Permian Basin

U.S. Natural Gas Activity Slows Modestly, Oil Tally Grows on Permian Gains

U.S. Natural Gas Activity Slows Modestly, Oil Tally Grows on Permian Gains

The U.S. natural gas rig count fell one unit to 158 for the week ended Friday (Aug. 26), while a round of gains in the oil patch lifted the combined domestic drilling tally three units higher to 765, according to the latest data from oilfield services provider Baker Hughes Co. (BKR). Week/week changes domestically included…

August 26, 2022
Oxy’s DAC Project to Lasso CO2 from Texas Permian Oilfields

Oxy’s DAC Project to Lasso CO2 from Texas Permian Oilfields

Occidental Corp. and subsidiary 1PointFive on Thursday officially launched construction of its first large-scale direct air capture (DAC) plant, which could be sucking up carbon emissions from the Permian Basin in West Texas by late 2024. Houston-based Oxy, as it is known, had begun the first phase of front-end engineering design (FEED) at a site…

August 25, 2022
Callon Raising Natural Gas Price Exposure at HSC, Reducing Waha

Callon Raising Natural Gas Price Exposure at HSC, Reducing Waha

Recent Permian Basin natural gas pipeline marketing deals will reduce Callon Petroleum Corp.’s reliance on Waha Hub pricing, management of the Texas-focused independent said earlier this month. “These transactions will increase our pricing exposure to Gulf Coast gas pricing and provide additional flow assurance benefits,” CEO Joe Gatto told analysts during the second quarter earnings…

August 25, 2022
Marathon Oil Prioritizing Investment Grade Over Capitalizing on High Commodity Prices

Marathon Oil Prioritizing Investment Grade Over Capitalizing on High Commodity Prices

Houston-based Marathon Oil Corp. held its natural gas and oil production levels relatively steady during the second quarter, a trend it plans to continue, as it prioritizes financial stability over capitalizing on lofty commodity prices. CEO Lee Tillman told investors during a 2Q2022 conference call the exploration and production (E&P) company was focused on remaining…

August 5, 2022
U.S. Natural Gas Drilling Tally Inches Higher as Oil Patch Sees More Growth

U.S. Natural Gas Drilling Tally Inches Higher as Oil Patch Sees More Growth

The U.S. natural gas rig count rose two units to 157 for the week ended Friday (July 29), while a six-rig increase in oil-directed drilling helped lift the combined domestic count nine units higher to 767, according to updated figures from Baker Hughes Co. (BKR). Along with the higher natural gas- and oil-directed drilling totals,…

July 29, 2022
Chevron Permian Drilling, Fracturing Efficiency Doubled in Four Years, Says Exec

Chevron Permian Drilling, Fracturing Efficiency Doubled in Four Years, Says Exec

The Permian Basin is driving U.S. oil and gas production growth for Chevron Corp., helped by low development costs, substantial efficiency improvements and low carbon intensity, management said Friday. CFO Pierre Breber and Executive Vice President of Upstream Jay Johnson hosted a conference call to discuss the San Ramon, CA-based major’s second quarter earnings.  Amid…

July 29, 2022
After Dealmaking, Crestwood Looking to ‘Big Year’ in Permian, Williston

After Dealmaking, Crestwood Looking to ‘Big Year’ in Permian, Williston

After a series of acquisitions, Crestwood Equity Partners LP is now in “harvest mode,” with a focus on generating strong growth in the core areas of the Williston, Permian Delaware and Powder River basins, management said. Crestwood earlier this month closed on the acquisition of Permian-focused Sendero Midstream Partners LP, boosting its natural gas processing…

July 29, 2022
Texas Tally Rises, Lifting U.S. Drilling Total Higher in Latest Baker Count

Texas Tally Rises, Lifting U.S. Drilling Total Higher in Latest Baker Count

With activity climbing in Texas, the U.S. rig count surged nine units higher to 767 for the week ended Friday (July 29), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Oil-directed drilling increased by six rigs domestically, with two natural gas-directed rigs and one miscellaneous unit also added for the…

July 29, 2022
More Natural Gas Output Growth Expected from U.S. Onshore in August, EIA Says

More Natural Gas Output Growth Expected from U.S. Onshore in August, EIA Says

Natural gas production from seven key U.S. onshore regions is set to rise 748 MMcf/d month/month to just over 93 Bcf/d in August, according to updated modeling from the Energy Information Administration (EIA). The Appalachian Basin and the Haynesville Shale are poised to experience the most natural gas output growth from July to August, with…

July 18, 2022
PwC Study Shows Growing Appetite for Natural Gas, Oil Investor Deals

PwC Study Shows Growing Appetite for Natural Gas, Oil Investor Deals

Higher commodity prices have whetted investors’ appetite for more natural gas and oil deals, and the pace of activity should pick up for the rest of this year, PwC predicted in a recent midyear report. “Private equity deals are on pace for another record year as traditional oil and gas investments become attractive once again,”…

July 18, 2022