Oil

Continental Resources Inc. said Tuesday it is on track to meet or exceed its 2021 full-year oil and natural gas production guidance. The Oklahoma City-based exploration and production (E&P) company also indicated that it has lowered its total debt by 10% since the end of 2020. In an update ahead of its 1Q2021 earnings call…

U.S. crude stockpiles declined for a third straight week as domestic demand increased, federal data released Wednesday show. A separate global forecast, meanwhile, pointed to increased oil consumption through 2021, as coronavirus vaccination programs gain momentum and economic activity increases. In its Weekly Petroleum Status Report (WPSR), the U.S. Energy Information Administration (EIA) said domestic…

BP plc said it has struck oil at the Puma West prospect offshore Louisiana near its Mad Dog platform in the deepwater Gulf of Mexico (GOM).  The well in Green Canyon Block 821 was drilled by BP, operator and owner of the block, on behalf of co-owners Chevron U.S.A. Inc. and Talos Energy Inc., each…

Dallas-based midstreamer LM Energy Holdings LLC through its subsidiary LM Touchdown Crude III LLC is testing support to obtain commitments to expand its crude oil gathering system in the Permian Basin of New Mexico. The binding open season to expand the system in the Delaware sub-basin was launched on Monday and concludes May 12. “Despite…

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday formally raised its expectations for global oil demand in 2021, citing expectations for a recovery from the pandemic and stronger economic growth. In its Monthly Oil Market Report (MOMR), the cartel projected demand would rise by 5.95 million b/d this year, a nearly 7% increase…

While some Lower 48 plays are expected to see natural gas production trend upward over the next month, overall output from seven key U.S. regions is set to decline from April to May, according to updated figures released Monday by the U.S. Energy Information Administration (EIA). Total output from the seven regions — the Anadarko,…

Saudi Arabia Oil Co., better known as Aramco, has struck a $12.4 billion transaction to sell a minority stake in its oil pipeline operations to a consortium led by U.S.-based EIG Global Energy Partners.  The global investment group agreed to take 49% equity interest in newly created Aramco Oil Pipelines Co. Aramco today operates more…

Texas operators applied for more oil and gas drilling permits during March than a year earlier, with the Permian Basin still the go-to place for activity, according to state regulators.  The Railroad Commission of Texas (RRC) said it issued 798 original drilling permits last month, versus 744 in March 2020.  Last month, the RRC issued…

Midcontinent oil and natural gas activity improved during the first quarter, climbing higher than year-ago levels for the first time since March 2019, according to the Federal Reserve Bank of Kansas City. The Kansas City Fed, as it is better known, compiles energy activity every quarter for the Tenth District, which encompasses firms headquartered in…