Domestic oil and natural gas drilling continued its surge in 2008, rising 19% in the fourth quarter and 15% for the year, with gas-targeted drilling accounting for slightly more than half of all activity, the American Petroleum Institute (API) said last Tuesday. But it warned that drilling activity is beginning to show signs of a slowdown.
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API: Signs Are Pointing to a Drilling Slowdown
Domestic oil and natural gas drilling continued its surge in 2008, rising 19% in the fourth quarter and 15% for the year, with gas-targeted drilling accounting for slightly more than half of all activity, the American Petroleum Institute (API) said Tuesday. But it warned that drilling activity is beginning to show signs of a slowdown.
Piceance Basin Producers Pull Back — Who’s Next?
The surge in natural gas drilling that has transformed Colorado’s landscape and plumped its coffers appears headed for a plateau as producers cut back spending and reduce rig counts for a variety of reasons: lower gas prices, credit market turmoil, limited pipeline capacity and the possibility of more stringent state regulations.
Piceance Basin Producers Pull Back — Who’s Next?
The surge in natural gas drilling that has transformed Colorado’s landscape and plumped its coffers appears headed for a plateau as producers cut back spending and reduce rig counts for a variety of reasons: lower gas prices, credit market turmoil, limited pipeline capacity and the possibility of more stringent state regulations.
Futures Rebound Nearly A Half Dollar on Colder Temps
Rebounding from last week’s late surge of weakness, December natural gas futures tied on 49.1 cents Monday to close at $7.248 as near-term forecasts began to tilt toward the chilly side. Crude futures increased as well — albeit by a smaller percentage — as the December contract gained $1.37 to finish at $62.41/bbl.
El Paso’s Earnings Skyrocket; Belt-Tightening Planned for 2009
El Paso Corp. Thursday reported a 190% surge in quarterly earnings, and in spite of the two Gulf Coast hurricanes that impacted operations in September, the pipeline group and the exploration and production (E&P) unit posted solid returns.
ConocoPhillips’ North American Gas Output Falls
ConocoPhillips, the third largest U.S. oil company by market value, reported a surge in 2Q2008 net income on higher commodity prices. Overall, the Houston-based major’s North American natural gas production was down from a year ago, but the decline was partially offset by higher output from the company’s holdings in the San Juan Basin.
ConocoPhillips’ Quarterly Earnings Surge, Output Falls
ConocoPhillips, the third largest U.S. oil company by market value, reported a surge in 2Q2008 net income on higher commodity prices. Overall, North American natural gas production was down from a year ago, but the decline was partially offset by higher output from the company’s holdings in the San Juan Basin.
Double-Digit Gas Prices Through Summer, but…See You in September
Several factors point to natural gas prices of around $11-12/MMBtu or more through the summer, but if there are no large hurricane production losses, the surge in onshore gas production in the storage surplus “could be visible for all to see” by late September, said an energy analyst.
Double-Digit Gas Prices Through Summer, but…See You in September
Several factors point to natural gas prices of around $11-12/MMBtu or more through the summer, but if there are no large hurricane production losses, the surge in onshore gas production in the storage surplus “could be visible for all to see” by late September, said an energy analyst.