permian

Mark Ovintiv Inc. as yet another North American producer expecting to pull back the reins on natural gas development this year.  The Denver-based explorer is reducing development “in response to weaker short term North American natural gas fundamentals,” CEO Brendan McCracken said during the recent quarterly conference call.  Executives of other U.S.-based producers during 4Q2022…

Diamondback Energy Inc. has no plans to accelerate oil production growth despite signs of impending tightness in the global market, according to management. CEO Travis Stice hosted a conference call to discuss the Permian Basin pure-play’s fourth quarter and full-year 2022 results. “I don’t think the macro conditions are dictating any kind of production growth…

Mergers and acquisitions (M&A) within the U.S. upstream fell to their lowest annual volume in nearly two decades last year, according to new research by Enverus Intelligence Research (EIR). Exploration and production (E&P) firms recorded 160 transactions valued at $58 billion total, the Enverus subsidiary found. This is the lowest number of deals since 2005.…

As the United States works toward casting a wider net on the global natural gas market via exports, key domestic markets like the Permian Basin and Haynesville Shale could be turned upside down in 2023 as midstream bottlenecks leave gas stranded. LNG developers on the Gulf Coast are in a race to boost liquefied natural…

Bolstered by gains in the oil patch, including in the Permian Basin and the Eagle Ford Shale, the U.S. rig count rose three units to reach 775 during the week ended Friday (Jan. 13), according to updated numbers published by Baker Hughes Co. (BKR). Changes in the United States for the week included a five-rig…

U.S. natural gas prices have had a remarkably soft winter so far, but the whole of 2022 tells a completely different story. In 2022, the wholesale U.S. natural gas spot price at Henry Hub averaged $6.45/MMBtu, the highest level since 2008, according to the Energy Information Administration (EIA) based on data from Refinitiv Eikon. This…

Oneok Inc. is seeking a federal permit that would facilitate exports of Permian Basin natural gas to Mexico, the firm said Tuesday. Oneok’s Saguaro Connector Pipeline subsidiary filed a Presidential Permit application with the U.S. Federal Energy Regulatory Commission (FERC) “to construct and operate facilities for the exportation of natural gas at a new international…

Although Gulf Coast LNG exports are expected to drive the bulk of U.S. natural gas demand growth in the coming years, Mexico and Arizona could play vital roles in easing natural gas takeaway constraints out of the Permian Basin, according to NGI’s Patrick Rau, director of strategy and research. As evidenced by Waha spot prices…

Natural gas futures bounced around Wednesday after weather models added a large chunk of demand to the long-range outlook, with frigid Canadian air forecast to plunge into the Lower 48 next week. After a sharp rally overnight lost momentum, confirmation in the midday data sent the January Nymex gas futures contract roaring higher and ultimately…