Oil

California Resources Corp. (CRC), whose operations span four oil and gas basins in the Golden State, last week unveiled an ambitious environmental, social and governance (ESG) goal for the company. As part of the 3Q2021 earnings call, CEO Mac McFarland said the company had set a “2045 full-scope net zero goal” targeting Scope 1 (direct)…

U.S. natural gas producers, distributors and midstream companies that comprise Our Nation’s Energy Future, better known as ONE Future, said last Wednesday they again surpassed an ambition to slash overall methane intensity from their operations. Using uniform reporting protocols approved by the U.S. Environmental Protection Agency, the 50-plus member coalition in 2020 registered an overall…

Banks that lend to natural gas and oil producers have substantially raised their price expectations for both commodities, according to the latest biannual Energy Bank Price Deck Survey conducted by Haynes and Boone LLP. The law firm conducts spring and fall editions of the survey each year to capture the expectations of energy banks for…

Canadian natural gas and oil drilling should expand  in 2022 at a brisk pace that tops activity in 2019, before Covid-19 disrupted the industry, according to the Petroleum Services Association of Canada. A new forecast by the industry group is projecting there will be 5,400 Canadian wells in 2022, up from 5,100 in 2019, 2,850…

Domestic oil stocks increased for a third straight week as producers held output at elevated levels – at least by 2021 standards — while high prices curbed gasoline and jet fuel demand. The U.S. Energy Information Administration (EIA) said Wednesday crude inventories for the week ended Nov. 5, excluding those in the Strategic Petroleum Reserve…

A recent open season for short-term natural gas capacity on the Alliance Pipeline was “nearly three times oversubscribed,” and the system is now fully contracted for 2022, according to Pembina Pipeline Corp. CEO Michael Dilger discussed third quarter results during a recent earnings conference call and offered some insight into 2022 expectations.  Alliance over the…

Private-equity backed Colgate Energy Partners III LLC is adding to its arsenal in the Permian Basin of New Mexico in a $190 million deal with an undisclosed seller. The 22,000 net acres “directly offset” the Midland, TX-based producer’s position in the Parkway area of New Mexico’s Eddy and Lea counties, the management team.  “Building on…

The U.S. energy technology and services sector added more than 17,000 positions from August through October, the Houston-based Energy Workforce & Technology Council reported last week. More than one-third of the new jobs in the three-month period — an estimated 6,051 positions — were added in October, marking the eighth straight monthly increase, the Council…

Houston-based EOG Resources Inc., one of the Lower 48’s biggest oil and natural gas producers, is looking to give back to shareholders instead of boosting volumes, with discipline still the mantra going into 2022. The independent delivered better-than-expected natural gas, oil and liquids production during 3Q2021, along with sharply higher profits, CEO Ezra Yacob said…