production

Houston-based ConocoPhillips said Tuesday it expects to begin restoring some curtailed Alaska and Lower 48 oil output in July after shuttering an average 225,000 boe/d net across its global operations in 2Q2020. In a second quarter update ahead of issuing results late in July, the super independent said oil output despite the shut-ins was in…

Natural gas futures posted a strong double-digit advance Monday, lifted by updated outlooks for more extreme July heat that could drive seasonally stronger energy demand. The August Nymex contract surged 16.5 cents day/day and settled at $1.709/MMBtu. It marked a stark contrast from the prior week, when the July contract plummeted to a 25-year low…

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…

Surging U.S. crude oil and natural gas production over the last decade or so has been accompanied by dramatic improvements in onshore drilling efficiency, the Energy Information Administration (EIA) said Thursday. Oil and gas output each hit all-time highs in 2019, even as the average monthly rig count and number of wells drilled per month…

Minnesota Attorney General (AG) Keith Ellison on Wednesday sought to prevent ExxonMobil, the American Petroleum Institute (API) and three Koch Industries entities from continuing “deceptive practices” regarding climate change.  In the complaint filed in Ramsey County, Ellison said he is seeking to hold the companies and API “accountable for perpetuating fraud against Minnesotans” regarding “claims…

Oil and natural gas activity has declined further in the second quarter across Louisiana, New Mexico and Texas, according to a survey by the Federal Reserve Bank of Dallas. The Dallas Fed, as it is known, every quarter surveys energy executives across the Eleventh District, which encompasses northern Louisiana, most of New Mexico and Texas,…

Covid-19 has upended oil and gas markets across the globe, but North America is expected to account for roughly half of the decline in global associated natural gas output this year, with a slow recovery not forecast until 2022. According to projections by Rystad Energy, led by researcher Carlos Torres Diaz, head of Gas &…

An early rally Monday on expectations for increasing heat across much of the Lower 48, including temperatures in excess of 100 over swaths of the West Coast, fizzled in afternoon trading after a new mid-range weather outlook disappointed. The latest American model still showed near-term heat but cooler-than-previously-expected forecasts for early July that could reduce…

The U.S. onshore oil and gas industry is against the wall with the unconventional boom in its 15th year, now facing accelerated insolvencies and a wave of consolidation, according to new research. Second quarter earnings may bring a “surge of asset impairments” as U.S. operators that work in shale and other tight resources enter a…