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Execs from Louisiana to New Mexico Gaze into Natural Gas, Oil Pricing Crystal Ball

Execs from Louisiana to New Mexico Gaze into Natural Gas, Oil Pricing Crystal Ball

Natural gas and oil industry executives across Texas, northern Louisiana, and southern New Mexico expect a Henry Hub natural gas price of $7.55/MMBtu and a West Texas Intermediate (WTI) oil price of $108/bbl by the end of this year, according to the Federal Reserve Bank of Dallas. The Dallas Fed, as it is known, obtained…

June 30, 2022
Upstream Oil, Natural Gas Investments Rising, but Renewables Said Driving Growth

Upstream Oil, Natural Gas Investments Rising, but Renewables Said Driving Growth

While investments in the global energy industry are expected to jump 8% from 2021 to 2022, investments in fossil fuels have not returned to pre-pandemic levels, according to the International Energy Agency (IEA). Investments in upstream oil and natural gas activities are projected to rise 10% year/year in 2022, but are likely to fall short…

June 30, 2022
U.S. Oil Production Hits New 2022 Peak, but More Runway Ahead for Growth

U.S. Oil Production Hits New 2022 Peak, but More Runway Ahead for Growth

Domestic crude output reached a new high for the year as producers continue to gradually ramp up to meet summer demand, the U.S. Energy Information Administration (EIA) reported Wednesday. Production climbed to 12.1 million b/d for the week ended June 24, up 100,000 b/d week/week, according to the EIA’s Weekly Petroleum Status Report (WSPR). Exploration…

June 29, 2022
G7 Nations Vow to Follow Through on Russian Oil Price Cap

G7 Nations Vow to Follow Through on Russian Oil Price Cap

Leaders of the Group of Seven (G7) nations on Tuesday culminated a three-day summit emphasizing they were united in a commitment to back Ukraine for “as long as it takes” to expel Russia, though they stopped short of finalizing the centerpiece of new sanctions that would cap prices on Kremlin-backed oil. Members of the consortium…

June 28, 2022
EIA to Post Two Weeks of Petroleum Data Following Technical Troubles; OPEC-Plus on Deck

EIA to Post Two Weeks of Petroleum Data Following Technical Troubles; OPEC-Plus on Deck

The U.S. Energy Information Administration (EIA) said it would report two weeks’ worth of petroleum supply/demand data on Wednesday following a burst in power that damaged the agency’s hardware and forced the postponement of several reports. EIA said early Tuesday that it would publish its Weekly Petroleum Status Report (WSPR) at its regularly scheduled time…

June 28, 2022
Schlumberger Riding Tailwinds as E&P Spending Escalates, Offshore FIDs Expand

Schlumberger Riding Tailwinds as E&P Spending Escalates, Offshore FIDs Expand

A growth cycle is underway for the global natural gas and oil industry, with the offshore looking particularly inviting, according to Schlumberger Ltd. CEO Olivier Le Peuch. As the world’s largest oilfield services (OFS) company, Schlumberger is attuned to the needs of its exploration and production (E&P) customers, which have begun pouring into the offshore,…

June 28, 2022
Imperial, E3 Piloting Lithium Extraction in Alberta’s Leduc Oilfield

Imperial, E3 Piloting Lithium Extraction in Alberta’s Leduc Oilfield

The search for lithium, a key ingredient used to build batteries for electric vehicles, is underway by Imperial Oil Ltd. and E3 Lithium, which are piloting an Alberta development in a well first drilled by the Calgary producer in 1947. Imperial, majority owned by ExxonMobil, said Thursday the C$6.35 million ($5 million) investment in Calgary-based…

June 27, 2022
Falling DUC Inventory Spurs Lower 48 E&Ps to Goose Drilling Activity

Falling DUC Inventory Spurs Lower 48 E&Ps to Goose Drilling Activity

Exploration and production (E&P) operators in the U.S. onshore are ramping up drilling activity, particularly in the Permian Basin, to offset the shrinking drilled but uncompleted (DUC) well inventory, according to ESAI Energy LLC. Crude oil prices topping $100/bbl “have incentivized more rigs, especially from private companies, and the diminishing inventory of DUCs means more…

June 22, 2022
Double Eagle Targeting ‘Very Large’ Permian Acquisitions with $1.7B PE Commitment

Double Eagle Targeting ‘Very Large’ Permian Acquisitions with $1.7B PE Commitment

Double Eagle Energy has secured private equity (PE) funding of $1.7 billion-plus to pursue upstream opportunities in the Permian Basin through two new entities. In partnership with EnCap Investments LP, Double Eagle has formed Double Eagle Energy Holdings IV LLC and Tumbleweed Royalty IV LLC. The plan is for Double Eagle IV to invest in…

June 21, 2022
U.S. Oil Output Climbs Ahead of Biden’s Call for Action to Curb Energy Inflation

U.S. Oil Output Climbs Ahead of Biden’s Call for Action to Curb Energy Inflation

Crude output ticked up last week, reaching a new 2022 peak ahead of President Biden’s latest call for U.S. producers to boost activity in the face of soaring prices. The U.S. Energy Information Administration (EIA) said Wednesday output climbed to 12.0 million b/d for the week ended June 10, up 100,000 b/d week/week. It marked…

June 15, 2022
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