Mexico faces an election in June amid rising natural gas demand and infrastructure needs. See what NGI analysts gleaned from the recently completed 4Q2023 earnings season. SLB Corp. (SLB): CEO Olivier Le Peuch told investors on SLB’s 4Q2023 earnings conference call that “in the international markets, we expect full year revenue growth reaching the mid-teens…
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Haynesville Shale Adds Two Rigs as U.S. Natural Gas Drilling Count Climbs
Including an uptick in Haynesville Shale activity, the U.S. natural gas rig count increased by one to finish the week ended Friday (March 15) at 116, the latest Baker Hughes Co. (BKR) data show. The 116 active natural gas rigs as of Friday compares with 162 rigs running at this time a year ago, according…
Shell to Expand LNG Trading, Carve Out Lower Emissions through AI and Efficiencies
Shell plc upended its energy transition strategy on Thursday, citing lower power sales and stronger demand for natural gas, but it still expects to reach net-zero carbon emissions by 2050. Under pressure from investors to focus on the core oil and natural gas business, the London-based major updated its carbon reduction ambitions in the Energy…
EIA Cuts U.S. Natural Gas Price Forecast Amid Warm Winter Temps, Stout Supply
The U.S. Energy Information Administration (EIA) is slashing its projected 2024 average Henry Hub natural gas spot price by 14% versus its month-earlier forecast after observing record lows for the benchmark in February, the agency said Tuesday. EIA, in its latest Short-Term Energy Outlook (STEO), modeled an average Henry Hub price of $2.27/MMBtu for 2024,…
U.S. Down Four Rigs as Activity Slows in Haynesville, BKR Data Show
Led by a pullback in Haynesville Shale activity, the U.S. natural gas rig count dropped four units to 115 for the week ended Friday (March 8), according to updated figures from Baker Hughes Co. (BKR). The 115 active U.S. natural gas rigs as of Friday compares with 153 running in the year-ago period, according to…
Canada Natural Gas, Oil Sector Forecast to Spend Slightly More in ‘24, with ‘Sense of Caution’
Upstream natural gas and oil explorers in Canada are expected to increase their capital spending over 2023, but not by much, according to a top industry group. The Canadian Association of Petroleum Producers (CAPP) issued its latest survey of capital expenditures (capex) for the upstream sector in Canadian dollars (C$1.00/US74 cents). Capex is forecast at…
Natural Gas Drillers Drop One Rig as Weak Prices Continue
The total number of active U.S. natural gas-directed rigs eased one unit lower to 119 for the week ended Friday (Mar. 1), while an increase in oil drilling helped lift the overall domestic rig count three units higher to 629, according to updated numbers from Baker Hughes Co. (BKR). The 119 U.S. natural gas rigs…
U.S. Natural Gas Drilling Total Off One to 120; Oil Count Climbs
Natural gas-directed drilling activity held steady in the United States for the week ended Friday (Feb. 23) at 120 rigs, down one week/week, while an uptick in oil drilling lifted the combined domestic tally five units to 626, updated Baker Hughes Co. (BKR) data show. Total domestic natural gas rigs ended the period down 31…
Mexico Waives Pemex Taxes After Moody’s Downgrade
Mexican President Andrés Manuel López Obrador said last week that the government waived four months of tax obligations for state oil and gas producer Petróleos Mexicans (Pemex) in an effort to free up cash flow for the debt-saddled company following a downgrade by the credit agency Moody’s. The credit rating for Pemex — which is…
Tellurian Eyeing Divestment of Haynesville Natural Gas Business to Keep Driftwood LNG Afloat
Tellurian Inc. said Tuesday it is exploring opportunities to sell its upstream natural gas business in the Haynesville Shale. The idea is to reduce debt and shore up cash to advance the troubled Driftwood LNG export project on the Louisiana coast, said management of Houston-based Tellurian. As it seeks to commercialize the liquefied natural gas…