Oil

Diamondback Energy Inc. is merging with privately held Endeavor Energy Resources LP to create a Permian Basin juggernaut in a $26 billion cash and stock transaction, the companies said Monday. Upon joining forces, the two Midland, TX-based independents would boast about 830,000 net acres and 816,000 boe/d of combined net production. The merger, expected to…

Canadian energy market fundamentals are improving enough to support a “sustained period of elevated natural gas drilling,” particularly in the Western Canadian Sedimentary Basin, Precision Drilling Corp.’s chief said. While Lower 48 demand for drilling services by exploration and production (E&P) customers remains muddled, the picture is much clearer in Canada for the Calgary-based oilfield…

North American exploration customers have pulled back on activity, but that may change later this year as line-of-sight focuses on ramping up more U.S. LNG capacity in 2025, according to Houston-based NOV Inc. The oilfield services giant, which provides equipment and services for exploration and production (E&P) companies worldwide, secured higher-than-expected sales in the final…

As reserves in the Cook Inlet Basin dwindle, Alaska leaders are warning of natural gas shortages as early as 2027.  Natural gas production in the basin has fallen to about 70 Bcf/year, according to the Alaska Department of Natural Resources (DNR). The reduced production was cited for shuttering operations at the Agrium Kenai Nitrogen Plant…

U.S. exploration companies have expressed uncertainty about the direction of the energy markets this year, but one thing they are sure about is natural gas-powered pressure pumping fleets, which should support “durable, multi-year” opportunities, top oilfield executives said. Halliburton Co., one of the world’s largest oilfield services (OFS) companies, and Liberty Energy Inc., the No.…

North Dakota energy regulators expect a modest uptick in Bakken Shale oil production this year, though challenges persist around managing the immense volumes of liquids-rich natural gas extracted as a byproduct.  A case in point was the deep freeze on Wednesday (Jan. 17), which shut in about 700,000 b/d of oil and 2 Bcf/d of…

ExxonMobil is warning that it expects to have a one-time writedown of $2.5 billion in 4Q2023 for the reduced value of some upstream assets in California, similar to a one-time quarterly impairment expected by Chevron Corp. The one-time impairment would be for the idled Santa Ynez Unit (SYU) and associated oil and gas facilities, ExxonMobil…

Houston’s APA Corp., which in recent years has pursued overseas oil and gas prospects, is storming back to the Permian Basin with a $4.5 billion all-stock takeover of Callon Petroleum Co. APA, long a Permian exploration and production (E&P) stalwart, already has a broad portfolio in the Midland and Delaware formations. In the Delaware, where…

The U.S. natural gas rig count added one unit to climb to 120 for the week ended Thursday (Dec. 21), while declines in the oil patch helped drop the overall domestic tally by three to 620, according to the latest figures from Baker Hughes Co. (BKR). The 120 active U.S. natural gas rigs as of…