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Natural Gas Drilling Eases Lower as Numbers Grow in Oil Patch

Natural Gas Drilling Eases Lower as Numbers Grow in Oil Patch

The U.S. natural gas rig count fell two units to 160 for the week ended Friday (Sept. 23), while a three-rig increase in the oil patch pushed the combined domestic tally one unit higher overall to 764, according to updated numbers from Baker Hughes Co. (BKR). The combined 764 active U.S. rigs as of Friday…

September 23, 2022
Column: Understanding CFE’s Growing Role in the North American Natural Gas Market

Column: Understanding CFE’s Growing Role in the North American Natural Gas Market

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process. For a while now, CFE Internacional (CFEi), a company incorporated in 2016 in Delaware, has been among the 15 largest marketers of…

September 23, 2022
Magnolia Founder, Longtime Oxy Chief Chazen Remembered for ‘Profound’ Impact on Oil, Gas Industry

Magnolia Founder, Longtime Oxy Chief Chazen Remembered for ‘Profound’ Impact on Oil, Gas Industry

Stephen Chazen, the former chief executive of Magnolia Oil & Gas Corp., has passed away, the independent exploration and production company (E&P) said Friday. Chazen, who led the company since its inception four years ago, stepped down from his position only two days prior to his death, citing serious health reasons. “We are greatly saddened…

September 23, 2022
Oil Gains, Natural Gas Declines Keep U.S. Drilling Tally Steady Overall

Oil Gains, Natural Gas Declines Keep U.S. Drilling Tally Steady Overall

A modest gain in oil-directed drilling offset a small decline in natural gas activity to nudge the combined U.S. rig count one unit higher to 764 for the week ended Friday (Sept. 23), according to the latest tally from Baker Hughes Co. (BKR). Oil-directed rigs increased by three overall in the United States for the…

September 23, 2022
UK Lifts Shale Drilling Ban in Push to Become Net Energy Exporter by 2040

UK Lifts Shale Drilling Ban in Push to Become Net Energy Exporter by 2040

The UK government on Thursday officially lifted a moratorium on unconventional natural gas extraction in England and announced a new round of oil and gas licensing for offshore blocks in the North Sea. “In light of Putin’s illegal invasion of Ukraine and weaponization of energy, strengthening our energy security is an absolute priority, and –…

September 22, 2022
California Pushes Through Oil, Natural Gas Setback Legislation, Aims to Cut Oil Consumption 91% 

California Pushes Through Oil, Natural Gas Setback Legislation, Aims to Cut Oil Consumption 91% 

California Gov. Gavin Newsom late last week signed into law Senate Bill (SB) 1137, increasing the minimum distance required between oil and gas operations and public and private property.  Beginning in 2023, oil and gas operators in California will not see requests to drill within 3,200 feet of a home, school, park, hospital or business…

September 22, 2022
Natural Gas, Oil Industry Profits Forecast to Retreat in 2023 on Slower Demand, Economic Pull Back

Natural Gas, Oil Industry Profits Forecast to Retreat in 2023 on Slower Demand, Economic Pull Back

Global energy company earnings, which surged on stronger oil and natural gas prices, should ease in 2023 as the industry adjusts to slower demand growth and an economic slowdown, according to Moody’s Investors Service. “The pace of improvement in fundamental industry conditions will also decelerate after a strong post-lockdown rebound in earnings and credit quality…

September 21, 2022
Prices Tread Water as U.S. Oil Production Stagnates, Russia’s Putin Escalates War in Ukraine

Prices Tread Water as U.S. Oil Production Stagnates, Russia’s Putin Escalates War in Ukraine

Domestic crude output stalled last week at a level below the 2022 peak – and far lower than the pre-pandemic high – while the Kremlin’s erratic dictator threatened nuclear weapon retaliation amid the war in Ukraine. Russian President Vladimir Putin amplified already elevated uncertainty about his country’s fragile role on the world’s energy stage. Brent…

September 21, 2022
Texas Upstream Natural Gas, Oil Industry Direct Jobs Top 200K

Texas Upstream Natural Gas, Oil Industry Direct Jobs Top 200K

The direct upstream job count in the Lone Star State surpassed the 200,000 mark in August for the first time since the pandemic-related freefall in employment in 2020, the Texas Independent Producers and Royalty Owners Association (TIPRO) reported last week. Based on the trade group’s analysis of U.S. Bureau of Labor Statistics (BLS) data, Texas…

September 21, 2022
Natural Gas Futures Slide as Bears Outmuscle Bulls in Battle at $8 Price Border

Natural Gas Futures Slide as Bears Outmuscle Bulls in Battle at $8 Price Border

Natural gas futures gave up more ground Tuesday despite a bout of near-term heat and a drop in production, extending to four days a string of consecutive losses. The October Nymex gas futures contract shed 3.5 cents day/day and settled at $7.717/MMBtu. November fell 3.2 cents to $7.772. NGI’s Spot Gas National Avg. on Tuesday…

September 20, 2022
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