Permian Basin

Covenant, Stuart Combine Lower 48 Well Flowback, Pressure Control Businesses

Covenant, Stuart Combine Lower 48 Well Flowback, Pressure Control Businesses

Houston-based Covenant Testing Technologies LLC said Tuesday it is combining with Stuart Pressure Control to provide well flow and pressure control for operators across the Lower 48. The tie-up is designed to expand services for exploration and production companies in the Permian and Denver-Julesburg basins, as well as the Eagle Ford and Haynesville shales. “In…

August 18, 2020
Permian Highway Taking Slight Detour, but Scheduled Ramp Still Early ‘21, Says Kinder

Permian Highway Taking Slight Detour, but Scheduled Ramp Still Early ‘21, Says Kinder

Kinder Morgan Inc. confirmed Monday that the 2 Bcf/d Permian Highway Project (PHP), designed to move West Texas supply to the Texas coast, remains on schedule for completion in early 2021. In an opinion piece published last week in the Houston Chronicle, CEO Steven Kean said management had determined the “best option” for the 42-inch…

August 18, 2020
Chaparral Seeking Chapter 11 Protection, while Lilis Looking to Unload Permian Assets

Chaparral Seeking Chapter 11 Protection, while Lilis Looking to Unload Permian Assets

Anadarko Basin-focused Chaparral Energy Inc. said Monday a voluntary bankruptcy protection plan is in the offing to reduce debt and continue operating.  The Oklahoma City-based independent, which filed Chapter 11 petitions in U.S. Bankruptcy Court for the District of Delaware, has a restructuring support agreement (RSA) with funded debt holders to equitize $300 million of…

August 17, 2020
Oil, Natural Gas Supply from Major U.S. Plays to Continue Falling in September, EIA Says

Oil, Natural Gas Supply from Major U.S. Plays to Continue Falling in September, EIA Says

Oil and natural gas production from seven key U.S. onshore plays is set to decline in September, continuing a downtrend that began earlier this year, according to the latest Drilling Productivity Report (DPR) published Monday by the Energy Information Administration (EIA). EIA expects oil production from the Anadarko, Appalachian, Denver Julesburg-Niobrara and Permian basins, as…

August 17, 2020
Most Lower 48 Oil Curtailments Coming Back Online by September, Says Analysis

Most Lower 48 Oil Curtailments Coming Back Online by September, Says Analysis

Nearly all of the curtailed U.S. onshore oil volumes shut-in as Covid-19 hampered demand are set to return by the end of the third quarter amid stronger oil prices and a generally brighter market outlook, according to a new analysis by Rystad Energy. The Oslo-based consultancy analyzed the curtailment reactivation schedules of 25 publicly traded…

August 14, 2020
Permian Oil Drilling Permits Climb, while Lower 48 Natural Gas Stronger

Permian Oil Drilling Permits Climb, while Lower 48 Natural Gas Stronger

Permits for new oil and gas wells rose 25% month/month in July, with “significant” growth in the Permian Basin, but overall activity was down by two-thirds from a year ago, according to Evercore ISI. The analyst team led by James West each month compiles federal and state permitting data, which provides a window into what…

August 13, 2020
Oxy Looks to Build Cash Flow, with Low Growth Following $8.4B Loss

Oxy Looks to Build Cash Flow, with Low Growth Following $8.4B Loss

Houston-based Occidental Petroleum Corp. is throttling back from growth to ensure it can build cash flow to pay down some big debt maturities due in 2021, CEO Vicki Hollub said Tuesday. The company, better known as Oxy, has set spending priorities on maintenance, debt reduction and eventually a sustainable dividend before expanding, Hollub said during…

August 11, 2020
Bankruptcies Accelerating in North American Oil Patch, with More Carnage Said Likely

Bankruptcies Accelerating in North American Oil Patch, with More Carnage Said Likely

Bankruptcies in the North American oil patch “have substantially picked up pace” so far in 2020, due largely to the impact of Covid-19 on prices and demand, according to a new report published Tuesday by Haynes and Boone LLP. The Dallas-based international corporate law firm has been tracking bankruptcy filings in the exploration and production…

August 11, 2020
Marathon Oil Slashes Costs, But Says it is Gathering Production Momentum

Marathon Oil Slashes Costs, But Says it is Gathering Production Momentum

Marathon Oil Corp. said stabilization in commodity prices enabled the company to raise its full-year oil production outlook even as it keeps costs in check and further lowers its capital expenditure (capex) plans. Houston-based Marathon — which works in Oklahoma, the Delaware Basin and the Bakken and Eagle Ford shales — raised slightly its 2020…

August 10, 2020
Oil Count Retreats Further as Permian Rigs Exit Patch

Oil Count Retreats Further as Permian Rigs Exit Patch

Yet another round of losses in the oil patch saw the U.S. rig count slide four units to 247 for the week ended Friday (Aug. 7), according to updated numbers from Baker Hughes Co. (BKR). Total oil-directed rigs in the United States fell four units to 176, while natural gas-directed rigs held steady at 69.…

August 7, 2020