Oil

U.S. crude oil exports drove another record quarter for the Port of Corpus Christi in South Texas as Western European buyers continue to shift away from Russian crude imports following the Kremlin’s invasion of Ukraine, it said Monday. A record of 48.3 million tons set in the third quarter surpassed the previous tonnage record of…

The Haynesville Shale and the Appalachian Basin will lead continued growth in domestic natural gas production from November to December, with output from seven key U.S. regions set to rise more than 500 MMcf/d month/month to nearly 96 Bcf/d, according to updated modeling from the Energy Information Administration (EIA). In its latest Drilling Productivity Report…

Jobs in the U.S. oilfield industry rose slightly in October from a month earlier, with employment at its highest level since September 2021, according to the Energy Workforce & Technology Council. The domestic oilfield services (OFS) and equipment sector rose by an estimated 124 jobs to 640,282 in October, according to preliminary data from the…

The U.S. natural gas rig count finished unchanged at 155 for the week ended Nov. 11, while gains in the Gulf of Mexico (GOM) and in the Permian Basin helped drive the combined domestic tally nine units higher to 779, according to updated numbers published Friday by Baker Hughes Co. (BKR). Oil-directed drilling accounted for…

OPEC slashed its global crude oil demand outlook for a second consecutive month, citing slowing economic activity in the United States and Europe as well as ongoing pandemic-related lockdowns in China and geopolitical upheaval linked to Russia’s war in Ukraine. In its closely watched monthly market report, the cartel on Monday lowered its forecast for…

Domestic crude production climbed notably last week, putting output near the 2022 peak, as U.S. demand accelerated and global market conditions tightened. The Energy Information Administration (EIA) said Wednesday that output for the week ended Nov. 4 climbed by 200,000 b/d from the previous week to 12.1 million b/d. That brought production close to the…

EOG Resources Inc. expects the Utica Shale in Appalachia “to be its next large-scale premium resource play” following the acquisition of 395,000 net acres and 135,000 mineral acres for a combined cost of less than $500 million, management said.  The Houston-based exploration and production firm unveiled the acquisition alongside its third quarter earnings. The acreage…

On strong natural gas pricing and demand, APA Corp. is back to work drilling its first pad since 2019 in the Alpine High in the Permian Basin of West Texas. The Houston-based super independent works all over the world, with the Permian its No. 1 U.S. profit maker. The Alpine High at one time was…

Domestic crude production ticked lower last week along with demand, the U.S. Energy Information Administration (EIA) said Wednesday. The latest government snapshot followed President Biden’s assertion this week that energy majors are keeping a lid on output in order to maintain high oil and natural gas prices to bolster profits. Biden on Monday floated a…