production

Tech Innovations Boost Permian Oil and Natural Gas Productivity, EIA Says

Tech Innovations Boost Permian Oil and Natural Gas Productivity, EIA Says

Advanced technologies, such as longer lateral wells and multi-well pad drilling, are driving ongoing efficiencies and increased productivity in developing oil and natural gas resources in the prolific Permian Basin, the U.S. Energy Information Administration (EIA) said in a report Tuesday. The Permian, which spans West Texas and southeastern New Mexico, accounted for about 30%…

October 19, 2021
EIA Predicts Big Increases in Winter Heating Costs as Prices Rise for Natural Gas, Other Fuels

EIA Predicts Big Increases in Winter Heating Costs as Prices Rise for Natural Gas, Other Fuels

American households can expect significant increases in home heating costs this winter, including a 30% increase in natural gas expenditures versus last winter, the U.S. Energy Information Administration (EIA) said Wednesday. The agency said as part of its latest Short-Term Energy Outlook (STEO) that it expects a 3% increase in average U.S. heating degree days…

October 13, 2021
Oil, Gas to Continue Growing to Meet Rising Global Energy Demand Through 2050, Says EIA

Oil, Gas to Continue Growing to Meet Rising Global Energy Demand Through 2050, Says EIA

Under current policies, oil and natural gas production will continue growing through 2050 amid rising global energy consumption driven by developing Asian economies, according to the latest long-term projections from the U.S. Energy Information Administration (EIA). In its International Energy Outlook 2021(IEO2021) report published Wednesday, the agency predicted a nearly 50% increase in global energy…

October 6, 2021
PDC Trimming Oil Production Guidance on Well Spacing Issues in Permian

PDC Trimming Oil Production Guidance on Well Spacing Issues in Permian

PDC Energy Inc. has revised down its full-year 2021 oil production guidance, citing “tighter than optimal well spacing” in its Permian Basin leasehold. Oil production is now expected to average 60,000-63,000 b/d, versus previous guidance of 64,000-66,000 b/d, the Denver-based independent said in a recent update. PDC operates primarily in the Wattenberg field in Colorado’s…

October 6, 2021
Southwestern Completes $2.7B Indigo Takeover as Haynesville Interest Heats Up

Southwestern Completes $2.7B Indigo Takeover as Haynesville Interest Heats Up

Southwestern Energy Co. has completed its $2.7 billion takeover of Haynesville Shale pure-play Indigo Natural Resources LLC. The deal completed Wednesday gives Southwestern a sizable footprint in the resurgent Louisiana play, improving the firm’s access to Gulf Coast liquefied natural gas (LNG) export markets. “This acquisition materially expands our opportunity set, adding high-margin Haynesville production…

September 2, 2021
Natural Gas Futures, Cash Prices Fall as Ida Slashes Demand; Storm Tees Up ‘Tame September’

Natural Gas Futures, Cash Prices Fall as Ida Slashes Demand; Storm Tees Up ‘Tame September’

Though still early for a full assessment of former Hurricane Ida, natural gas futures traders on Monday focused squarely on the destruction of natural gas demand brought about by the catastrophic Category 4 storm. The October Nymex gas futures contract, on its first day in the prompt position, settled at $4.305, off 8.3 cents from…

August 30, 2021
September Natural Gas Futures See-Saw Along with Demand, Production and Hurricane Potential

September Natural Gas Futures See-Saw Along with Demand, Production and Hurricane Potential

Natural gas futures on Wednesday soared more than 10 cents early, then retreated into negative territory before flattening out and edging back up at the close of trading. The roller coaster action developed amid a decline in production and estimates for a relatively light storage increase, as well as an evolving weather picture and the…

August 25, 2021
Diamondback Glides Oil Production Slightly Higher, Even as Efficiencies Send Rig Count Lower

Diamondback Glides Oil Production Slightly Higher, Even as Efficiencies Send Rig Count Lower

Drilling efficiencies are giving Diamondback Energy Inc. a leg up to reduce spending, drop rigs and crews, but oil output is set to bump higher through the end of the year, according to CEO Travis D. Stice. During the recent second quarter conference call, Stice said the Midland, TX-based independent had decreased drill times from…

August 11, 2021
With Cool Fading and Heat Building, Natural Gas Futures Prices Rise Above $4.10

With Cool Fading and Heat Building, Natural Gas Futures Prices Rise Above $4.10

For the third day in a row, natural gas futures were higher early Wednesday as the recent cool weather was set to fade by the week, ushering in what is expected to be the hottest weather of the summer to date. The September Nymex gas futures contract was trading around $4.110/MMBtu at 8:45 a.m. ET,…

August 4, 2021
Equinor Grows Marcellus Output and North American Natural Gas Fetches 53% Price Improvement

Equinor Grows Marcellus Output and North American Natural Gas Fetches 53% Price Improvement

Norwegian state player Equinor ASA logged lower overall U.S. oil and natural gas production in 2Q2021 primarily because of its recent Bakken Shale exit, but that decline was offset by growth in the gassy Marcellus Shale. Average daily equity production of liquids and gas was 391,000 boe/d in 2Q2021 compared with 405,000 boe/d in the…

July 28, 2021
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