Shale

U.S. Rig Count Extends Steady Uptrend on Strength of Permian Gains

U.S. Rig Count Extends Steady Uptrend on Strength of Permian Gains

Further recovery in the oil patch, especially in the Permian Basin, lifted the U.S. rig count nine units higher to 296 for the week ending Friday (Oct. 30), according to Baker Hughes Co. (BKR) data. The addition of 10 oil-directed rigs offset the departure of one natural gas-directed unit in the United States for the…

October 30, 2020
Devon, WPX in $12B ‘Merger of Equals,’ Combining Permian, Multi-Basin Portfolios in Lower 48

Devon, WPX in $12B ‘Merger of Equals,’ Combining Permian, Multi-Basin Portfolios in Lower 48

Lower 48 giants Devon Energy Corp. and WPX Energy Inc. said Monday they are tying up in an all-stock transaction valued at $12 billion including debt to create operations dominated by a 400,000 net acre Permian Basin leasehold. The two Oklahoma-based independents said the company, still branded as Devon, would create a “merger of equals”…

September 28, 2020
Argentina Natural Gas Production Down 12% in July

Argentina Natural Gas Production Down 12% in July

Natural gas production in Argentina fell by 12.2% year/year in July to 126.8 million cubic meters/day (MMm3/d), or 4.47 Bcf/d, according to the latest report by the IAE Argentine Energy Institute. Production was essentially flat compared to June.  Analysts attributed the drop to restrictions in place because of the coronavirus pandemic. Argentina has had one…

September 14, 2020
Unit Ready to ‘Handle Current Challenges’ with Chapter 11 Exit, Says CEO

Unit Ready to ‘Handle Current Challenges’ with Chapter 11 Exit, Says CEO

Tulsa-based Unit Corp., which sought bankruptcy protection in late May, has completed restructuring with enhanced financial strength, CEO David T. Merrill said. The Lower 48 explorer’s exit from Chapter 11 was approved by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.  “Our successful financial restructuring positions us to handle current challenges…

September 4, 2020
Liberty Oilfield Supercharging North America Fracturing Business with Schlumberger’s OneStim

Liberty Oilfield Supercharging North America Fracturing Business with Schlumberger’s OneStim

Denver-based Liberty Oilfield Services Inc. is set to become the third largest oilfield services operator in North America after clinching a deal to take over Schlumberger Ltd.’s massive hydraulic fracturing business. In the agreement, the Houston-based giant is contributing its onshore OneStim completions business in exchange for a 37% stake in Liberty. OneStim provides pressure…

September 1, 2020
More Consolidation Among Canada E&Ps as One Deal Signed, Another Proposed

More Consolidation Among Canada E&Ps as One Deal Signed, Another Proposed

Strength in numbers emerged Monday as a survival strategy for depressed fossil fuel prices and the Covid-19 pandemic among independent Canadian oil and gas firms as announcements of a merger and a proposal for a second pairing were made. Whitecap Resources Inc. and NAL Resources Ltd. made a corporate marriage deal valued at C$155 million…

August 31, 2020
Continental Expects Improved Cash Flow at $40/bbl as Production to Ramp Through End of 2020

Continental Expects Improved Cash Flow at $40/bbl as Production to Ramp Through End of 2020

After curtailing production in the second quarter amid the extraordinary disruptions caused by the coronavirus pandemic, Continental Resources Inc. (CLR) expects to boost cash flow at $40/bbl West Texas Intermediate (WTI) pricing as it looks to ramp up output through the end of the year, management said. The Oklahoma City-based independent in its 2Q2020 earnings…

August 6, 2020
One U.S. Natural Gas Rig Added as Count Shows Signs of Bottoming

One U.S. Natural Gas Rig Added as Count Shows Signs of Bottoming

The U.S. natural gas rig count increased one unit to 69 for the week ended Friday (July 24) as the latest Baker Hughes Co. (BKR) numbers offered further indication that domestic drilling activity is leveling off following the Covid-induced collapse earlier this year. The overall U.S. rig count finished unchanged at 251 for the week,…

July 31, 2020
Apache Curtailing Some Permian Oil Until Prices ‘Well Into the $50s,’ Says CEO

Apache Curtailing Some Permian Oil Until Prices ‘Well Into the $50s,’ Says CEO

Apache Corp. has no plans to raise rigs again in the Permian Basin “unless oil prices recover well into the $50s,” CEO John Christmann said Thursday. The Permian, which in recent years had been the Houston independent’s No. 1 prospect, continues to deliver “highly competitive economics,” Christmann said. However, “other areas within our portfolio offer…

July 31, 2020
Led by Permian, U.S. Oil Rigs Tally First Net Gain Since March, BKR Data Show

Led by Permian, U.S. Oil Rigs Tally First Net Gain Since March, BKR Data Show

Further retrenchment in natural gas-directed drilling dropped the overall U.S. rig count two units to 251 for the week ending Friday (July 24), but the domestic oil count edged higher for the first time in months, according to the latest data from Baker Hughes Co. (BKR). The United States added one oil-directed rig for the…

July 24, 2020
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