Coronavirus

Crescent Point Energy Corp. regained profitability and emerged as an unconventional natural gas producer during the first three months of this year. The Calgary producer predicted steady improvement for the rest of 2021 would result from the C$900 million ( $720 million) purchase in February of 500 square miles of liquids-rich Duvernay formation acreage from…

Despite a pullback in the natural gas patch, gains in oil-directed drilling lifted the U.S. rig count five units higher to 453 for the week ended Friday (May 14), according to updated figures from oilfield services provider Baker Hughes Co. (BKR). Eight oil-directed rigs were added in the United States for the week, which was…

Market fundamentals, not commodity prices, will determine whether EOG Resources Inc. decides to increase oil production over the coming months, executives said during the recent first quarter conference call. The Houston-based independent plans to maintain production at around 440,000 b/d until demand has recovered to above pre-Covid levels and U.S. crude inventories are below the…

The Organization of Petroleum Exporting Countries (OPEC) on Tuesday held to its forecast for relatively robust oil demand in 2021, driven by expectations for increased economic activity and travel in the second half of the year. The cartel noted that coronavirus inoculation campaigns are gaining rapid momentum across North America, Europe and much of Asia.…

Natural gas futures gave up ground on Monday as traders mulled waning weather-driven demand and the potential implications of a cybersecurity attack on the largest fuel pipeline in the United States.    The June Nymex contract dropped 2.6 cents day/day and settled at $2.932/MMBtu. July fell 2.6 to $2.978. NGI’s Spot Gas National Avg. advanced 5.5…

A prolific surge in Covid-19 cases in India is cutting into spot liquefied natural gas (LNG) demand as some vessels have avoided the country since last month.  Seven LNG tankers that were headed to India have been diverted to other destinations since mid-April, said Kpler analyst Charles Costerousse, who added that the market research firm…

June natural gas futures on Tuesday barely extended a win streak to three days as traders took profits and volume proved light while the prompt month tested technical resistance at the $3.00 level. Futures advanced over the course of April and early this month as supply/demand balances tightened. On Tuesday, the June Nymex contract eked…

ConocoPhillips’ 1Q2021 profit marked its first amid the coronavirus pandemic and reflected both a recovery in global oil demand and a winter surge in domestic natural gas prices. The Houston-based energy giant in the first quarter also closed its $9.7 billion acquisition of Concho Resources Inc., forming a Permian Basin powerhouse that will rival the…

Chevron Corp. has regiggered its global natural gas and oil portfolio over the past year, with the priority today going to the “highest value investments,” CFO Pierre Breber said Friday.Breber shared some insight into first quarter performance and the outlook ahead during a conference call. He explained how the San Ramon, CA-based energy major has…