The total number of active U.S. natural gas-directed rigs eased one unit lower to 119 for the week ended Friday (Mar. 1), while an increase in oil drilling helped lift the overall domestic rig count three units higher to 629, according to updated numbers from Baker Hughes Co. (BKR). The 119 U.S. natural gas rigs…
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Articles from E&P
Natural Gas Price Volatility? For Ovintiv, Efficiencies and Hedging Poised as Shield
Denver-based Ovintiv Inc. has set up its year to avoid natural gas price swings through a hedging program that covers about 50% of volumes. The independent, which operates across the Anadarko, Permian and Uinta basins, as well as the Montney Shale in Western Canada, has a base Nymex price assumption of $2.50/Mcf for 2024. “More…
Effort to End Colorado Natural Gas and Oil Development Going Nowhere, Says Civitas CEO
Another attempt to phase out natural gas and oil drilling in Colorado is ramping up, but it’s unlikely to advance, Civitas Resources Inc. CEO Christopher Doyle said Wednesday.Doyle helmed a conference call with analysts to discuss fourth quarter results and the outlook for 2024. Most of the discussion centered on the Denver-Julesburg (DJ) Basin in…
H&P Predicting ‘Modest’ U.S. Rig Gain, but Warns E&Ps Resetting on Weak Natural Gas Prices
The headwinds resulting from low natural gas and oil prices have driven Helmerich & Payne Inc. (H&P) toward opportunities to showcase the capabilities of the high-tech rig fleet and drilling solutions, according to CEO John Lindsay. The energy industry faces challenges nearly every year, but as the market zigs and zags, there are other ways…
Atlas Energy, Hi-Crush Combination Set to Deliver ‘More Sand, More Barrels’ for Permian E&Ps
Austin, TX-based Atlas Energy Solutions Inc. has clinched an agreement valued at $450 million to acquire Hi-Crush Inc., merging two proppant sand operators to create the largest operator in the Permian Basin. In the agreement, scheduled for completion by the end of March, Atlas would pay $150 million cash, trade $175 million in common shares…
‘No Interest’ in Purchasing or Managing Oxy, Berkshire’s Buffett Tells Shareholders
Berkshire Hathaway may own more than one-quarter of Occidental Petroleum Corp. (Oxy), but the giant investment firm has no plans to take over, Chairman Warren Buffett said. Oxy is an investment “that we expect to maintain indefinitely,” Buffett stated In his annual letter to shareholders. At the end of 2023, Berkshire owned 27.8% of Oxy’s…
Growing Demand for Dual-Fuel and E-Fleets, but E&P Activity Still Weak, Says ProPetro Chief
Permian Basin-focused ProPetro Holding Corp. is giving its exploration customers more of what they want – electric and dual-fuel fleets – as it continues to industrialize its business, CEO Sam Sledge said. The Midland, TX-based completions expert works across the Lower 48, with most of the exploration and production (E&P) work centered in the Permian.…
Mexico Natural Gas Production Dips for Fourth Straight Month Amid Pemex Financial Woes
Natural gas production in Mexico averaged 4.07 Bcf/d in January 2024, down from 4.25 Bcf/d in January 2023 and marking a fourth straight sequential decline. State oil company Petróleos Mexicanos (Pemex) supplied 3.86 Bcf/d of the total, compared to 4.03 Bcf/d a year earlier, according to the latest data from upstream regulator Comisión Nacional de…
What Do Recent Earnings Calls and Consensus Forecast for Natural Gas in 2024? – Listen Now to NGI’s Hub & Flow
Click here to listen to the latest episode of NGI’s Hub and Flow, in which NGI’s Pat Rau, director of strategy and research, delves into Wall Street’s expectations for North American natural gas activity and prices over the next few years. Rau also reads market tea leaves from recent oilfield service providers’ 4Q2023 earnings calls,…
Qatar Takes Another Leap to Expand North Field Project, Boost LNG Output by 85%
Qatar on Sunday advanced plans to increase the country’s LNG production capacity by 85% from current levels, upping a bet that more natural gas will be needed as progress at other liquefaction projects appears to slow. CEO Saad Sherida Al-Kaabi, of state-owned QatarEnergy, said an appraisal program had determined that the productive layers of the…