Upstream

“Bid rounds, including farmouts, can bring new investment, new ideas and new technology while creating diversity in energy resources and supply options. Of course, it is Mexico’s full right to develop its energy resources as it chooses,” Chris Sladen, a decorated executive of the international energy industry, told NGI’s Mexico GPI. “I also think there…

The U.S. natural gas rig count surged eight units higher to reach 121 for the week ended Friday (Sept. 15) in the latest Baker Hughes Co. (BKR) data, prompting an immediate dip in New York Mercantile Exchange (Nymex) futures amid ongoing concerns over ample production levels. The October Nymex contract dropped from just above $2.670/MMBtu…

Permian Basin pure-play Vital Energy Inc. is snapping up a bevy of assets concentrated in West Texas through a transformational deal worth an estimated $1.67 billion. The Tulsa-based independent clinched the cash-and-equity deals with affiliates of Henry Energy LP and Henry Resources LLC, as well as Tall City Property Holdings III LLC and Maple Energy…

Crescent Energy Co. is expanding its Eagle Ford Shale footprint in South Texas with a $250 million cash acquisition, management said. The Houston-based independent is purchasing incremental working interest in its operated Western Eagle Ford assets.  The transaction follows a recent $600 million acquisition of operatorship in the assets that was completed in July. That…

Implied costs for natural gas-weighted producers rose by 46% year/year in 2022 to $4.51/Mcfe, according to a new study by BMO Capital Markets. The three-year average cost trend rose 6% to $4.06/Mcfe, the BMO team said. This is based on a comparison to a global Brent oil and Henry Hub basket price. Viewed by the…

Even in the late stages of his administration, Mexico’s President Andrés Manuel López Obrador is sticking to his state-centric energy policy that has rattled many private firms in the sector. In his penultimate state-of-the-union address to the nation last week, he said the program of “expanding the Comisión Federal de Electricidad (CFE) includes the construction…

With a host of small adjustments to activity levels across a number of onshore plays, the combined U.S. natural gas and oil rig count eased one unit lower to finish at 631 for the week ended Friday (Sept. 1), according to the latest numbers from Baker Hughes Co. (BKR). Oil-directed drilling was unchanged for the…

U.S. upstream activity continued to slow during the week ended Friday (Aug. 25) as total active domestic rigs fell by 10 to 632, largely driven by declines in oil-directed drilling, the latest figures from Baker Hughes Co. (BKR) show. Changes in the United States for the period included a decline of eight oil-directed rigs, alongside…

A potentially active hurricane season could shut in a substantial portion of oil and natural gas production in the Gulf of Mexico (GOM) this year, according to an analysis by Enverus Intelligence Research (EIR).  “Should a hurricane disrupt oil and gas production in the GOM, EIR’s mid-impact case estimates 40% of total GOM production would…