Oil Production

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
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
Ovintiv Exits Eagle Ford in $880M Deal With Validus

Ovintiv Exits Eagle Ford in $880M Deal With Validus

Under pressure to reduce debt and simplify operations, Denver-based Ovintiv Inc. is set to exit the Eagle Ford Shale in a deal with  privately held Validus Energy for $880 million. Predecessor Encana Corp. paid $3.1 billion for the assets in 2014 in a deal with Freeport McMoRan Copper & Gold Inc. Proceeds are to be…

March 25, 2021
Citing Vaccines, OPEC Boosts Oil Demand Outlook for 2021

Citing Vaccines, OPEC Boosts Oil Demand Outlook for 2021

A week after extending production cuts, the Organization of the Petroleum Exporting Countries (OPEC) on Thursday raised its forecast for world oil demand in 2021, reflecting the cartel’s expectations for a stronger economic recovery in the second half of the year. OPEC, in its Monthly Oil Market Report (MOMR) released Thursday, said it now expects…

March 11, 2021
Oil Price Outlook Brightens Amid Expectations for Demand to Recover Faster Than Production

Oil Price Outlook Brightens Amid Expectations for Demand to Recover Faster Than Production

Oil prices rallied this week as traders absorbed new – and elevated – forecasts for 2021 amid signs that U.S. inventories could trail rising demand as the year unfolds. Key oil benchmarks traded near 13-month highs this week, with West Texas Intermediate (WTI) crude surpassing $63/bbl on Thursday and Brent crude hovering around $67. WTI…

February 25, 2021
U.S. Oil Production Unlikely to Gain Ground in 2021, Dallas Fed Economists Say

U.S. Oil Production Unlikely to Gain Ground in 2021, Dallas Fed Economists Say

Even as prices recover, U.S. oil production is likely to only inch ahead – at best – in 2021 as producers focus on cash flow and returning capital to shareholders in bids to win back investors’ trust following the severe slump of 2020, economists at the Federal Reserve Bank of Dallas said Monday. Kunal Patel,…

February 22, 2021
ConocoPhillips Sees ‘External Pressures’ Mounting for Energy Industry as Biden Presidency Begins

ConocoPhillips Sees ‘External Pressures’ Mounting for Energy Industry as Biden Presidency Begins

The Lower 48 will again factor heavily into ConocoPhillips’ operating plans this year despite what the company’s chief executive said are “external pressures” facing the industry as the Biden administration appears ready to more actively regulate oil and natural gas operations.  Meanwhile, the world’s largest independent continues grappling with a global economy weakened by the…

February 2, 2021
Global Petroleum Demand Drop in 2020 Marked Steepest on Record, EIA Says

Global Petroleum Demand Drop in 2020 Marked Steepest on Record, EIA Says

Global demand for petroleum products plummeted in 2020, the U.S. Energy Information Administration (EIA) confirmed in a report Friday, noting the dramatic impacts of government lockdowns and travel restrictions imposed to slow the spread of the coronavirus. EIA estimated 92.2 million b/d of petroleum and other liquid fuels were consumed globally in 2020, a 9%…

January 29, 2021
Saudis Agree to Slash Oil Production, Sending WTI Above $50 For First Time Since Early 2020

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…

January 5, 2021
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