Oil prices

Pioneer Claims No. 1 Permian Producer Spot with DoublePoint, Parsley Acquisitions

Pioneer Claims No. 1 Permian Producer Spot with DoublePoint, Parsley Acquisitions

With two big transactions completed in a matter of months, Pioneer Natural Resources Co. has become the largest producer in the Permian Basin and should produce up to 700,000 boe/d-plus in 2022, CEO Scott Sheffield said Wednesday. The Dallas-based independent this week completed a $6.4 billion purchase of privately held West Texas competitor DoublePoint Energy…

May 6, 2021
CNX Still Sees Utica Shale in Longer-Term Growth Plan

CNX Still Sees Utica Shale in Longer-Term Growth Plan

CNX Resources Corp. got a lift from stronger first quarter commodity prices as it continued executing on a broader seven-year plan it laid out in 2020. The company said free cash flow (FCF), up for the fifth consecutive quarter, came in at $101 million. It has also increased its full-year FCF guidance to $450 million…

April 30, 2021
Liberty Sees Slowly Improving Fracture Market, E&Ps More ‘Comfortable’ with OFS Price Hikes

Liberty Sees Slowly Improving Fracture Market, E&Ps More ‘Comfortable’ with OFS Price Hikes

Denver-based Liberty Oilfield Services Inc. is reporting a “slowly improving market” in the Lower 48 for pressure pumping services, with customer conversations becoming more constructive, CEO Chris Wright said Wednesday. Speaking during the 1Q2021 conference call, Wright noted that the oilfield services (OFS) operator has doubled the size of its platform since the start of…

April 29, 2021
Total Reports Big Gains on 1Q Oil, Natural Gas Prices

Total Reports Big Gains on 1Q Oil, Natural Gas Prices

A considerable jump in global oil and natural gas prices during the first quarter supported a big gain in profits for French supermajor Total SE.  Commodity prices were strong during the period as the world continued recovering from Covid-19, while colder weather in the northern hemisphere helped drive natural gas demand. Total said average oil…

April 29, 2021
Hess Considering Adding Third Bakken Rig on Strong Oil Prices

Hess Considering Adding Third Bakken Rig on Strong Oil Prices

Hess Corp. is considering adding a third rig in the second half of 2021 in the Bakken Shale of North Dakota if oil prices remain strong, executives said during an earnings call. Adding a fourth rig in the future “would get output to 200,000 b/d and make the Bakken a $1 billion/year free cash flow…

April 29, 2021
Diamondback Raises 2021 Output Guidance Following Permian Deals

Diamondback Raises 2021 Output Guidance Following Permian Deals

Lower 48 player Diamondback Energy Inc. has raised its production guidance for 2021, reflecting the acquisition of two Permian Basin operators earlier this year. The company said Monday it was targeting 2021 oil production of 218,000-222,000 b/d, or 360,000-270,000 boe/d, following the completion of its purchases of Guidon Operating LLC in February and QEP Resources…

April 15, 2021
Improved Outlook Seen for Oil, Gas Borrowing and Pricing in Latest Biannual Survey

Improved Outlook Seen for Oil, Gas Borrowing and Pricing in Latest Biannual Survey

Executives expressed a more optimistic outlook on capital availability and commodity pricing for the oil and gas sector in the latest editions of two surveys conducted by Haynes and Boone LLP. Most respondents to the law firm’s spring 2021 Borrowing Base Redeterminations Survey forecast that borrowing bases will rise by 0-10% this spring versus fall…

April 9, 2021
Enerplus Continuing to Build Bakken Stronghold with Hess Purchase

Enerplus Continuing to Build Bakken Stronghold with Hess Purchase

Hess Corp. is selling off some of its Bakken Shale acreage in North Dakota to Calgary-based Enerplus Corp. for $312 million. The deal, set to be completed in May, includes the Little Knife and Murphy Creek acreage. The Hess assets are spread across 78,700 acres in the southernmost portion of its Bakken position. Total net…

April 8, 2021
Subdued Production Should Support Oil, Natural Gas Prices in 2021, Moody’s Says

Subdued Production Should Support Oil, Natural Gas Prices in 2021, Moody’s Says

Though global oil supply is beginning to climb, it is rising gradually off of depressed levels and is not expected to exceed the anticipated demand recovery this year. The supply/demand balance should support crude prices near their current levels through 2021, though fluctuations are all but certain, Moody’s Investors Service said in a report this…

April 8, 2021
Propane Prices Spike During Winter Heating Season, EIA Says

Propane Prices Spike During Winter Heating Season, EIA Says

A surge in heating demand propelled U.S. propane prices during the 2020-21 winter season, according to a new federal report. Residential propane prices in the United States averaged about $2.30/gal at the close of March, up 43 cents from a year earlier, according to the U.S. Energy Information Administration (EIA). About two-thirds of the natural…

April 8, 2021