Upstream

Pemex Betting on Priority Fields as Oil, Gas Production Barely Budges in 3Q

Pemex Betting on Priority Fields as Oil, Gas Production Barely Budges in 3Q

Management at Mexico’s Petróleos Mexicanos (Pemex) thinks its strategy to focus on 20 new priority fields is starting to pay dividends, with 123,000 b/d of new production added from 15 producing areas by the end of September. Thirteen wells were drilled at the priority fields during the third quarter, and the company will complete and…

October 28, 2020
Contango Oil Builds Lower 48 Portfolio in Tie-Up with Mid-Con Energy

Contango Oil Builds Lower 48 Portfolio in Tie-Up with Mid-Con Energy

Consolidation in the U.S. exploration sector continued to gain steam Monday, with Contango Oil & Gas Co. announcing an all-stock merger with Mid-Con Energy Partners LP one day after a big tie-up in the Canadian oilpatch.  Houston-based Contango works the shallow waters of the Gulf of Mexico (GOM) and across the Lower 48, mostly in…

October 26, 2020
North Dakota Redirects Covid Funds to Cut DUCs, Stimulate Oilfield Work

North Dakota Redirects Covid Funds to Cut DUCs, Stimulate Oilfield Work

North Dakota officials last Friday re-allocated $16 million from federal Covid-19 funds to reduce a growing number of drilled but uncompleted wells (DUC) while creating up to 1,000 temporary jobs in the oil and gas sector. The action by the state Emergency Commission chaired by Gov. Doug Burgum was part of an effort to reassign…

October 26, 2020
Presidential Candidates Clash on Climate, Energy in Final Debate

Presidential Candidates Clash on Climate, Energy in Final Debate

The final presidential debate on Thursday crystallized stark differences between the candidates on climate and energy policy, as Joseph R. Biden Jr. stressed the urgency of addressing climate change while President Trump warned that the Democratic nominee’s plans would hurt the economy. Calling climate change “an existential threat to humanity,” Biden said, “We have a…

October 23, 2020
October Fracture Activity Seen Higher, Led by Permian

October Fracture Activity Seen Higher, Led by Permian

The U.S. active fracture (frack) spread count is climbing, with gains of up to 6% already this month from September, according to Tudor, Pickering, Holt & Co. In a preliminary note to clients, the analyst team said well completions activity is climbing in the Lower 48 since the start of the month. The domestic active…

October 23, 2020
Precision Drilling Sees U.S. Rig Demand Improving, Canada Accelerating Natural Gas Activity

Precision Drilling Sees U.S. Rig Demand Improving, Canada Accelerating Natural Gas Activity

Calgary-based Precision Drilling Corp., one of the largest drilling contractors in North America, is seeing U.S. demand improve, with Canada activity accelerating in natural gas and liquids-rich plays. During a conference call to discuss third quarter results, CEO Kevin Neveu said the Lower 48 rig count already has improved off the “third quarter lows back…

October 23, 2020
More Oil Drilling Propels U.S. Rig Count Higher for Sixth Straight Week

More Oil Drilling Propels U.S. Rig Count Higher for Sixth Straight Week

Bolstered by increased oil drilling, particularly in the Permian Basin, the U.S. rig count climbed for a sixth straight week during the period ended Friday (Oct. 23), picking up five units to reach 287, according to the latest data from Baker Hughes Co. (BKR). A six-rig increase in domestic oil drilling offset a one-rig decline…

October 23, 2020
ConocoPhillips Strikes $9.7B Deal to Buy Concho, Create Permian Behemoth

ConocoPhillips Strikes $9.7B Deal to Buy Concho, Create Permian Behemoth

ConocoPhillips on Monday announced it is taking over Concho Resources Inc. for $9.7 billion in stock, forming a giant in the Permian Basin that would rival the output of the biggest players in the nation’s most productive oilfield. Concho, a Permian pure-play, is the fifth-largest producer by volume in the massive field. The combination marks…

October 19, 2020
U.S. Adds One Natural Gas Rig as Oil Drilling Surges

U.S. Adds One Natural Gas Rig as Oil Drilling Surges

The U.S. natural gas rig count climbed one unit to finish at 74 for the week ending Friday (Oct. 16), while a surge in oil activity saw the overall domestic drilling tally rise by double digits, the latest numbers from Baker Hughes Co. (BKR) show. Driven by a 12-rig increase in oil-directed rigs, the combined…

October 16, 2020
Oklahoma Pure-Play Chaparral Exits Bankruptcy as Private E&P

Oklahoma Pure-Play Chaparral Exits Bankruptcy as Private E&P

Oklahoma City-based independent Chaparral Energy Inc. has emerged from bankruptcy for a second time, this time as a privately held company. The Anadarko Basin-focused exploration and production (E&P) firm said it has equitized all $300 million of its unsecured senior notes due 2023, reduced its annual interest expense by more than $25 million and “significantly…

October 16, 2020
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