production

As OPEC Cuts Take Force, Mexico Oil Production Falls in May

As OPEC Cuts Take Force, Mexico Oil Production Falls in May

Mexico’s oil production fell to 1.64 million b/d in May compared to 1.66 million b/d in the year-ago period, according to new data provided by the country’s upstream watchdog Comisión Nacional de Hidrocarburos (CNH). Gas production in May was 3.61 Bcf/d, down from 3.82 Bcf/d last May. The figures are the first to reflect committed…

July 1, 2020
ConocoPhillips to Restore Some Alaska, Lower 48 Oil Output in July

ConocoPhillips to Restore Some Alaska, Lower 48 Oil Output in July

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…

June 30, 2020
August Natural Gas Futures Mount Vigorous Rally on Forecasts for More Intense Heat

August Natural Gas Futures Mount Vigorous Rally on Forecasts for More Intense Heat

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…

June 29, 2020
Oxy Eyeing $6-9B in Oil, Gas Impairments on Covid-19, Depressed Oil Prices

Oxy Eyeing $6-9B in Oil, Gas Impairments on Covid-19, Depressed Oil Prices

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…

June 25, 2020
EIA Cites Dramatic Improvements in U.S. Onshore Drilling Efficiency Amid Record 2019 Oil, Natural Gas Output

EIA Cites Dramatic Improvements in U.S. Onshore Drilling Efficiency Amid Record 2019 Oil, Natural Gas Output

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…

June 25, 2020
Minnesota AG Claims ExxonMobil, API and Koch ‘Perpetuating Fraud’ Regarding Climate Change

Minnesota AG Claims ExxonMobil, API and Koch ‘Perpetuating Fraud’ Regarding Climate Change

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…

June 25, 2020
Oil, Natural Gas Activity Across Louisiana, New Mexico and Texas Still Grim, Says Dallas Fed

Oil, Natural Gas Activity Across Louisiana, New Mexico and Texas Still Grim, Says Dallas Fed

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,…

June 24, 2020
North America’s Associated Natural Gas Recovery Not Seen Before 2022

North America’s Associated Natural Gas Recovery Not Seen Before 2022

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 &…

June 24, 2020
Shifts in Weather, LNG Outlooks Sap Momentum for Natural Gas Futures; Spot Prices Surge

Shifts in Weather, LNG Outlooks Sap Momentum for Natural Gas Futures; Spot Prices Surge

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…

June 22, 2020
‘Great Compression’ Seen for Lower 48 E&Ps as Impairments Likely to Spur Consolidation

‘Great Compression’ Seen for Lower 48 E&Ps as Impairments Likely to Spur Consolidation

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…

June 22, 2020
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