Permian Basin

Chesapeake Energy Corp., once a symbol of the American natural gas industry’s revival and a disruptive leader that helped spark the nation’s unconventional boom, filed for Chapter 11 protection on Sunday to wipe out $7 billion of debt.  The move follows months of speculation and years of cost-cutting initiatives at the Oklahoma City-based independent, which…

Occidental Petroleum Corp., which made a $57 billion bet last year to take over Anadarko Petroleum Corp. in part to secure its Permian Basin position, said Thursday it expects to write down the value of its oil and gas assets during the second quarter by $6-9 billion.The Houston-based independent, better known as Oxy, in March…

The oil price debacle, brought about in part by the demand-crushing pandemic, has wiped an estimated $1.6 trillion from the valuation of the global upstream industry, with North American losses leading the way, a new analysis by Wood Mackenzie has found. Global upstream development spend overall this year has been knocked down by 30% from…

The Covid-19 pandemic has made it difficult for U.S. liquefied natural gas (LNG) developers to sign additional long-term natural gas supply deals with producers to help fund new liquefaction capacity, an industry analyst said. Cheniere Energy Inc. signed two long-term deals last year with Permian Basin producers to buy natural gas at prices linked to…

A major shift in weekend weather forecasts that may solidify this winter as one of the warmest on record sent Nymex natural gas futures plunging to fresh lows on Monday. The March Nymex contract tumbled 9.2 cents to settle at $1.766/MMBtu. April fell 8.8 cents to $1.804.

Permian Basin independent Laredo Petroleum Inc. exceeded oil and natural gas guidance for 2019, claiming a 19% increase year/year, with total proved reserves climbing by 23%.

Kinder Morgan Inc. (KMI) management said late Wednesday it would pump $2.4 billion into growth projects this year, up $200 million from the previous forecast, as it lays the groundwork to debottleneck the juggernaut that is the Permian Basin, where oil and associated natural gas production is booming.