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Oil Production, Demand Drop Amid Energy Crisis in Texas

Oil Production, Demand Drop Amid Energy Crisis in Texas

Crude oil production in the United States plummeted but so too did demand amid last week’s bitter freeze that caused an energy crisis in Texas. Stockpiles ticked up as a result, the Energy Information Administration (EIA) said in its latest Weekly Petroleum Status Report (WPSR) on Wednesday. U.S. commercial crude inventories for the week ended…

February 24, 2021
Pioneer Natural’s Permian Production Slightly Dented by Icy Blast in Texas

Pioneer Natural’s Permian Production Slightly Dented by Icy Blast in Texas

The harsh winter weather encountered in Texas last week took a bite out of Permian Basin giant Pioneer Natural Resources Co.’s oil production, but the company should make up the loss and more in 2021, CEO Scott Sheffield said Wednesday. The winter storm last week knocked out about 30,000 b/d of oil output, but most…

February 24, 2021
Diamondback CEO Says Texas Storm Knocked Out Multiple Days of Permian Production

Diamondback CEO Says Texas Storm Knocked Out Multiple Days of Permian Production

Permian Basin pure-play Diamondback Energy Inc.’s oil production is almost back to levels before Texas was stopped in its tracks by last week’s wintry blast, but it will take some time to make up the difference, CEO Travis Stice said Tuesday. Speaking during the fourth quarter conference call, Stice told analysts that Permian oil output…

February 23, 2021
Devon All In on Permian Delaware, with Most Capital, Rigs Set for New Mexico, Texas

Devon All In on Permian Delaware, with Most Capital, Rigs Set for New Mexico, Texas

The Permian Basin will be the go-to target for Devon Energy Corp. this year, with 80% of this year’s capital budget and nearly all of the rigs directed to the massive formation.  The Oklahoma City-based independent issued its legacy fourth quarter and full-year results last week. Results from WPX Energy Inc., which completed its merger…

February 23, 2021
U.S. Oil Production Unlikely to Gain Ground in 2021, Dallas Fed Economists Say

U.S. Oil Production Unlikely to Gain Ground in 2021, Dallas Fed Economists Say

Even as prices recover, U.S. oil production is likely to only inch ahead – at best – in 2021 as producers focus on cash flow and returning capital to shareholders in bids to win back investors’ trust following the severe slump of 2020, economists at the Federal Reserve Bank of Dallas said Monday. Kunal Patel,…

February 22, 2021
One Natural Gas Rig Added in U.S., Offsetting Small Contraction in Oil Patch

One Natural Gas Rig Added in U.S., Offsetting Small Contraction in Oil Patch

The United States added one natural gas rig to grow its tally to 91 for the week ending Friday (Feb. 19), while the departure of one oil-directed unit left the overall domestic tally unchanged, according to the latest data from Baker Hughes Co. (BKR). The combined U.S. rig count ended the period at 397, which…

February 19, 2021
U.S. Petroleum Inventories Drop Again; Expectations Mount for Another Pull Following Texas Freeze

U.S. Petroleum Inventories Drop Again; Expectations Mount for Another Pull Following Texas Freeze

Domestic crude oil inventories dropped substantially for a second straight week for the week ended Feb. 12, the U.S. Energy Information Administration (EIA) said Thursday, as demand increased and production declined. Analysts said the surge in frigid weather that blasted the nation’s midsection this week and upended daily life in Texas – where energy infrastructure…

February 18, 2021
EIA Models Falling Natural Gas Output from Seven Key U.S. Regions in March

EIA Models Falling Natural Gas Output from Seven Key U.S. Regions in March

Natural gas production from seven key U.S. shale plays is set to fall by a combined 560 MMcf/d from February to March as output from most major producing regions is expected to slow over the next month, according to the U.S. Energy Information Administration (EIA). Combined natural gas output from the Anadarko, Appalachian and Permian…

February 18, 2021
Natural Gas Market Chaos Continues as Texas Governor Bans Producers From Selling Outside State

Natural Gas Market Chaos Continues as Texas Governor Bans Producers From Selling Outside State

The fallout of the prolonged Arctic freeze that’s draped over the central United States and into Texas is still unfolding, with a temporary ban on gas exports out of the Lone Star State the latest development in the ongoing crisis.  Hours before the surprising announcement, steep decreases in production and large swings in demand fueled…

February 17, 2021
Natural Gas Production from Seven Key U.S. Shale Plays to Fall from February to March, EIA Says

Natural Gas Production from Seven Key U.S. Shale Plays to Fall from February to March, EIA Says

Natural gas production from seven key U.S. shale plays is set to fall by a combined 560 MMcf/d from February to March as output from most major producing regions is expected to slow over the next month, according to the U.S. Energy Information Administration (EIA). Combined natural gas output from the Anadarko, Appalachian and Permian…

February 17, 2021
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