Diamondback Energy Inc. has no plans to accelerate oil production growth despite signs of impending tightness in the global market, according to management. CEO Travis Stice hosted a conference call to discuss the Permian Basin pure-play’s fourth quarter and full-year 2022 results. “I don’t think the macro conditions are dictating any kind of production growth…
Tag / production
Subscribeproduction
Articles from production

Texas Broke Natural Gas Production Record in 2022, with Further Growth Expected
Texas produced 11.2 Tcf of natural gas last year, a new record, according to the Texas Independent Producers and Royalty Owners Association (TIPRO). Natural gas production in Texas dwarfed other states. Pennsylvania at 7.6 Tcf was the second highest producer in 2022, followed by Alaska (3.6 Tcf), Louisiana (3.6 Tcf) and Oklahoma (2.7 Tcf). In…

Baseload Natural Gas Prices Trending Mixed for February amid Early Cold, Solid Supply Picture
The potential for widespread frigid temperatures to start February failed to resuscitate natural gas prices for February baseload delivery, with ample production, plentiful storage and languishing exports weighing down markets, according to NGI’s Bidweek Alert (BWA). On the East Coast – where a well-documented history of volatility has taken a back seat to the West…

Freezing Forecasts and Freeport Momentum Send Natural Gas Futures, Spot Prices Sailing
Natural gas futures forged ahead Monday, rebounding from a 7% drop the previous week, as forecasts for colder air late this month and early next galvanized bulls. News Monday that a key export facility was another step closer to reopening after a fire last year added to the momentum. At A Glance: Prompt month gains…

Widespread Warmth in Elliott’s Wake Sinks Natural Gas Futures, Weekly Cash Prices
What a week – and what a year – it has been for the natural gas market. During the final three days of trading for 2022 gas delivery, spot prices fizzled in grand fashion following spikes induced by Winter Storm Elliott. Losses were widespread and sent some U.S. locations back below $3.00/MMBtu, with NGI’s Weekly…

EIA Expects Increase in U.S. Natural Gas Production, Prices Heading Into New Year
Driven by associated output from the Permian Basin, the Energy Information Administration (EIA) is raising its forecast for domestic natural gas production in 2023, according to updated projections. EIA’s latest Short-Term Energy Outlook (STEO) calls for U.S. natural gas production to average 100.4 Bcf/d next year, up from its month-earlier forecast for output of 99.7…

Can Recent U.S. Natural Gas Production Uptick Continue Into 2023? – Listen Now to NGI’s Hub & Flow
Click here to listen to the latest episode of NGI’s Hub & Flow, in which Patrick Rau, NGI’s Director of Strategy and Research, takes a look at the recent U.S. natural gas production trend, whether it is sustainable into the new year, and what it all means for prices going forward. Acknowledging that the pace…

Once Again, OPEC Cuts Global Oil Demand Forecast Amid Recession Headwinds
OPEC slashed its global crude oil demand outlook for a second consecutive month, citing slowing economic activity in the United States and Europe as well as ongoing pandemic-related lockdowns in China and geopolitical upheaval linked to Russia’s war in Ukraine. In its closely watched monthly market report, the cartel on Monday lowered its forecast for…

Devon Touts LNG Partnership, Lower 48 Acquisitions After Strong Third Quarter
With LNG exports seen driving U.S. natural gas demand growth over the coming years, Devon Energy Corp. is positioning itself to capitalize on premium global gas prices, management said Wednesday. In a call to discuss the Lower 48 producer’s third quarter earnings, CEO Rick Muncrief highlighted a partnership with Delfin Midstream Inc. that would see…

Chesapeake Aiming to Be Major Natural Gas Supplier in U.S. LNG Capacity Expansion
A revamped Chesapeake Energy Corp. continues streamlining its strategy around supplying natural gas to the Gulf Coast LNG corridor, executives said in an earnings call on Wednesday. The company sees a somewhat softer natural gas market in 2023, with no real structural demand growth until new export capacity comes online starting in 2024. “As export…