Oil

Drilling and completions expert Patterson UTI Corp. is running 70 rigs today across the Lower 48, up three from the January average, and more equipment is likely to ramp up in the months to come, CEO Andy Hendricks said Thursday. Hendricks, who discussed the outlook during a fourth quarter conference call, said the company’s rig…

Phillips 66 wants to exploit the technology base it has to advance a lower carbon business platform, while maintaining a strong balance sheet and returning value to shareholders. The Houston-based energy firm sharply reduced the 2021 capital expenditure (capex) budget to $1.7 billion, down from $3.1 billion last year. About $1.1 billion of sustaining capital…

Texas Gov. Greg Abbott has directed state agencies to use the tools in their toolbox to challenge the Biden administration’s actions that threaten the oil and natural gas industry. Abbott last week issued state Executive Order GA-33 that he said is designed to protect the nation’s largest energy state from what he said is federal…

Schlumberger Ltd., the world’s largest oilfield services company, posted solid double-digit revenue growth and sequential margin expansion in North America, both onshore and offshore, in the final three months of 2020. During a conference call on Friday morning in Houston, CEO Olivier Le Peuch said the overall market position improved in 2020, despite the pressure…

The potential for oil and natural gas infrastructure development remains “significant” through 2025 as the U.S. economy recovers from Covid-19 and exports increase, according to ICF Resources Inc. In a report prepared for the Interstate Natural Gas Association of America (INGAA), ICF said one scenario used by researchers to evaluate changes to markets and infrastructure…

Methane emissions from the oil and natural gas sector fell by an estimated 10% in 2020, mainly because of production curtailments in response to the Covid-19 crisis, according to the International Energy Agency’s (IEA) Methane Tracker 2021 report published Monday. Oil and gas operations emitted more than 70 million tons of methane into the atmosphere…

The number of North American oil and natural gas producers filing for bankruptcy protection continued to slow in December, but 2020 remains a standout in the six years that Haynes and Boone LLP has been tracking bankruptcy data. The law firm’s latest Oil Patch Bankruptcy Monitor showed that since the oil and gas industry began…

Nearly 80% of oil and natural gas professionals feel less secure in their jobs than they did pre-pandemic, but nearly two-thirds expect advances in engineering may open up opportunities in the next three years. The findings are in the fifth annual Global Energy Talent Index (GETI), the world’s largest energy recruitment and employment trends report,…

Denver-based Ovintiv Inc., whose onshore oil and gas portfolio stretches from Canada to Texas, could face a board shakeup if performance does not improve, shareholder Kimmeridge Energy Management Co. LLC warned on Thursday. The private equity, which has a 2.4% stake in the exploration and production (E&P) company, has launched a website and sent a…