production

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…

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…

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…

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…

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…

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…

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…

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,…

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…