Driven by a sharp pullback in the Permian Basin, the U.S. rig count dropped five units to 760 for the week ended Friday (Sept. 2), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Net changes domestically for the week included a nine-rig decline in oil-directed drilling, partially offset by a…
Upstream
Articles from Upstream
Shell, ExxonMobil to Reduce California Presence with Aera Energy Sale
International asset management group IKAV has agreed to acquire Bakersfield, CA-based independent Aera Energy LLC from joint owners Shell plc and ExxonMobil, the energy companies reported Thursday. Accounting for nearly one-quarter of California’s oil and gas output from about 13,000 wells, Aera is 51.8% owned by Shell and 48.2% by ExxonMobil. Shell said it expects…
Permian Leads Oil Activity Higher in U.S. as Natural Gas Tally Eases Lower
Led by growth in oil-directed drilling in the Permian Basin, the U.S. rig count rose three units to 765 for the week ended Friday, according to updated figures published by Baker Hughes Co. (BKR). A four-rig increase in oil-directed drilling in the United States was partially offset by a one-rig decrease in natural gas-directed activity.…
‘Midsummer Boost’ in July for Lower 48 Oil, Natural Gas Permitting Led by Permian
A rebound in Permian oil and gas permitting, along with a lift in the Haynesville and Marcellus shales, lifted the Lower 48 count in July to a three-year high, according to state and federal data. The “midsummer boost” compiled by Evercore ISI analysts, found that permitting overall rose by 707 month/month (m/m) and was 63%…
Natural Gas Production Poised for More Growth in August, Led by Haynesville, EIA Says
Natural gas production from seven key U.S. onshore regions is set to surge to slightly shy of 94 Bcf/d from August to September, with the largest share of incremental output growth expected from the Haynesville Shale, according to updated projections from the Energy Information Administration (EIA). Total natural gas output from the seven regions tracked…
Natural Gas Drilling Activity Eases Lower in Latest Baker Count
The U.S. natural gas rig count eased one unit lower to 159 for the week ended Friday (Aug. 19), while oil activity held steady, according to updated numbers from oilfield services provider Baker Hughes Co. (BKR). Total domestic oil-directed rigs went unchanged week/week at 601. The combined U.S. count dropped one unit to 762, versus…
Berkshire Given FERC OK to Buy Half-Stake in Oxy; Shares Jump
Warren Buffett’s Berkshire Hathaway Inc. on Friday was given federal approval to acquire “up to 50%” of Occidental Petroleum Corp.’s common shares. In the filing to FERC initially in July, Berkshire noted that it already owns 18.72% of the outstanding shares of Oxy, as it is commonly known (No. EC22-87-000). The purchases would be completed…
Talos Eyes Sanctioning Zama Project Offshore Mexico in 2023
Houston-based Talos Energy Inc. is working to finalize the field development plan (FDP) at the Zama project offshore Mexico. Talos is working with its Block 7 partners Wintershall Dea and Harbour Energy, as well as state-owned Petróleos Mexicanos (Pemex). The FDP has to be submitted to Mexico’s Comisión Nacional de Hidrocarburos (CNH) by March. Once…
U.S. Natural Gas Drilling Activity Eases Lower in Latest Baker Count
The U.S. natural gas rig count fell one unit to 160 for the week ended Friday (Aug. 12), helping to send the overall domestic tally one unit lower to 763, according to the latest Baker Hughes Co. (BKR) data. Net changes domestically for the week included a three-rig increase in oil-directed drilling. However, a decline…
Marcellus Activity Slows as U.S. Drilling Total Falls in Latest Baker Count
Driven in part by a slowdown in Marcellus Shale activity, the U.S. rig count eased one unit lower to finish at 763 for the week ended Friday (Aug. 12), according to updated figures from oilfield services provider Baker Hughes Co. (BKR). Net changes domestically for the week included a three-rig increase in oil-directed drilling. However,…