The U.S. rig count dropped another 17 units to fall to 284 for the week ending Friday as the latest Baker Hughes Co. (BKR) numbers showed domestic drilling activity still searching for a bottom even after months of retrenchment.
Eagle Ford Shale
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Even given the many unknowns related to the market impact of the coronavirus pandemic on both sides of the border, Mexico will remain a key destination for U.S. natural gas producers for years to come, according to analysts.
Chesapeake Energy Corp. has agreed to settle claims with thousands of landowners in Oklahoma that it failed to pay interest on overdue royalty payments.
The dislocations from Covid-19 to global energy demand have led to shut-ins and production cutbacks in the United States, and operators are responding by increasing oil and natural gas hedging into 2021.
Mexico’s Jaguar Exploración y Producción CEO Warren Levy believes natural gas is a promising investment opportunity in Mexico, even given current demand and regulatory uncertainty.
The U.S. rig count continued on its downward trajectory during the week ending Friday (May 22), albeit at a somewhat less dramatic pace, falling 21 units to finish at 318, according to the latest numbers from Baker Hughes Co. (BKR).
Oil and natural gas production from seven of the nation’s most prolific onshore unconventional plays will be down in June compared with May, a second consecutive decline, as the impacts of the coronavirus pandemic continue to echo through the economy, according to the Energy Information Administration (EIA).
Eagle Ford Shale pure-play SilverBow Resources Inc. is looking to begin expanding its dry natural gas production late this year to take advantage of what it expects will be higher prices, but it is joining South Texas producer Magnolia Oil & Gas Corp on the path of least resistance for now by suspending well completions and shutting in output until prices are more accommodating.
Driven by further losses in the Permian Basin, the U.S. rig count fell another 35 units to end at 339 for the week ended Friday (May 15), extending a vertiginous two-month falloff in upstream activity, the latest data from Baker Hughes Co. (BKR) show.
The collapse in drilling activity deepened in April, with permitting for oil and natural gas wells at a record low, but there are glimmers of gains so far this month, according to an analysis by Evercore ISI.