Outlook

Still treading water in terms of earnings, Los Angeles-based California Resources Corp. (CRC) has ramped up capital spending plans in response to the continuing positive outlook for global oil prices and after gaining 100% access of California’s large Elk Hills oilfield.

If 2017 proved to be a new beginning for the downtrodden oilfield services (OFS) sector, 2018 is expected to be the year that operators are positioned for future growth in both the onshore and offshore.

Oil and natural gas operators are entering 2018 in the best shape since oil prices collapsed in late 2014, Wood Mackenzie researchers said Thursday.

January natural gas was set to open about 4 cents higher Monday to around $3.102 as projected heating demand increased in the 15-day outlook over the weekend.

December natural gas was set to open about 6 cents lower Tuesday at around $3.10 as the market continued to pull back from last week’s gains on mixed signals in the long-range weather outlook.

Worldwide natural gas consumption is projected to increase to 177 Tcf in 2040 from 124 Tcf in 2015 and account for the largest increase in fossil fuel consumption, but renewable energy resources are picking up the pace, the U.S. Energy Information Administration (EIA) said Thursday.

Sixteen of the Keane Group Inc.’s 23 hydraulic fracturing fleets now are working across the U.S. onshore, representing 70% utilization, a positive sign for growth through this year, the Houston operator said Wednesday.

Led by burgeoning production in the Permian Basin’s Delaware sub-basin, Concho Resources Inc. saw total production reach 13.2 million boe in the second quarter, a 4% increase compared to 1Q2016, the Midland, TX-based independent said.

Pain at the wellhead has flowed down the pipeline to afflict midstream infrastructure operators, and about the only bright spot right now is the outlook for growing natural gas demand at home and abroad as well as increasing liquids exports, a trio of speakers said at IHS CERAWeek.