permian

Permian, West Coast Natural Gas Big Benefactors of Oil Turbulence; LNG Poised to Lend Further Support

Permian, West Coast Natural Gas Big Benefactors of Oil Turbulence; LNG Poised to Lend Further Support

The oil market turmoil earlier this year provided a “rock solid bull trade for natural gas” that lifted basis to levels that should hold through 2021, particularly for West Coast locations and the upstream markets that serve them, according to market experts. Speaking Wednesday during a webinar hosted by Bloomberg and Natural Gas Intelligence, NGI’s…

August 7, 2020
ExxonMobil Slashing Permian Rig Count, Forecasting Global Oil Glut Extending ‘Well into 2021’

ExxonMobil Slashing Permian Rig Count, Forecasting Global Oil Glut Extending ‘Well into 2021’

A global oil supply glut and scant demand resulting from Covid-19 pushed ExxonMobil to a historic loss in the second quarter, with nearly every corner of its operations slammed. The quarterly loss of $1.1 billion (minus 26 cents/share) was the deepest in history as transportation and petrochemical demand reversed. During 2Q2019, profits were $3.1 billion…

July 31, 2020
Permian Methane Flaring, Venting Said Still ‘Stubbornly High’

Permian Methane Flaring, Venting Said Still ‘Stubbornly High’

Malfunctioning flares at oil and natural gas facilities across the Permian Basin remain “stubbornly high,” which when combined with preliminary federal data suggest challenges continue for producers in the biggest operating basin in the country. Environmental Defense Fund (EDF) researchers reported data as part of the year-long PermianMap initiative that began last October. Researchers said…

July 22, 2020
Diamondback’s Curtailed Permian Oil Volumes Ramping Up, with Some Completion Crews Back to Work

Diamondback’s Curtailed Permian Oil Volumes Ramping Up, with Some Completion Crews Back to Work

Permian Basin pure-play Diamondback Energy Inc., which undertook a nearly three-month break from completion activity and shut-in wells as Covid-19 stormed the oilpatch, has brought back online nearly all of the volumes, but it has set full-year production guidance lower. The Midland, TX-based independent voluntarily curtailed 9,000 b/d (16,100 boe/d) during 2Q2020, mostly in May,…

July 15, 2020
Sweltering Heat Sparks Surge for Natural Gas Forward Prices

Sweltering Heat Sparks Surge for Natural Gas Forward Prices

Intensifying heat across the United States led a sharp rally for natural gas forward prices at a time when exports remain slow and uncertainty continues over energy demand recovery amid the coronavirus pandemic. Prices for August natural gas jumped 15.0 cents on average during the July 2-8 period, as did the balance of summer (August-October),…

July 9, 2020
Lifted by Permian, Appalachia, U.S. Upstream Dealmaking Slightly Better in 2Q

Lifted by Permian, Appalachia, U.S. Upstream Dealmaking Slightly Better in 2Q

Dealmaking in the United States within the upstream oil and gas sector staged a slight recovery in the second quarter, with three of five deals in Appalachia, but the period still ranks as the third lowest in quarterly value since 2009, according to Enverus. The data analytics company in its summary of 2Q2020 U.S. upstream…

July 6, 2020
‘Inevitable’ Downturn Seen in U.S. NGL Production, but Midstreamers Appear Optimistic

‘Inevitable’ Downturn Seen in U.S. NGL Production, but Midstreamers Appear Optimistic

A sharp recovery in natural gas liquids (NGL) production projected in the Permian Basin won’t be enough to stave off a dramatic decline in overall U.S. output, which Rystad Energy is forecasting will tumble to under 4.2 b/d in 2021.

June 17, 2020
U.S. Adds Two Natural Gas Rigs as Falloff in Oil Patch Slows

U.S. Adds Two Natural Gas Rigs as Falloff in Oil Patch Slows

The U.S. natural gas rig count climbed two units to 78 for the week ended Friday (June 12), while the recent steep declines in the oil patch showed signs of leveling off, according to the latest data from Baker Hughes Co. (BKR).

June 12, 2020
Advances in Mexico Natural Gas Market Seen Stabilizing Waha Prices

Advances in Mexico Natural Gas Market Seen Stabilizing Waha Prices

New infrastructure and capacity releases in Mexico could help stabilize Permian Basin natural gas prices, according to NGI’s Patrick Rau, director of strategy and research.

June 12, 2020
Despite Uncertainty, Mexico Said to Remain Key Export Market for U.S. Natural Gas Producers

Despite Uncertainty, Mexico Said to Remain Key Export Market for U.S. Natural Gas Producers

Even given the many unknowns related to the market impact of the coronavirus pandemic on both sides of the border, Mexico will remain a key destination for U.S. natural gas producers for years to come, according to analysts.

June 2, 2020
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