is warming and sea levels are rising. Still, these are not overwhelming problems that necessitate bans on natural gas and other fossil fuels. In fact, Gusek said, a diverse array of energy sources is…

A slowdown in natural gas-directed drilling in the United States for the week ended Friday (Aug. 11) dropped the overall domestic tally five units to 654, according to the latest figures from Baker Hughes Co. (BKR). Domestic oil-directed drilling was unchanged overall for the period, while the five-rig decrease lowered the natural gas count to…

The Texas upstream industry has seen reduced natural gas and oil prices and lower permitting through the first half of the year, and in June, employment growth began to slow as well.  Exploration and production (E&P) activity “is clearly in a state of contraction as measured by the Texas Petro Index (TPI),” said Texas Alliance…

Some Permian Basin-focused exploration and production (E&P) executive teams  – Callon Petroleum Co., HighPeak Energy Inc. and Permian Resources Corp. to name a few –  are reporting that oilfield services (OFS) and material prices softened during the second quarter.  Houston-based Callon Petroleum Co. CEO Joe Gatto said OFS equipment prices dropped slightly. Gatto hosted a…

Canada’s natural gas and oil sector faced daunting challenges during the second quarter because of the still-unfolding wildfire season, but activity overall has recovered, according to some of the top operators. Exploration and production (E&P) companies, midstream operators, oilfield services (OFS) providers and utilities reported big and small impacts to their operations between April and…

EOG Resources Inc. is advancing multiple upstream natural gas projects ahead of an expected surge in LNG export demand, management said Friday. CEO Ezra Yacob discussed an improving outlook for natural gas prices, which have plunged this year, during the Houston-based independent’s second quarter earnings call.  EOG operates in all the major Lower 48 onshore…

Fitch Ratings Inc. downgraded the credit ratings of Petróleos Mexicanos (Pemex) in mid July, citing the Mexico state-owned oil company’s high debts, multiple accidents and “continued weak operating performance.”  Fitch’s Saverio Minervini, a senior director in the Latin America corporate finance group, spoke with NGI’s Mexico GPI about the reasons for the downgrade. “This was…

An oil-focused slowdown, including in the mighty Permian Basin, sent the U.S. rig count five units lower to 659 for the week ending Friday (Aug. 4), according to the latest tally by Baker Hughes Co. (BKR). Total U.S. natural gas-directed rigs finished the week unchanged at 128. However, four oil-directed rigs and one miscellaneous rig…