Upstream

Texas-based exploration and production (E&P) firms Independence Energy LLC and Contango Oil & Gas Co. have created Crescent Energy Co. after completing an all-stock transaction. Houston-based Crescent, whose assets are across the Lower 48, had pro forma production of about 119,000 boe/d during 3Q2021. The Independence portfolio spanned the Eagle Ford Shale, Rockies, Permian Basin…

The domestic oil and gas patch turned in a relatively uneventful week in terms of net changes to drilling activity, according to the latest round of Baker Hughes Co. (BKR) data. Both oil and natural gas rig counts went unchanged overall for the week ended Friday (Dec. 3), holding flat at 467 and 102, respectively.…

Spending by Lower 48 oil and natural gas producers is set to rise by 19.4% next year to $83.4 billion from an expected $69.8 billion in 2021, according to new analysis by Rystad Energy.  Service price inflation is expected to account for $9.2 billion of the spending growth, with increased activity contributing $8.6 billion, said…

Alberta-based Xfuels Inc. reported Monday that it plans to expand into the United States by adding 516 Midcontinent oil and gas wells to its holdings. The new assets come via a letter of intent (LOI) to purchase 100% of the common stock of Jubilee Exploration LLC, which controls the wells across 10 counties in northeastern…

Former Parsley Energy Inc. CEO Bryan Sheffield has acquired a roughly 7.4% stake in Australian natural gas explorer Tamboran Resources Ltd., executives said Tuesday. Founded in 2009, Tamboran styles itself as “a natural gas company that intends to play a  constructive role in the global energy transition towards a lower carbon future.” The producer develops…

An uptick in North Dakota drilling activity helped send the U.S. rig count six units higher to finish at 569 during the abbreviated pre-Thanksgiving period ended Wednesday (Nov. 24), updated Baker Hughes Co. (BKR) data show. All the net gains for U.S. drilling for the period occurred on land and in the oil patch. Total…

The U.S. natural gas rig count went unchanged at 102 for the abbreviated pre-Thanksgiving period ended Wednesday (Nov. 24), while an uptick in drilling activity in North Dakota helped lift the oil count six units higher, according to updated Baker Hughes Co. (BKR) data. As with the total number of natural gas-directed rigs, the Gulf…

Sino American Oil Co. reported Tuesday that it plans to acquire a majority stake in a North Texas oil field. The Wyoming-based company said that it would obtain a majority working interest in the Piave Oil Field, located in Throckmorton County, TX, by way of a newly signed memorandum of understanding (MOU) with Estacado Energy…

The U.S. natural gas rig count finished unchanged at 102 during the week ended Friday (Nov. 19) as the oil patch continued to set the pace for growth in domestic drilling activity, according to the latest numbers from Baker Hughes Co. (BKR). The overall U.S. rig count added seven units — all oil-directed — to…