production

U.S. Adds One Natural Gas Rig; Oil Count Slides

U.S. Adds One Natural Gas Rig; Oil Count Slides

The U.S. natural gas rig count added one unit to reach 70 for the period ending Friday (Aug. 14), while continued declines in the oil patch saw the overall domestic count slide for the week, according to updated figures from oilfield services (OFS) provider Baker Hughes Co. (BKR). Driven by another week of attrition in…

August 14, 2020
Most Lower 48 Oil Curtailments Coming Back Online by September, Says Analysis

Most Lower 48 Oil Curtailments Coming Back Online by September, Says Analysis

Nearly all of the curtailed U.S. onshore oil volumes shut-in as Covid-19 hampered demand are set to return by the end of the third quarter amid stronger oil prices and a generally brighter market outlook, according to a new analysis by Rystad Energy. The Oslo-based consultancy analyzed the curtailment reactivation schedules of 25 publicly traded…

August 14, 2020
EIA Says U.S. Ethane Production to Grow at Steady Clip Through 2021

EIA Says U.S. Ethane Production to Grow at Steady Clip Through 2021

A rebound in demand for ethane as a key feedstock for petrochemical manufacturing should fuel production growth through 2021, according to the Energy Information Administration (EIA). EIA forecasted in its August Short-Term Energy Outlook that ethane production would exceed 2 million b/d by the fourth quarter. That would mark a 9% increase from the start…

August 14, 2020
OFS Job Market Outlook Appears Grim, Particularly for North American Onshore Opportunities

OFS Job Market Outlook Appears Grim, Particularly for North American Onshore Opportunities

Turmoil wrought by the global pandemic has upended activity across the energy sector and led to massive layoffs, with staffing forecast to plummet by year’s end to its lowest level in more than a decade. An analysis of the top 50 oilfield services (OFS) operators by Rystad Energy found staffing would decline and anticipated revenue…

August 14, 2020
Despite Lower Demand, OPEC Sees Latin American Oil Production Outside of Venezuela Holding Firm in 2020

Despite Lower Demand, OPEC Sees Latin American Oil Production Outside of Venezuela Holding Firm in 2020

Latin American liquids production is expected to rise 2.27% to 6.19 million b/d this year even as global oil demand has plummeted, according to the latest monthly report issued by the Organization of the Petroleum Exporting Countries (OPEC). The figure does not take into consideration Venezuela, Latin America’s only OPEC member, where oil production has…

August 13, 2020
OPEC, EIA Reduce Oil Supply Forecasts on Coronavirus Uncertainty

OPEC, EIA Reduce Oil Supply Forecasts on Coronavirus Uncertainty

The U.S. Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries (OPEC) have reduced their outlooks for global oil production this year as Covid-19 poses the potential to further suppress demand and pricing.   In the monthly Short-Term Energy Outlook (STEO) issued on Tuesday, EIA researchers estimated U.S. oil output this year would…

August 12, 2020
Natural Gas Futures Notch Small Gain as Production Drops 2 Bcf/d; Cash Still Strong

Natural Gas Futures Notch Small Gain as Production Drops 2 Bcf/d; Cash Still Strong

Natural gas futures rebounded a bit Tuesday as production declined and liquefied natural gas (LNG) demand held firmly above the 4.5 Bcf/d mark. After swinging in a roughly 10-cent range, the September Nymex gas futures contract settled at $2.171, up 1.8 cents. October climbed 2.4 cents to $2.311. Spot gas prices continued to climb across…

August 11, 2020
Oxy Looks to Build Cash Flow, with Low Growth Following $8.4B Loss

Oxy Looks to Build Cash Flow, with Low Growth Following $8.4B Loss

Houston-based Occidental Petroleum Corp. is throttling back from growth to ensure it can build cash flow to pay down some big debt maturities due in 2021, CEO Vicki Hollub said Tuesday. The company, better known as Oxy, has set spending priorities on maintenance, debt reduction and eventually a sustainable dividend before expanding, Hollub said during…

August 11, 2020
Bonanza Creek, Highpoint Lift DJ Basin Volumes, Rein in Capex Amid Price Pressures

Bonanza Creek, Highpoint Lift DJ Basin Volumes, Rein in Capex Amid Price Pressures

A pair of prominent oil and gas companies active in the Denver-Julesburg Basin (DJ) are keeping capital expenditures (capex) in check while posting modest upticks in sales volumes. Bonanza Creek Energy Inc. and Highpoint Resources Corp., both based in Denver, reported substantial second-quarter losses, however, dinged by lower sales prices in the wake of the…

August 11, 2020
Seneca Continuing Appalachian Shut-ins on Weak Natural Gas Prices

Seneca Continuing Appalachian Shut-ins on Weak Natural Gas Prices

Seneca Resources Co. LLC cut its drilling program to one rig in June and continues to curtail Appalachian spot market production as it has for most of its fiscal year because of low natural gas prices. Seneca, National Fuel Gas Co.’s (NFG) upstream affiliate, curtailed 7.3 Bcf production during the fiscal third quarter (3Q2020) “due…

August 11, 2020
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