Permian Basin

Natural Gas Futures Post Jaw-Dropping 30-Cent Gain; Cash Strong Too

Natural Gas Futures Post Jaw-Dropping 30-Cent Gain; Cash Strong Too

In a shocking move that appears to be based on more than pure fundamentals, natural gas futures surged as much as 35.5 cents on Monday, busting out of their previous trading range and closing nearly 17% higher than Friday. The September contract reached a $2.154/MMBtu intraday high before going on to settle at $2.101, up…

August 3, 2020
ExxonMobil Slashing Permian Rig Count, Forecasting Global Oil Glut Extending ‘Well into 2021’

ExxonMobil Slashing Permian Rig Count, Forecasting Global Oil Glut Extending ‘Well into 2021’

A global oil supply glut and scant demand resulting from Covid-19 pushed ExxonMobil to a historic loss in the second quarter, with nearly every corner of its operations slammed. The quarterly loss of $1.1 billion (minus 26 cents/share) was the deepest in history as transportation and petrochemical demand reversed. During 2Q2019, profits were $3.1 billion…

July 31, 2020
Led by Permian, U.S. Oil Rigs Tally First Net Gain Since March, BKR Data Show

Led by Permian, U.S. Oil Rigs Tally First Net Gain Since March, BKR Data Show

Further retrenchment in natural gas-directed drilling dropped the overall U.S. rig count two units to 251 for the week ending Friday (July 24), but the domestic oil count edged higher for the first time in months, according to the latest data from Baker Hughes Co. (BKR). The United States added one oil-directed rig for the…

July 24, 2020
Permian Gains Give Oomph to U.S. Drilling Permits in June, but Recovery to 2019 Levels Not in Sight

Permian Gains Give Oomph to U.S. Drilling Permits in June, but Recovery to 2019 Levels Not in Sight

Requests for U.S. drilling permits improved in June following a brutal April and May, with the Permian Basin still the top region for operators, according to Evercore ISI. The analyst firm each month compiles permitting statistics for the Lower 48 and offshore using federal and state data. Covid-19 and low commodity prices had crushed permit…

July 20, 2020
Chevron’s $13B Deal for Noble to Add Lower 48 Heft, Natural Gas Promise in Offshore Eastern Med, Equatorial Guinea

Chevron’s $13B Deal for Noble to Add Lower 48 Heft, Natural Gas Promise in Offshore Eastern Med, Equatorial Guinea

Chevron Corp. has clinched a definitive agreement to acquire Houston super independent Noble Energy Inc. in an all-stock transaction worth $5 billion that carries a total enterprise value, including debt, of $13 billion. The transaction, which values Noble at $10.38/share, would trade 0.1191 Chevron shares for each Noble share. Noble’s massive natural gas operation offshore…

July 20, 2020
Utica, Haynesville Down as U.S. Drops Five Rigs

Utica, Haynesville Down as U.S. Drops Five Rigs

A drop-off in the Utica and Haynesville shales saw the U.S. rig count fall five units to finish at 253 for the week ending Friday (July 17), according to the latest figures from Baker Hughes Co. (BKR). Four natural gas-directed rigs exited the patch in the United States during the week, joined by one oil-directed…

July 17, 2020
Diamondback’s Curtailed Permian Oil Volumes Ramping Up, with Some Completion Crews Back to Work

Diamondback’s Curtailed Permian Oil Volumes Ramping Up, with Some Completion Crews Back to Work

Permian Basin pure-play Diamondback Energy Inc., which undertook a nearly three-month break from completion activity and shut-in wells as Covid-19 stormed the oilpatch, has brought back online nearly all of the volumes, but it has set full-year production guidance lower. The Midland, TX-based independent voluntarily curtailed 9,000 b/d (16,100 boe/d) during 2Q2020, mostly in May,…

July 15, 2020
Lifted by Permian, Appalachia, U.S. Upstream Dealmaking Slightly Better in 2Q

Lifted by Permian, Appalachia, U.S. Upstream Dealmaking Slightly Better in 2Q

Dealmaking in the United States within the upstream oil and gas sector staged a slight recovery in the second quarter, with three of five deals in Appalachia, but the period still ranks as the third lowest in quarterly value since 2009, according to Enverus. The data analytics company in its summary of 2Q2020 U.S. upstream…

July 6, 2020
U.S. Rig Count Down as Oil, Gas Patch Shows Signs of Stabilizing Post-Covid

U.S. Rig Count Down as Oil, Gas Patch Shows Signs of Stabilizing Post-Covid

Posting its smallest weekly decline in months, the U.S. rig count dropped one unit to finish at 265 for the week ending Friday (June 26), suggesting that upstream activity could finally be stabilizing after a prolonged period of Covid-induced retrenchment. According to the latest Baker Hughes Co. (BKR) data, total U.S. natural gas-directed rigs finished…

June 26, 2020
Matador Brings Five Permian Delaware Wells Online, with 18 Wells and Gas Processing Slated for Q3 Completion

Matador Brings Five Permian Delaware Wells Online, with 18 Wells and Gas Processing Slated for Q3 Completion

Matador Resources Co. said Thursday it has brought five horizontal wells in the Permian Basin’s Delaware sub-basin into production, and it plans to bring 18 more wells and a natural gas processing plant online in the third quarter.

June 18, 2020
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