Oil

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…

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…

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…

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…

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…

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,”…

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…

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,…

The U.S. natural gas rig count climbed two units to finish at 96 during the week ended Friday (April 30), while a decline in the Permian Basin saw the oil count ease lower, according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). One miscellaneous unit joined the two natural gas units…