Continental Resources Inc., the biggest operator in the Bakken Shale, said it dramatically cut oil production and intends to reduce its rig count after posting a steep first quarter loss amid the cratering in oil prices.
Articles from Earnings
Goodrich Petroleum Corp. tapered production in the first quarter and further lowered its capital expenditures (capex) for 2020 in response to low natural gas prices spurred by a mild winter and amplified by the coronavirus pandemic that took hold in March.
Denver-based Ovintiv Inc., whose broad oil and natural gas portfolio runs across the Permian and Anadarko basins and the Montney formation in Canada, is shelving some onshore work in the Eagle Ford, Bakken, Uinta and Duvernay formations, but it’s keeping a sharp eye on the direction of natural gas prices to determine when to boost activity.
Comstock Resources Inc., which works in the Haynesville and Bakken shales, grew natural gas sales year/year and, thanks to hedging gains, better-than-average gas prices.
Noble Energy Expects Rising Summer Natural Gas Demand in Eastern Med, but Shut-ins, DUCs in Lower 48
Super independent Noble Energy Inc., whose vast U.S. portfolio extends across Texas and Colorado, plans to move cautiously through the year in the Lower 48 by shutting in wells and clawing back activity, while it works to build natural gas infrastructure overseas.
New York City-based New Fortress Energy LLC (NFE) has more liquefied natural gas (LNG) supply than it needs for customers in the Carribean as the Covid-19 pandemic has cut into economic activity and use of the fuel for power generation across the region.
Permian Basin independents Laredo Petroleum Co. and Pioneer Natural Resources Co. are joining their peers in adjusting to the new “normal” by reducing spending and activity to deal with the crushing reversal in energy demand wrought by Covid-19.
Houston-based Marathon Oil Corp., which works in the Bakken Shale, Oklahoma and the Permian Basin, has paused all completion activities and is shutting in some production as it joins the legions of operators at war with low demand and prices.
After months of cost cutting, management changes and a complete overhaul of operations, EQT Corp. CEO Toby Rice said Thursday the nation’s largest natural gas producer is in a “unique position” to take advantage of rising prices.
Apache Corp. has eliminated all of its Permian-centered U.S. drilling and completions work and reduced activity overseas to ensure strong liquidity and wait out the dire impacts to demand from Covid-19.