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U.S. Sheds One Natural Gas Rig, Combined Domestic Count Down Three

U.S. Sheds One Natural Gas Rig, Combined Domestic Count Down Three

The U.S. natural gas rig count fell one unit to finish at 109 for the week ended Friday (April 12), while a small decrease in oil drilling dropped the combined domestic tally three units to 617, according to the latest numbers from Baker Hughes Co. (BKR). Total domestic natural gas rigs finished the period down…

April 12, 2024
APA Curtails Permian Natural Gas Output, Citing Negative Waha Prices

APA Curtails Permian Natural Gas Output, Citing Negative Waha Prices

APA Corp. said Wednesday it curtailed about 35 MMcf/d of U.S. natural gas production during the first quarter, mostly during March. The curtailment was “in response to weak or negative Waha hub prices.” Waha is the hub of record for the Permian Basin, which spans West Texas and portions of southeastern New Mexico. Waha prices…

April 11, 2024
Drought Seen Impacting Western Canada’s Natural Gas, Oil Operations

Drought Seen Impacting Western Canada’s Natural Gas, Oil Operations

Canadian oil and natural gas operators are working to manage water use as western provinces face increasingly dry conditions after a mild winter.  Exploration and production (E&P) companies achieved record natural gas production last winter, according to the latest data from the Canada Energy Regulator. Total marketed natural gas production during December was more than…

April 11, 2024
Natural Gas Prices Said Still Too Low for E&Ps to Bring On More Production

Natural Gas Prices Said Still Too Low for E&Ps to Bring On More Production

U.S. natural gas exploration and production (E&P) companies have reduced output in response to high inventories and the low price environment, but now the query is, when might production return? Price will tell, according to analysts. Lower 48 natural gas output has fallen below 100 Bcf/d, down from record highs around 107 Bcf/d early this…

April 10, 2024
EIA Cuts 2024 Natural Gas Price Forecast, Projects Record-High October Storage

EIA Cuts 2024 Natural Gas Price Forecast, Projects Record-High October Storage

The U.S. Energy Information Administration (EIA) is cutting its projected average Henry Hub natural gas spot price to $2.20/MMBtu for 2024, down 5.2% from the $2.30 average price the agency modeled a month earlier. In the April release of its Short-Term Energy Outlook (STEO), published Tuesday, EIA said it expects spot prices at the national…

April 9, 2024
Pemex Safety Woes Continue as Offshore Platform Fire Kills One, Injures Nine

Pemex Safety Woes Continue as Offshore Platform Fire Kills One, Injures Nine

Mexico’s state oil company Petróleos Mexicanos (Pemex) said a fire Saturday at the Akal-B offshore platform in Campeche Bay left one worker dead and nine injured, including two in critical condition. The deceased worker was an employee of a contractor company called COTER. The incident occurred in an area where pipelines supply natural gas as…

April 9, 2024
BP Says Upstream Output Rising, but Lower Natural Gas, Oil Realizations Adversely Impact 1Q

BP Says Upstream Output Rising, but Lower Natural Gas, Oil Realizations Adversely Impact 1Q

BP plc expects its natural gas marketing and trading results to be “strong” for the first quarter, following an upbeat result in the final three months of 2023. The London-based major, in a trading update preceding its first quarter report, said upstream production also would be higher in the period. However, lower gas and oil…

April 9, 2024
‘T’ for Texas – and TotalEnergies – as Holdings Grow in Eagle Ford and Offshore

‘T’ for Texas – and TotalEnergies – as Holdings Grow in Eagle Ford and Offshore

TotalEnergies SE CEO Patrick Pouyanné wasn’t born in Texas but as many who have migrated to the state say, he got there as fast as he could. In transactions over the past month, the French-based major has acquired additional Texas stakes in the Eagle Ford Shale, a carbon capture project in the Gulf of Mexico…

April 8, 2024
U.S. Drops Two More Natural Gas Rigs as Haynesville Activity Slows, BKR Data Show

U.S. Drops Two More Natural Gas Rigs as Haynesville Activity Slows, BKR Data Show

Including activity declines in the Haynesville Shale, the U.S. natural gas rig count skidded to 110 for the week ended Friday (April 5), down two week/week, updated numbers from Baker Hughes Co. (BKR) show. Total active U.S. natural gas rigs finished the week well shy of the 158 rigs running at this time a year…

April 5, 2024
ExxonMobil, Shell Cite Weaker Natural Gas Prices in 1Q Previews

ExxonMobil, Shell Cite Weaker Natural Gas Prices in 1Q Previews

ExxonMobil profits for the first three months of this year are expected to dip sharply year/year and be down sequentially in part because of weak natural gas and oil prices, the integrated major said. Shell plc also has revised its expectations.  In a Securities and Exchange Commission Form 8-K filing, ExxonMobil noted that commodity prices…

April 5, 2024
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