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NOV Sees North American Oil, Gas Activity Rising, but Overseas Demand Soft

NOV Sees North American Oil, Gas Activity Rising, but Overseas Demand Soft

Oilfield equipment expert NOV Inc. warned Tuesday that fourth quarter earnings would be below guidance as stronger North American activity levels were not enough to overcome a softer international market. On a consolidated basis, NOV expects to report quarterly revenue of $1.33 billion and an operating loss of $327 million.  “While rising North American activity…

January 21, 2021
Haynesville Stands Out as Only U.S. Natural Gas Basin to See Higher Output in February, Says EIA

Haynesville Stands Out as Only U.S. Natural Gas Basin to See Higher Output in February, Says EIA

Cumulative natural gas production from seven key U.S. onshore regions is set to fall by 472 MMcf/d from January to February, extending a downtrend that goes back to early 2020, according to updated projections published Tuesday by the Energy Information Administration (EIA). In its latest Drilling Productivity Report, EIA said it expects the Anadarko, Appalachian…

January 20, 2021
North American E&P Bankruptcies Slow in December, but Industry Looking to Better Days

North American E&P Bankruptcies Slow in December, but Industry Looking to Better Days

The number of North American oil and natural gas producers filing for bankruptcy protection continued to slow in December, but 2020 remains a standout in the six years that Haynes and Boone LLP has been tracking bankruptcy data. The law firm’s latest Oil Patch Bankruptcy Monitor showed that since the oil and gas industry began…

January 20, 2021
NW Natural Taking Partners for More U.S. RNG Production

NW Natural Taking Partners for More U.S. RNG Production

Portland-based NW Natural is partnering with Idaho-based BioCarbN to invest up to $38 million in four U.S. renewable natural gas (RNG) production projects.  The joint projects involve ones with a Tyson Foods Inc. facility in Nebraska to produce biomethane from its wastewater treatment unit, according NW Natural’s Scott Johnson, interim director of Renewable Resources.  “These…

January 19, 2021
Halliburton ‘Optimistic’ U.S. Land Activity to Climb as Oil Prices Strengthen, E&Ps Work to Sustain Production

Halliburton ‘Optimistic’ U.S. Land Activity to Climb as Oil Prices Strengthen, E&Ps Work to Sustain Production

Houston oilfield services giant Halliburton Co. kicked off the fourth quarter earnings season with positive news, as it takes advantage of a recovering U.S. land rig count and completions activity continues to rise. CEO Jeff Miller helmed a conference call on Tuesday with his management team, noting that the largest completions specialist in North America…

January 19, 2021
Natural Gas Production in Lower 48 to Continue Falling from January to February, EIA Says

Natural Gas Production in Lower 48 to Continue Falling from January to February, EIA Says

Cumulative natural gas production from seven key U.S. onshore regions is set to fall by 472 MMcf/d from January to February, extending a downtrend that goes back to early 2020, according to updated projections published Tuesday by the Energy Information Administration (EIA). In its latest Drilling Productivity Report, EIA said it expects the Anadarko, Appalachian…

January 19, 2021
Bakken Midstream Mulling Ethane-Natural Gas Power Plant

Bakken Midstream Mulling Ethane-Natural Gas Power Plant

Bakken Midstream Natural Gas LLC is considering developing a dual-fuel electric cooperative power plant in North Dakota that would primarily operate on ethane, with natural gas also in the fuel mix. Bakken Midstream is proposing to build the Williston Basin Energy Center for Mountrail-Williams Electric Cooperative near Williston, ND, in the heart of the Bakken…

January 19, 2021
DOE Looks to Stimulate U.S. Energy Tech, Including for Carbon Capture, with New Funding

DOE Looks to Stimulate U.S. Energy Tech, Including for Carbon Capture, with New Funding

Forty-six projects in 23 states, including ones to support carbon capture processes, are set to receive funding from the Department of Energy’s (DOE) Office of Energy Efficiency and Renewable Energy (EERE) to stimulate technological innovation and improve energy productivity.  The total funding, estimated at $123.6 million, along with $44.7 million in cost sharing by states,…

January 19, 2021
New Banking Rule a Win for Oil and Natural Gas Sector, but Biden Administration Likely to Nix It

New Banking Rule a Win for Oil and Natural Gas Sector, but Biden Administration Likely to Nix It

A new federal rule intended to prevent large banks from denying loans to companies in the oil and gas industry and other sectors that have fallen out of favor with some institutional investors because of environmental and social concerns represents a win for energy companies. But it may prove short-lived. The “fair access” rule, finalized…

January 19, 2021
Alberta Premier Promises to Explore ‘All Legal Avenues’ if Keystone XL Canceled by Biden Administration

Alberta Premier Promises to Explore ‘All Legal Avenues’ if Keystone XL Canceled by Biden Administration

Canadian leaders are vowing to rescue TC Energy Corp.’s Keystone XL (KXL) — or sue for damages — from a plan for incoming President Biden to cancel the U.S. presidential permit for the $8 billion oil export pipeline project. KXL stands out as an 830,000 b/d growth enabler for Canada’s top natural gas user, Alberta…

January 19, 2021
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