Upstream

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…

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 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…

Chevron Corp. generated company-record natural gas and oil production in 2023, punctuating a broader U.S. industry trend. American gas and crude output both reached all-time highs last year and remained elevated early this year as exploration and production (E&P) companies were striving to meet mounting global demand, even amid soft near-term prices. Chevron said it…

The U.S. natural gas rig count dropped two units to 117 for the week ended Friday (Feb. 2), including a slowdown in the Haynesville Shale, updated Baker Hughes Co. (BKR) data show. Domestic oil-directed drilling, meanwhile, went unchanged overall for the period at 499 rigs, and the combined U.S. rig count finished two units lower…

ExxonMobil’s goal to advance its natural gas and oil trading arm is gaining momentum, as the company eyes more opportunities in the global market, CEO Darren Woods said Friday. Woods discussed the supermajor’s fourth quarter and full year results during a wide-ranging conference call.  “We saw energy prices and refining margins start to normalize in…

Including gains in the Marcellus Shale, the U.S. natural gas rig count climbed three units to 120 for the week ended Friday (Jan. 19), according to the latest tally from Baker Hughes Co. (BKR). After a two-rig decline in oil drilling, the combined U.S. rig count finished at 620, up one week/week. That’s down from…

Could more natural gas-focused exploration and production (E&P) or midstream transactions be in the works after Chesapeake Energy Corp. and Southwestern Energy Co. agreed to combine into the Lower 48’s largest gas producer? Oil-focused dealmaking powered much of the consolidation in the U.S. oil and gas industry in 2023, with associated gas production riding the…

The U.S. natural gas rig count fell to 117 for the week ended Friday (Jan. 12), down one rig for the period, while a drop in oil drilling saw the combined domestic tally fall two rigs to end at 619, according to the latest numbers from Baker Hughes Co. (BKR). Active U.S. natural gas rigs…