The Permian Basin in May reported the largest monthly decline in oil and gas permits ever, down 47% from April, as applications by large-cap operators fell to their lowest levels in history, off by almost three-quarters, Evercore ISI said Tuesday.
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The U.S. rig count fell another 17 rigs to drop to 301 during the week ended Friday (May 29), another sharp weekly decline that nonetheless suggests a flattening of the recent downward trajectory in onshore activity.
Emissions from Pennsylvania’s existing natural gas and oil infrastructure, including at Marcellus and Utica shale sites, are facing more stringent oversight under a draft proposal.
Appalachian natural gas giant EQT Corp. said Tuesday the1.4 Bcfe/d curtailmentannounced last week may extend through June.
Equitrans Midstream Corp. said in a regulatory filing on Monday that its largest customer, EQT Corp., has started temporarily curtailing 1.4 Bcf/d of production in Ohio and Pennsylvania.
Oil and natural gas production from seven of the nation’s most prolific onshore unconventional plays will be down in June compared with May, a second consecutive decline, as the impacts of the coronavirus pandemic continue to echo through the economy, according to the Energy Information Administration (EIA).
The collapse in drilling activity deepened in April, with permitting for oil and natural gas wells at a record low, but there are glimmers of gains so far this month, according to an analysis by Evercore ISI.
Planned production curtailments and delayed well completions continue to grow in the Appalachian Basin as more exploration and production (E&P) companies are continuing to announce less activity in the face of Covid-19 and the corresponding slide in commodity prices.
Aggressive retrenchment in the U.S. oil patch remained the dominant theme in the latest rig numbers, with the United States dropping 57 rigs to fall to 408 during the week ended Friday (May 1), according to data from Baker Hughes Co. (BKR).
Two of Appalachia’s leading operators said Friday that they would curtail some production this shoulder season, but both are anticipating a long-awaited increase in natural gas prices later in the year.