Rising natural gas gathering volumes in the Haynesville and Eagle Ford shales boosted the bottom line during the second quarter for Kinder Morgan Inc., which is now looking to grow its supplies for U.S. LNG exports. Gas gathering volumes during 2Q2022 were up 12% year/year, led by a 15% increase in Haynesville volumes and a…
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Oil, Natural Gas Activity Creeping Upward in North Dakota as Labor Challenges Persist
Active drilling rigs, hydraulic fracturing crews and drilling permits all are creeping upward in North Dakota, though workforce challenges remain a hindrance to faster growth, the state’s top oil regulator said Tuesday (July 19). North Dakota had 42 active rigs as of Tuesday (July 19), which also was the monthly average for June. This is…
Ovintiv Casts Off Portions of Uinta, Bakken Portfolios, but Share Buybacks Accelerate
Ovintiv Inc. plans to sell portions of its Uinta Basin and Bakken Shale assets that could net an estimated $250 million as it continues the trend among Lower 48 exploration and production firms to return cash to shareholders. The Denver-based independent has agreements with two undisclosed buyers. Ovintiv could sell its “mature waterflood assets” in…
Lower 48 Permitting Slips as Permian Dips, but Haynesville, Eagle Ford, Bakken Rip
The U.S. oil and gas drilling rig count is steadily rising, but permitting activity is a bit more wobbly, as the Lower 48 recorded a double-digit monthly dip in May. According to data compiled by Evercore ISI using state and federal information, Lower 48 permitting plunged by 17% in May, month/month (m/m). The Permian Basin…
Continental’s Hamm Wants to Go Private in $4.4B Share Repurchase
Harold Hamm, the billionaire executive chairman of Continental Resources Inc., has put forth a nonbinding proposal to acquire for cash all outstanding common shares at a 9% premium to Monday’s closing price to take the largest Bakken Shale producer private. At Hamm’s offer price of $70.00/share, the outstanding shares would be valued at about $4.4…
North Dakota Extends Deadline for West-to-East Natural Gas Pipeline Proposals
The North Dakota Industrial Commission has extended until Aug. 15 the deadline to submit proposals for a natural gas pipeline connecting the western and eastern portions of the state. The state legislature in 2021 approved $150 million in grants to fund the project, stipulating that $10 million of the total must be used for a…
Lower 48 Output on the Upswing as Natural Gas to Grow in June, EIA Projects
The Energy Information Administration (EIA) is modeling sizable natural gas production increases from several major plays next month, including the Appalachian Basin and the Haynesville Shale. Total natural gas production from seven key onshore regions is set to climb 750 MMcf/d from May to June, reaching 91.750 Bcf/d, the agency said in its latest Drilling…
North Dakota Oil, Natural Gas Activity at Two-Year High Despite Labor Shortage
North Dakota’s tally of active oil and natural gas drilling rigs and hydraulic fracturing (frack) crews has risen to levels not seen since the start of the pandemic, the state’s top oil and gas regulator said Friday. The rig count stood at 40 as of Friday, the highest since March 2020, North Dakota Department of…
Crescent Point Cuts Drilling Times in Bakken, Kaybob Duvernay
Crescent Point Energy Corp. improved the speed at which it drilled wells in the Bakken Shale in North Dakota and the Kaybob Duvernay formation in Alberta, the Calgary-based independent reported Thursday. “During first quarter 2022, Crescent Point commenced completion activities on its second fully operated multi-well pad in the Kaybob Duvernay, which it expects to…
Ovintiv Pursuing Natural Gas Price ‘Diversification,’ Citing Strong Market Fundamentals
Ovintiv Inc. is exploring options to increase the exposure of its multi-basin upstream portfolio to a dynamic global natural gas market, CEO Brendan McCracken said. The Denver-based independent works in numerous onshore plays throughout North America, including in the Montney Shale, Anadarko Basin, Permian Basin, Bakken Shale and Uinta Basin. On a call to discuss…