Oil Production

Natural gas and oil producers in the United States are likely to increase their overall capital spending this year as they face a supply chain squeeze, labor issues and higher prices for services, but the mantra to remain disciplined has not changed.

Cenovus Energy Inc. plans to increase capital spending in 2022 by up to 33%, with a focus on upstream production in Alberta oilsands plants, which account for three-quarters of total output. The Calgary firm’s 2022 budget projects total capital expenditures (capex) of C$1.7-2 billion ($1.3-1.6 billion), from C$1.3-1.5 billion ($1-1.2 billion) this year. Oilsands commitments…

Russia, Saudi Arabia and other top oil producing countries plan to keep pumping more crude into early 2022, despite worries about the coronavirus Omicron variant and the potential for easing demand. The Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies, collectively known as OPEC-plus, said Thursday they would boost production by…

Domestic crude stocks increased for the fourth time in five weeks as upticks in imports and production more than offset rising demand, the U.S. Energy Information Administration (EIA) said Wednesday. EIA said oil inventories for the week ended Nov. 19, excluding those in the Strategic Petroleum Reserve (SPR), increased by 1.0 million bbl from the…

Upstream oil and gas employment in Texas climbed to 183,400 in October, representing an increase of 2,300 jobs from September and the sixth straight monthly increase, the Texas Independent Producers and Royalty Owners Association (TIPRO) recently reported. October’s jobs increase was somewhat less robust than TIPRO’s 2,900 increase for September, but the head of the…

New oil and gas auctions are stalled in Mexico, but that hasn’t stopped private sector companies from continuing to find success with their exploration and production (E&P) projects. The Ichalkil and Pokoch shallow water fields in Campeche Bay operated by Fieldwood Energy E&P México have officially begun commercial operations, the company said Monday. The fields…

Oil and natural gas production in North Dakota, home to the Bakken Shale, rose in September over August. Department of Mineral Resources (DMR) director Lynn Helms issued the monthly Director’s Cut on Tuesday, which provides information about all of the wells capable of producing, as well as permit activity. Natural gas production in September averaged…

Rising oil and natural gas prices and production powered a 550% leap in profits and a dividend increase by Canadian Natural Resources Ltd., the nation’s top producer. The accounts also confirmed that the independent has steered a financial improvement course throughout this year after surviving the energy market lows inflicted by the Covid-19 virus. President…

Diamondback Energy Inc. does not plan to grow its Permian Basin oil production next year despite the bullish outlook for prices, management said Tuesday. CEO Travis Stice told analysts during the third quarter 2021 earnings call that, “In order to initiate a moderate growth plan, we would need to see material changes to global oil…