Shale

Ring Drilling First Permian Horizontal in 10 Months, but Executive Upheaval Drawing Concerns

Ring Drilling First Permian Horizontal in 10 Months, but Executive Upheaval Drawing Concerns

Permian Basin producer Ring Energy Inc. said Thursday it has begun drilling its first horizontal well in 10 months on the Northwest Shelf leasehold in West Texas, a positive sign in what is proving to be a year of upheaval for the company. The Badger 709 B No. 6XH oil San Andres well in Yoakum…

December 7, 2020
NextTier, NOV Testing E-Fracking Prototype for Lower 48 Well Sites

NextTier, NOV Testing E-Fracking Prototype for Lower 48 Well Sites

Oilfield services operator NexTier Oilfield Solutions Inc. is collaborating on field tests of National Oilwell Varco Inc.’s (NOV) electric fracturing, aka e-fracking, system to reduce emissions and equipment at well sites. The Houston-based operators plan to test NOV’s Ideal eFrac fleet, which was introduced in the third quarter. NextTier, a completions provider, works in the…

November 23, 2020
Goodrich Looking to Haynesville As Natural Gas Prices Improve in 2021

Goodrich Looking to Haynesville As Natural Gas Prices Improve in 2021

With the 2021 natural gas futures strip price improved to more than $3.00/Mcf, Haynesville Shale-focused Goodrich Petroleum Corp. has increased its outlook and cash flow potential for the coming year. The independent’s production is 98% weighted to natural gas, and the latest price signals could “dramatically” help increase earnings potential, CEO Gil Goodrich said during…

November 16, 2020
Colombia Inches Closer to Becoming Second South American Nation to Use Fracking

Colombia Inches Closer to Becoming Second South American Nation to Use Fracking

Colombia has published the terms of reference for its hydraulic fracturing (fracking) pilots and will award contracts to four projects by the end of this month. According to a reference document published in October by the National Hydrocarbons Agency (ANH), the most “favorable” four projects will be picked from those taking part in the bidding…

November 4, 2020
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
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