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TC Says Virus-Related Delays Still Hindering Coastal GasLink, Mexico’s Villa De Reyes Projects

TC Says Virus-Related Delays Still Hindering Coastal GasLink, Mexico’s Villa De Reyes Projects

TC Energy Corp. said the pandemic continues to inflict headaches on the biggest project under construction, the Coastal GasLink supply line  designed to feed liquefied natural gas (LNG) supply for the Royal Dutch Shell plc-led LNG Canada project in northern British Columbia. “We continue to expect project costs to increase significantly along with a delay…

May 9, 2021
Whiting Sees Commodity Prices Strengthen, but Bakken Oil Output Down and Natural Gas, NGLs Flat from Year Ago

Whiting Sees Commodity Prices Strengthen, but Bakken Oil Output Down and Natural Gas, NGLs Flat from Year Ago

Bakken Shale producer Whiting Petroleum Corp. posted higher 1Q2021 revenues despite lower production as commodity prices strengthened. Output declined in the first quarter to 8.1 million boe from 8.44 million boe in 4Q2020. Natural gas production totaled 10.3 Bcf compared to 10.7 Bcf in 4Q2020, while natural gas liquids (NGL) output rose slightly to 1.56…

May 9, 2021
Permian Pure-Plays Laredo, Centennial See Production Back on Track Post-Uri

Permian Pure-Plays Laredo, Centennial See Production Back on Track Post-Uri

Permian Basin pure-plays Laredo Petroleum Inc. and Centennial Resource Development Inc. each reported production impacts from the freezing weather wrought by Winter Storm Uri during February, but the storm also resulted in a sharp uptick in revenue from selling more oil and gas.  Tulsa,OK-based Laredo reported Permian volumes were down year/year at 78,989 boe/d from…

May 8, 2021
Canadian Natural Expands Natural Gas Production, Gains on Rise in Commodity Prices

Canadian Natural Expands Natural Gas Production, Gains on Rise in Commodity Prices

Calgary production giant Canadian Natural Resources Ltd. (CNRL) scored a comeback in the first three months of 2021, reversing losses inflicted a year earlier by Covid-19 and the slump in oil and gas prices. “As the global vaccine distribution increases and crude oil demand recovers, especially in the United States, we are seeing improved commodity…

May 7, 2021
U.S. Crude Stocks Plummet as Imports Drop, Exports Jump and Production Holds Steady, EIA Says

U.S. Crude Stocks Plummet as Imports Drop, Exports Jump and Production Holds Steady, EIA Says

Domestic crude oil inventories dropped by 8.0 million bbl last week, the U.S. Energy Information Administration (EIA) said Wednesday, bringing stocks below the five-year average for the first time in 2021. It also marked the first decline in three weeks and the biggest drop since January. It materialized as imports plunged in the week ended…

May 5, 2021
Diamondback Sees No ‘Clear Signal’ to Boost Permian Output

Diamondback Sees No ‘Clear Signal’ to Boost Permian Output

Diamondback Energy Inc. CEO Travis Stice said until there’s a “clear signal” to increase oil output, there are no plans to expand volumes this year in the Permian Basin. Stice and his management team discussed first quarter performance and the outlook for the oil and gas market during a conference call. The CEO pointed to…

May 5, 2021
H&P Looking to Raise FlexRig Prices as E&Ps Push Demand for Super-Specs

H&P Looking to Raise FlexRig Prices as E&Ps Push Demand for Super-Specs

Global oilfield technology specialist Helmerich & Payne Inc. (H&P) is making “good progress” in deploying digital technology solutions and revamping commercial models for the industry, but there’s still work to be done, CEO John Lindsay said last week. Lindsay and CFO Mark W. Smith shared a microphone to discuss the fiscal 2Q2021 results and the…

May 4, 2021
Aramco CEO Touts Positive Signs for Increasing Oil, Gas Demand as Global Economies Recover

Aramco CEO Touts Positive Signs for Increasing Oil, Gas Demand as Global Economies Recover

As the global economy awakens from the coronavirus-induced slumber, Saudi Arabia Oil Co., aka Aramco, is springing back as well, reporting its first quarter profits jumped 30% from a year ago, sharply surpassing expectations. “Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming,”…

May 4, 2021
Equinor Bumps Marcellus Production as Overall Output Declines

Equinor Bumps Marcellus Production as Overall Output Declines

Equinor ASA’s U.S. natural gas production ticked up in the first quarter, driven by activity in the Appalachian Basin, offsetting a drop in the Norwegian major’s overall output. The company logged 236,300 boe/d from its Marcellus Shale in 1Q2021, compared to 207,000 boe/d reported in the previous quarter and 186,600 boe/d in 1Q2020. Total Marcellus…

May 4, 2021
Higher Commodity Prices, Strengthening Economies Improve Outlook for Global Energy Demand, Moody’s Says

Higher Commodity Prices, Strengthening Economies Improve Outlook for Global Energy Demand, Moody’s Says

Moody’s Investors Service has upgraded its outlook for the global energy industry, citing a sustained increase in commodity prices and expectations for global economic growth to drive increased oil and gas demand over the next 12 to 18 months. The firm said it expects that, as vaccine programs become prevalent and the coronavirus outbreaks fade,…

May 3, 2021
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