While the oil and natural gas sector recovery is in progress, there is a danger of a “sharp snap back” in costs for oilfield equipment and services, warns consultancy AlixPartners in a new study. Further, companies that have not yet restructured are in for tough sledding as the competition has gotten leaner and more efficient.
Articles from Year
Oklahoma City-based Continental Resources Inc., a major producer in the Bakken Shale, released plans Wednesday for $1.95 billion in capital expenditures this year that are expected to boost overall production to an average of 220,000-230,000 boe/d, compared to an average 217,000 boe/d last year.
Hess Corp. plans to increase its drilling this year in the Bakken Shale, moving to six rigs from two by year’s end, and if oil prices are closer to $60/bbl, the North Dakota play could see more capital, CEO John Hess said Wednesday during a 4Q2016 earnings conference call.
The U.S. energy industry may finally be in recovery mode, with optimism for higher natural gas and oil prices rising, according to a survey of 100 financial chiefs by BDO USA LLP.
Natural gas may see its best year since 2014, as exports boost fundamentals and recovering industrial demand tightens the market, analysts said Tuesday.
Three U.S. natural gas rigs returned to action during the week ending Friday, according to Baker Hughes Inc. (BHI). But in a year-end note, one analyst was musing on declining domestic gas production.
The North American rig count as of Friday was back where it was one year ago: 871, according to Baker Hughes Inc. (BHI). Some U.S. plays and states have surpassed year-ago levels as drillers make their way back to the patch, mostly in pursuit of oil.
The combination of oilfield technology advances and the accelerated investment interest in the Permian Basin has breathed new life into southeastern New Mexico, an Occidental Petroleum Corp. (Oxy) senior executive said Tuesday.
Two new natural gas processing facilities are advancing in Southwest Pennsylvania, with both expected to be operational by next year.
Canadian natural gas producers will cut their losses this year but still show red ink on their books, an Ottawa business research agency said Thursday.