Eagle Ford Shale

Driven by declines in the Permian Basin, the U.S. rig count dropped five units to 675 for the week ended Friday (July 14), according to the latest tally from Baker Hughes Co. (BKR). Domestic declines for the period included three oil-directed rigs and two natural gas-directed rigs. Total natural gas-directed rigs ended the week at…

Bucking a recent trend of retrenchment, the U.S. natural gas rig count rebounded sharply during the week ended Friday (July 7), jumping 11 units higher to finish at 135, according to updated numbers from Baker Hughes Co. (BKR). Oil drilling, meanwhile, declined by five rigs in the United States. The combined domestic tally rose six…

The upstream natural gas and oil industry in Texas is at risk of slowing in part as natural gas prices have plunged by more than 160% year/year, according to the Texas Alliance of Energy Producers (TAEP). NGI’s spot natural gas price at the Henry Hub was $2.090/MMBtu at the start of April, down more than…

Employment in the Texas upstream oil and gas industry continued to rise in April but at a slower clip than the previous month, according to the latest tally from the Texas Independent Producers and Royalty Owners Association (TIPRO). Direct employment in the exploration and production (E&P) sector totaled 199,400 for the month, up 700 jobs…

Callon Petroleum Co. is exiting the Eagle Ford Shale and expanding its Permian Basin position through a pair of transactions, management said.  Callon is selling its Eagle Ford assets to Ridgemar Energy Operating LLC for $655 million in cash and potential contingent payments of up to $45 million. Separately, Callon has agreed to purchase Permian-based…

Devon Energy Corp. has a bundle of opportunities from which to choose when it allocates its capital in the Lower 48, but it has always come down to the price of natural gas and oil, a top executive said this week. COO Clay Gaspar, speaking with analysts during the first quarter 2023 conference call, explained…

Despite a steep drop in natural gas prices since the beginning of the year, Chesapeake Energy Corp. has no plans for now to cut activity further in 2023 as management sees an opportunity to be better positioned for a rebound in 2024.  “We believe our financial flexibility is a competitive strength, and we intend to…

Japan’s Mitsui & Co. Ltd. has added an upstream foothold in the Eagle Ford Shale of South Texas, with plans to serve LNG export demand, as well as low-carbon ammonia and methanol production on the Gulf Coast. The Tokyo-based conglomerate said Thursday it has completed the acquisition of a roughly 92% working interest in an…

Nearly 3,000 permits were issued in February to explore for U.S. oil and gas, a slight increase from January but down nearly 9% from a year ago, according to state and federal data. Evercore ISI, which tracks oil and gas permitting data, said 2,929 permits gained approval in February, up by 211 or 8% from…