Upstream

Devon Energy Grows Williston Basin Position with $865M Deal

Devon Energy Grows Williston Basin Position with $865M Deal

Devon Energy Corp. said Thursday that it has closed on its $865 million acquisition of RimRock Oil and Gas LP’s leasehold interest and related assets in the Williston Basin. The bolt-on deal, announced last month, adds 38,000 contiguous net acres (88% working interest) to Devon’s existing Williston footprint. Oklahoma City-based Devon said it expects the…

July 22, 2022
Oilfield Services Giant Baker Hughes Bullish on Natural Gas, LNG Growth Prospects

Oilfield Services Giant Baker Hughes Bullish on Natural Gas, LNG Growth Prospects

Baker Hughes Co. (BKR) management on Wednesday offered a bullish assessment of natural gas growth opportunities but conveyed a more measured outlook for the oil market. “Overall, we remain very positive on the outlook for natural gas,” Baker Hughes’ CEO Lorenzo Simonelli told analysts during the oilfield services (OFS) giant’s 2Q2022 earnings call. “We also…

July 22, 2022
Rosy Outlook for Texas Natural Gas, Oil Tax Boosts Lawmakers’ Spending Options

Rosy Outlook for Texas Natural Gas, Oil Tax Boosts Lawmakers’ Spending Options

Texas’ chief tax collector recently projected that state lawmakers will have about 10% more money available to spend in 2022-23 than expected, citing robust natural gas and oil production tax revenues as a key factor in the outlook. “Severance taxes performed extremely well due to elevated oil and gas prices caused by energy market volatility,”…

July 21, 2022
Natural Gas Rules Cited in USMCA Complaint Against Mexico

Natural Gas Rules Cited in USMCA Complaint Against Mexico

The U.S. government is escalating its response to Mexico’s energy policies under President Andrés Manuel López Obrador, alleging violation of the United States-Mexico-Canada Agreement (USMCA) and discriminatory treatment of U.S. energy companies. U.S. Trade Representative (USTR) Katherine Tai said Monday that her office is requesting dispute settlement consultations with Mexico under the free trade pact,…

July 20, 2022
U.S. E&P Capex Said Roaring Higher as Upstream Fundamentals Strengthen

U.S. E&P Capex Said Roaring Higher as Upstream Fundamentals Strengthen

Global oil and natural gas upstream spending is climbing sharply higher from initial 2022 forecasts, with North America likely looking at a 33% jump from last year. Evercore ISI last December in its global upstream capital expenditure (capex) survey, said the average increase over 2021 would be 16%. However, exploration and production (E&P) companies worldwide…

July 18, 2022
COLUMN: Law Favors Marketers Unwilling to Accept Mexico Natural Gas Transport Terms

COLUMN: Law Favors Marketers Unwilling to Accept Mexico Natural Gas Transport Terms

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process. A few weeks after Mexican Energy Minister Sener announced its strategy for optimizing capacity on the Sistrangas natural gas pipeline network, the…

July 15, 2022
Natural Gas Drilling Total Unchanged in U.S. as Overall Tally Rises on Oil Gains

Natural Gas Drilling Total Unchanged in U.S. as Overall Tally Rises on Oil Gains

The U.S. natural gas rig count went unchanged at 153 for the week ended Friday (July 15), while an uptick in the oil patch helped lift the overall domestic drilling tally four units higher to 756, according to updated numbers from Baker Hughes Co. (BKR). Gains in the United States for the week included two…

July 15, 2022
Appalachian Pure-Play Olympus Certifying All Natural Gas, Midstream Operations

Appalachian Pure-Play Olympus Certifying All Natural Gas, Midstream Operations

Olympus Energy LLC has become the latest exploration and production (E&P) firm to claim the distinction of producing 100% certified natural gas after an analysis by Project Canary. Pittsburgh independent Olympus operates around 100,000 net acres with more than 10 producing wells in Marcellus, Utica and Upper Devonian plays of southwestern Pennsylvania.  Olympus COO Mike…

July 12, 2022
Natural Gas Drilling Steady in U.S. as Oil Patch Posts Small Gain

Natural Gas Drilling Steady in U.S. as Oil Patch Posts Small Gain

The U.S. natural gas rig count went unchanged at 153 for the week ended Friday (July 8), while a small uptick in oil-directed drilling lifted the combined U.S. tally two units higher to 752, updated figures from Baker Hughes Co. (BKR) show. Total oil-directed rigs increased two units to 597 in the United States week/week.…

July 8, 2022
Latest U.S. Drilling Tally Up Two on Gains in Oil Patch

Latest U.S. Drilling Tally Up Two on Gains in Oil Patch

A small uptick in oil-directed drilling lifted the U.S. rig count two units higher to 752 for the week ended Friday (July 8), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Oil-directed drilling rose by two units to 597 in the United States week/week, while natural gas-directed rigs were unchanged…

July 8, 2022