The craterous impact of the Covid-19 pandemic on energy demand is likely to ripple out into the next decade, with consumption potentially not returning to pre-pandemic levels until 2029 or later, the U.S. Energy Information Administration (EIA) said in its latest long-term projections. The agency’s 2021 Annual Energy Outlook (AEO2021), released on Wednesday, projects changes…
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NOV Sees North American Oil, Gas Activity Rising, but Overseas Demand Soft
Oilfield equipment expert NOV Inc. warned Tuesday that fourth quarter earnings would be below guidance as stronger North American activity levels were not enough to overcome a softer international market. On a consolidated basis, NOV expects to report quarterly revenue of $1.33 billion and an operating loss of $327 million. “While rising North American activity…
Halliburton ‘Optimistic’ U.S. Land Activity to Climb as Oil Prices Strengthen, E&Ps Work to Sustain Production
Houston oilfield services giant Halliburton Co. kicked off the fourth quarter earnings season with positive news, as it takes advantage of a recovering U.S. land rig count and completions activity continues to rise. CEO Jeff Miller helmed a conference call on Tuesday with his management team, noting that the largest completions specialist in North America…
Permian-Fueled Revenue Lifts Texas Oil, Natural Gas Royalties Near $14B
Lifted by revenue pulled from the Permian Basin in West Texas, the state’s oil and natural gas industry paid $13.9 billion in taxes and royalties in fiscal 2020, or around $38 million/day, according to a top industry group. Data compiled by the Texas Oil & Gas Association (TXOGA) indicated state energy industry taxes and royalties…
E&P Spending Revival Poised for North America, Overseas
Global exploration operators are ready to get back to business in oil and natural gas onshore and offshore, with the international players likely to shell out more funds this year than their Lower 48 compadres. Energy analysts in recent weeks have begun offering their takes on the likely pace of activity and potential capital expenditures…
U.S. Midstreamers Eyeing Potential Gains in Permian, Beyond, but Need Oil Prices to Cooperate
The U.S. economy’s reopening amid the Covid-19 pandemic jump-started the oil and natural gas midstream recovery in the second half of 2020. But, the recent rise in oil prices could spur renewed activity in a handful of basins, benefiting some operators in the year ahead. A Raymond James & Associates Inc. team, led by analysts…
Midcontinent Execs See ‘Substantial’ Jump in Drilling When Oil Averages $56, Natural Gas at $3.28
Oil and natural gas activity in the Midcontinent expanded moderately in the final three months of 2020, but it still lagged year-ago levels, according to a survey by the Federal Reserve Bank of Kansas City. Energy operators also said they need West Texas Intermediate (WTI) oil to average $56/bbl “for a substantial increase in drilling…
Markets Shrug Off Weather Worries, Push Up February Natural Gas Futures
Natural gas futures slipped early on Monday following forecasts for mild weather and diminished heating demand. However, they rebounded in afternoon trading and finished in the green amid anticipation of a late-month surge in frigid temperatures. The February Nymex gas futures contract settled at $2.747/MMBtu, up 4.7 cents day/day after falling more than 10 cents…
Dallas Fed Survey Finds ‘Signs of Improvement,’ Optimism in 2021 for U.S. Oil, Gas Sector
U.S. energy executives remain wary about the outlook for the oil and natural gas markets this year, and are relying on moderate commodity prices as they finesse their 2021 capital spending plans, according to a recent survey by the Federal Reserve Bank of Dallas. The Dallas Fed, as it is better known, every quarter surveys…
Saudis Agree to Slash Oil Production, Sending WTI Above $50 For First Time Since Early 2020
Saudi Arabia on Tuesday announced it would cut oil production by a stunning 1 million b/d in February and March, sending crude prices to a 10-month high. The news came at the conclusion of the latest monthly meeting of the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus. Saudi Arabia leads the…