Upstream

Northern Oil Builds Permian Portfolio, Expects ‘Steady Improvements’ to Natural Gas Realizations

Northern Oil Builds Permian Portfolio, Expects ‘Steady Improvements’ to Natural Gas Realizations

Minnetonka, MN-based independent Northern Oil and Gas Inc. is looking to expand its Lower 48 oil and natural gas production this year after a slew of dealmaking in the final three months of 2020, including four transactions in the Permian Basin. Management said in an update on activity that it saw “steady and continued improvement…

January 8, 2021
E&Ps, OFS Operators Looking to Boost Capex, Restore Investor Confidence

E&Ps, OFS Operators Looking to Boost Capex, Restore Investor Confidence

Global exploration operators are ready to get back to business in oil and natural gas onshore and offshore, with the international players likely to shell out more funds this year than their Lower 48 compadres. Energy analysts in recent weeks have begun offering their takes on the likely pace of activity and potential capital expenditures…

January 8, 2021
Permian, Marcellus Totals on Rise as U.S. Rig Count Surges

Permian, Marcellus Totals on Rise as U.S. Rig Count Surges

Amid large gains in the Permian Basin and the Marcellus Shale, the U.S. rig count surged 9 units higher to 360 for the period ending Friday (Jan. 8), according to the latest weekly numbers published Friday by oilfield services provider Baker Hughes Co. (BKR). The rise in domestic drilling included an increase of eight oil-directed…

January 8, 2021
Devon Completes Permian-Fueled WPX Takeover

Devon Completes Permian-Fueled WPX Takeover

Devon Energy Corp. has completed its all-stock merger of Lower 48 rival WPX Energy Inc., giving the independent an even bigger toehold in the Permian Basin’s Delaware formation. The combined company, operating under the Devon moniker, would continue to be headquartered in Oklahoma City. The takeover of WPX was announced in September.  The transaction gives…

January 8, 2021
Ovintiv Surpasses 4Q Guidance for Oil, Condensate Output, Reduces Completion Costs

Ovintiv Surpasses 4Q Guidance for Oil, Condensate Output, Reduces Completion Costs

Denver-based Ovintiv Inc. surpassed its fourth quarter guidance for oil and condensate production and is almost halfway toward a goal to reduce total debt at the end of 2021 by at least $1 billion, the North American exploration giant said Monday. Fourth quarter liquids production jumped above 210,000 b/d, ahead of initial guidance of 200,000…

January 4, 2021
As 2020 Ends, Door Remains Closed to New Oil and Gas E&P Contracts in Mexico

As 2020 Ends, Door Remains Closed to New Oil and Gas E&P Contracts in Mexico

As 2020 draws to a close, the door remains closed for new exploration and production (E&P) contracts in Mexico’s oil and gas sector, with little visibility as to when they might resume. With bid rounds, farmout tenders and service contract migrations frozen until further notice by President Andrés Manuel López Obrador, upstream activity will in…

December 29, 2020
Private Sector Upstream Industry in Mexico Said Committed to Developing Nation’s Oil and Gas

Private Sector Upstream Industry in Mexico Said Committed to Developing Nation’s Oil and Gas

Private firms operating in the Mexican upstream oil and gas sector have maintained their commitment to the country despite the impacts of coronavirus and have even upped exploratory activity this year. This is according to a panel of experts who spoke during a virtual event last week organized by the #WeTweetEnergy group, an online community…

December 22, 2020
New Five-Year Plan for Mexico E&P Potential Sign of Future Bid Round Reactivation

New Five-Year Plan for Mexico E&P Potential Sign of Future Bid Round Reactivation

The release of a new five-year plan by Mexican Energy Ministry Sener could be a sign that future exploration and production (E&P) bid rounds for private sector operators are in the offing. That’s according to analysis done by Mexican consultancy Talanza.  E&P bid rounds have been frozen since President Andrés Manuel López Obrador came to…

December 15, 2020
U.S. Rig Count Surges Higher on Gains in Both Oil, Natural Gas Drilling

U.S. Rig Count Surges Higher on Gains in Both Oil, Natural Gas Drilling

Notable increases in both oil and natural gas drilling sent the U.S. rig count surging 15 units higher to 338 during the week ending Friday (Dec. 11), according to figures from oilfield services provider Baker Hughes Co. (BKR). The United States added 12 oil-directed rigs along with four natural gas-directed, partially offset by a decline…

December 11, 2020
Competitive Oil, Natural Gas Lease Sales Linked to Higher Government Revenues, GAO Finds

Competitive Oil, Natural Gas Lease Sales Linked to Higher Government Revenues, GAO Finds

Federal onshore oil and gas leases awarded through competitive auctions have generated substantially higher production volumes and government revenues in recent years than noncompetitive federal leases, according to new analysis by the U.S. Government Accountability Office (GAO). Lease sales are conducted by the Department of the Interior’s Bureau of Land Management (BLM), either via auction…

December 11, 2020