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One Natural Gas Rig Exits, But Overall U.S. Count Rises for Sixth Straight Week

One Natural Gas Rig Exits, But Overall U.S. Count Rises for Sixth Straight Week

The U.S. natural gas rig count fell one unit to finish at 73 for the week ended Friday (Oct. 23), while rising oil activity propelled the overall domestic tally to its sixth straight weekly gain, according to the latest numbers from Baker Hughes Co. (BKR). A six-rig increase in domestic oil drilling offset the one-rig…

October 23, 2020
Expert Says Mexico Energy Industry Remains Attractive Long-Term

Expert Says Mexico Energy Industry Remains Attractive Long-Term

Mexico remains a great bet for long-term energy investment due to its highly strategic geopolitical position, according to Adriana Citlali Sánchez, a seasoned expert in fiscal planning and taxation in the Mexican energy industry, with more than 17 years of experience with major national and international companies. “We must not forget that the current government…

October 23, 2020
October Fracture Activity Seen Higher, Led by Permian

October Fracture Activity Seen Higher, Led by Permian

The U.S. active fracture (frack) spread count is climbing, with gains of up to 6% already this month from September, according to Tudor, Pickering, Holt & Co. In a preliminary note to clients, the analyst team said well completions activity is climbing in the Lower 48 since the start of the month. The domestic active…

October 23, 2020
More Oil Drilling Propels U.S. Rig Count Higher for Sixth Straight Week

More Oil Drilling Propels U.S. Rig Count Higher for Sixth Straight Week

Bolstered by increased oil drilling, particularly in the Permian Basin, the U.S. rig count climbed for a sixth straight week during the period ended Friday (Oct. 23), picking up five units to reach 287, according to the latest data from Baker Hughes Co. (BKR). A six-rig increase in domestic oil drilling offset a one-rig decline…

October 23, 2020
Exports, Colder Near-Term Forecasts Lead to Big Gains for Natural Gas Forward Prices

Exports, Colder Near-Term Forecasts Lead to Big Gains for Natural Gas Forward Prices

After multiple setbacks, liquefied natural gas (LNG) demand ramped up in a big way during the Oct. 15-21 period, tightening up supply/demand balances and boosting natural gas forward prices across the country, according to NGI’s Forward Look. November prices jumped an average 26.0 cents for the period, with double-digit gains extending through the winter months…

October 22, 2020
EQT Restarts Appalachia Natural Gas Volumes, but Warns More Shut-ins Possible

EQT Restarts Appalachia Natural Gas Volumes, but Warns More Shut-ins Possible

EQT Corp., the largest natural gas producer in the Lower 48, said Thursday it has ended another round of curtailments, but management said it won’t hesitate to continue shutting in volumes as low prices warrant.  The Appalachian pure-play had curtailed about 400 MMcf/d beginning Sept. 1, cutting 15 Bcf from third quarter production volumes. The…

October 22, 2020
Pioneer Natural, Parsley Combination Brings Sheffield Leverage

Pioneer Natural, Parsley Combination Brings Sheffield Leverage

Pioneer Natural Resources Co. struck a deal valued at $7.6 billion including debt late Tuesday to join forces with rival Parsley Energy Inc. in the second big Permian Basin tie-up this week. The combined company would hold substantial sway in the Permian, with an estimated 930,000 net acres and with no federal leases. At the…

October 21, 2020
Global Oil Production Costs Seen Down 35% Since 2014

Global Oil Production Costs Seen Down 35% Since 2014

Breakeven costs for all unsanctioned oil projects have fallen to around $50/bbl on average, down around 10% over the last two years and 35% since 2014.  With oil production less expensive to produce versus six years ago, the “clear cost savings winner” is offshore deepwater development, according to Rystad Energy’s latest assessment.  Rystad’s cost of…

October 21, 2020
Trump Commands Energy Sector’s Financial Backing, but Biden Makes Inroads

Trump Commands Energy Sector’s Financial Backing, but Biden Makes Inroads

President Trump continues to enjoy overwhelming financial support from the energy sector in the run-up to the Nov. 3 election. However, former Vice President Joseph R. Biden Jr. has gained some ground among industry donors and holds a lead in recent overall donations and in the polls. The president and Democratic nominee Biden are scheduled…

October 21, 2020
Permian Giants Pioneer, Parsley Agree to Join Forces in $7.6B All-Stock Transaction

Permian Giants Pioneer, Parsley Agree to Join Forces in $7.6B All-Stock Transaction

Dallas-based Permian Basin pure-play Pioneer Natural Resources Co. agreed late Tuesday to join forces with competitor Parsley Energy Inc. in an all-stock deal valued at $7.6 billion including debt. The combined company would hold substantial sway in the Permian, with an estimated 930,000 net acres with no federal leases. At the end of June, the…

October 20, 2020
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