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…
E&P
Articles from E&P
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…
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…
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…
‘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…
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…
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…
Alaska Looking to Secure Natural Gas Supplies with LNG Pipeline Deal
The state of Alaska and Pantheon Resources plc are negotiating a deal to boost in-state natural gas inventories using a proposed LNG feed gas pipeline to transport associated volumes from the North Slope. London-based Pantheon has been advancing development plans for an additional 66,000 acres in Alaska’s Ahpun and Kodiak fields since submitting the top…
SLB Jumping into Merger Game with ChampionX, Aker Carbon Deals to Accelerate E&P Efficiencies, CCUS
In its second transaction in less than a week, SLB Ltd. agreed Tuesday to buy ChampionX Corp., considered a leader in oilfield reservoir optimization. The all-stock merger with ChampionX, headquartered in The Woodlands north of Houston, was valued at nearly $8 billion. Once the transaction is completed, now expected by year’s end, ChampionX shareholders would…
Mexico’s Sener Sees Natural Gas Demand Growing in Power, Industrial Sectors, but Flat Overall Through 2037
Mexico’s natural gas demand will be driven by its power and industrial sectors through 2037, according to a report from Mexico’s energy ministry Sener. The report, Prospectiva de Gas Natural 2023-2037, is a planning instrument to help with “the design of the integral national strategy around natural gas,” Sener said. It would be part of…