Upstream

Berkshire Given FERC OK to Buy Half-Stake in Oxy; Shares Jump

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…

August 19, 2022
Talos Eyes Sanctioning Zama Project Offshore Mexico in 2023

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…

August 16, 2022
U.S. Natural Gas Drilling Activity Eases Lower in Latest Baker Count

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…

August 12, 2022
Marcellus Activity Slows as U.S. Drilling Total Falls in Latest Baker Count

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,…

August 12, 2022
Colorado’s Civitas, PDC Energy Expect to Maintain Strong Natural Gas, Oil Production Levels

Colorado’s Civitas, PDC Energy Expect to Maintain Strong Natural Gas, Oil Production Levels

Despite inflationary pressures, Denver-based Civitas Resources Inc. and PDC Energy Inc. expect continued strong oil and natural gas production levels through 2022 as each capitalizes on acquisitions and strong demand. Civitas Resources Inc., the largest producer in the Denver-Julesburg (DJ) Basin, on average produced 175,223 boe/d — 46% oil, 30% natural gas and 24% natural…

August 12, 2022
With Seneca Resources Shift, NFG Foresees Appalachian Natural Gas Growth

With Seneca Resources Shift, NFG Foresees Appalachian Natural Gas Growth

A sizable boost in quarterly output from the exploration arm, as well as stronger midstream volumes, have helped fuel Appalachian Basin-focused National Fuel Gas Co. (NFG) as it shifts focus to undeveloped acreage in the Marcellus and Utica shales. Management told investors during a third quarter conference call the firm’s performance reflected its approach to…

August 12, 2022
Chord Energy Playing Bakken for Stable Production, Investment Growth

Chord Energy Playing Bakken for Stable Production, Investment Growth

Chord Energy Corp. executives, in an inaugural earnings call after emerging from the merger of two key Bakken Shale players, said the firm’s core assets beat production expectations during the second quarter of 2022 and helped set a course for the new company. Chord was formed by the merger of independents Whiting Petroleum Corp. and…

August 12, 2022
Helmerich & Payne Benefits from Higher Oil and Natural Gas Prices, Rig Rates

Helmerich & Payne Benefits from Higher Oil and Natural Gas Prices, Rig Rates

Tulsa-based drilling expert Helmerich & Payne (H&P) is getting more bang for its buck, as North American pricing improves for the super-spec FlexRig fleet. CEO John Lindsay and CFO Mark Smith led a recent conference call to discuss fiscal 3Q2022 results with analysts.  In the North American Solutions segment, efforts earlier this year to “achieve…

August 5, 2022
Marathon Oil Prioritizing Investment Grade Over Capitalizing on High Commodity Prices

Marathon Oil Prioritizing Investment Grade Over Capitalizing on High Commodity Prices

Houston-based Marathon Oil Corp. held its natural gas and oil production levels relatively steady during the second quarter, a trend it plans to continue, as it prioritizes financial stability over capitalizing on lofty commodity prices. CEO Lee Tillman told investors during a 2Q2022 conference call the exploration and production (E&P) company was focused on remaining…

August 5, 2022
Coterra Bumps Up Capital, Production Forecast as Natural Gas, Oil Volumes Exceed Guidance

Coterra Bumps Up Capital, Production Forecast as Natural Gas, Oil Volumes Exceed Guidance

Houston-based Coterra Energy Inc., created from a merger between Cabot Oil & Gas Corp. and Cimarex Energy Co., surpassed natural gas and oil production guidance in the second quarter, setting the independent up for higher-than-forecast volumes this year. Total production from three Lower 48 plays – the Anadarko and Permian basins and the Marcellus Shale,…

August 5, 2022