Upstream

Outgoing Trump Administration Warns of U.S. Economic Disaster if Fracking Banned

Outgoing Trump Administration Warns of U.S. Economic Disaster if Fracking Banned

A ban on hydraulic fracturing, a key technique used to complete unconventional oil and natural gas wells, could reverse U.S. production growth and lead the country backwards to become a net importer once again by as soon as 2025, the outgoing Trump administration warned in a report issued Thursday. The Department of Energy’s (DOE) outgoing…

January 15, 2021
U.S. Count Adds Baker’s Dozen on Gains in Oil Patch; One Natural Gas Rig Added

U.S. Count Adds Baker’s Dozen on Gains in Oil Patch; One Natural Gas Rig Added

The U.S. natural gas rig count climbed one unit to 85 for the week ending Friday (Jan. 15), while the number of active oil rigs surged by double digits, according to data published by Baker Hughes Co. (BKR). The latest BKR numbers, which are based on data provided in part by Enverus, showed a net…

January 15, 2021
Permian Posts Double-Digit Rig Increase, Spurring U.S. Count Higher

Permian Posts Double-Digit Rig Increase, Spurring U.S. Count Higher

A surge in oil-directed drilling led by the Permian Basin sent the U.S. rig count 13 units higher to 373 for the week ending Friday (Jan. 15), according to data published by Baker Hughes Co. (BKR). The latest BKR numbers, which are based on data provided in part by Enverus, showed an increase of 12…

January 15, 2021
Ovintiv Facing Investor Ire to Improve Performance or Potential Board Upheaval

Ovintiv Facing Investor Ire to Improve Performance or Potential Board Upheaval

Denver-based Ovintiv Inc., whose onshore oil and gas portfolio stretches from Canada to Texas, could face a board shakeup if performance does not improve, shareholder Kimmeridge Energy Management Co. LLC warned on Thursday. The private equity, which has a 2.4% stake in the exploration and production (E&P) company, has launched a website and sent a…

January 15, 2021
Mexico’s Leading Private Natural Gas Producer Secures 2021 Work Plan Approval

Mexico’s Leading Private Natural Gas Producer Secures 2021 Work Plan Approval

Mexico’s upstream oil and gas regulator Comisión Nacional de Hidrocarburos (CNH) on Tuesday approved three exploration and production (E&P) work plans for 2021 that entail combined investment of $115.7 million. Servicios Múltiples de Burgos, S.A. de C.V. (SMB), a 50/50 joint venture between Tecpetrol SA and Industrial Perforadora de Campeche (IPC), obtained the green light…

January 13, 2021
Texas Oil, Natural Gas Well Inspections Tracking Ahead of Target

Texas Oil, Natural Gas Well Inspections Tracking Ahead of Target

One quarter into the 2021 fiscal year, the Railroad Commission of Texas (RRC) is ahead of its goal to have 5% or less of the oil and natural gas wells in the state uninspected at least once every five years. Only 4.28% of the nearly 440,000 wells in Texas have not been inspected at least…

January 11, 2021
Northern Oil Builds Permian Portfolio, Expects ‘Steady Improvements’ to Natural Gas Realizations

Northern Oil Builds Permian Portfolio, Expects ‘Steady Improvements’ to Natural Gas Realizations

Minnetonka, MN-based independent Northern Oil and Gas Inc. is looking to expand its Lower 48 oil and natural gas production this year after a slew of dealmaking in the final three months of 2020, including four transactions in the Permian Basin. Management said in an update on activity that it saw “steady and continued improvement…

January 8, 2021
E&Ps, OFS Operators Looking to Boost Capex, Restore Investor Confidence

E&Ps, OFS Operators Looking to Boost Capex, Restore Investor Confidence

Global exploration operators are ready to get back to business in oil and natural gas onshore and offshore, with the international players likely to shell out more funds this year than their Lower 48 compadres. Energy analysts in recent weeks have begun offering their takes on the likely pace of activity and potential capital expenditures…

January 8, 2021
Permian, Marcellus Totals on Rise as U.S. Rig Count Surges

Permian, Marcellus Totals on Rise as U.S. Rig Count Surges

Amid large gains in the Permian Basin and the Marcellus Shale, the U.S. rig count surged 9 units higher to 360 for the period ending Friday (Jan. 8), according to the latest weekly numbers published Friday by oilfield services provider Baker Hughes Co. (BKR). The rise in domestic drilling included an increase of eight oil-directed…

January 8, 2021
Devon Completes Permian-Fueled WPX Takeover

Devon Completes Permian-Fueled WPX Takeover

Devon Energy Corp. has completed its all-stock merger of Lower 48 rival WPX Energy Inc., giving the independent an even bigger toehold in the Permian Basin’s Delaware formation. The combined company, operating under the Devon moniker, would continue to be headquartered in Oklahoma City. The takeover of WPX was announced in September.  The transaction gives…

January 8, 2021
‹ Previous 1 2 3 25