E&P

The legacy Permian Basin operations guided Chevron Corp. to record U.S. production in 2022, with natural gas and oil output from the play rising 16%. CEO Mike Wirth led a conference call last week with the executive team to discuss fourth quarter and full-year performance.  “We delivered record earnings and cash flow in 2022, while…

ExxonMobil leaned in when some competitors leaned out, and the supermajor has used the advantage to capture the upside, CEO Darren Woods said Tuesday. Woods and his executive team shared 4Q2022 and full-year results during a wide-ranging conference call.  “Our results clearly benefited from a favorable market,” Woods told investors. “But to take full advantage…

A private equity (PE)-backed oil and gas partnership formed last year has secured about $600 million in additional capital commitments to acquire and develop drilling opportunities in the Permian Basin. EnCap Investments LP, Double Eagle Energy Holdings IV and Tumbleweed Royalty IV LLC on Sunday announced a “successful equity commitment upsize” to $2.3 billion, and…

Mergers and acquisitions (M&A) within the U.S. upstream fell to their lowest annual volume in nearly two decades last year, according to new research by Enverus Intelligence Research (EIR). Exploration and production (E&P) firms recorded 160 transactions valued at $58 billion total, the Enverus subsidiary found. This is the lowest number of deals since 2005.…

Weekly cash prices skidded lower amid solid production and light heating demand across much of the Lower 48. NGI’s Weekly Spot Gas National Avg. for the Jan. 23-27 period fell 61.0 cents to $4.880. As the trading week closed, Algonquin Citygate was down 45.5 cents to $3.755, while Kingsgate was off 33.5 cents to $2.960…

The U.S. natural gas rig count rose four units to 160 for the week ended Friday (Jan. 27), while an offsetting decline in oil-directed drilling left the combined domestic tally unchanged at 771 for the period, according to updated figures from Baker Hughes Co. (BKR). Countering the rise in natural gas activity, domestic changes for…

With gains in natural gas-directed drilling countered by declines in the oil patch, the U.S. rig count finished unchanged overall at 771 for the week ended Friday (Jan. 27), according to the latest numbers from Baker Hughes Co. (BKR). Domestic changes for the period included an increase of four natural gas-directed rigs and a decline…

North America natural gas and oil customers are likely to increase their overall capital spending by at least 15% year/year, with well completions equipment already fully contracted, Halliburton Co. CEO Jeff Miller said Tuesday. Well completions fetched higher prices, while exploration and production (E&P) customers clamored for more products, signaling a solid business environment ahead…

Appalachian Basin pure-play CNX Resources Corp. is aiming to lock in elevated natural gas prices and protect itself from market swings through an aggressive hedging strategy, CEO Nick Deluliis said Thursday. Deluliis hosted a conference call to discuss fourth-quarter and full-year 2022 results for Canonsburg, PA-based CNX.  He said “from a macro perspective, we expect…