The count of active rigs drilling for either oil or natural gas in the Lone Star State busted below the 400 barrier in the latest Baker Hughes Inc. rig count as the rout continued in the nation’s oil patch. The U.S. crude-directed rig count fell 31 to 703 in the latest count.
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Texas Quake Study Shakes Regulators to Action
A study linking seismic activity with oil/natural gas drilling activities got the attention of the newest commissioner on the Railroad Commission of Texas (RRC) on Thursday, and then his two colleagues jumped on the injection well-seismicity bandwagon Friday.
EQT Suspends Permian Operations as Weak Commodities Cut Profits
Record first quarter production was not enough to offset the steep decline in natural gas prices for EQT Corp., which saw its year-over-year earnings decline 10% and its costs increase with property impairment charges and rig termination fees.
EQT Suspends Permian Operations as Weak Commodities Cut Profits
Record first quarter production was not enough to offset the steep decline in natural gas prices for EQT Corp., which saw its year-over-year earnings decline 10% and its costs increase with property impairment charges and rig termination fees.
Texas House Lawmakers Preliminarily Approve Frack-Friendly Bill
At midday Friday, after three hours of debate, Texas state Rep. Drew Darby (R-San Angelo) had fought back 10 amendments to his House Bill 40, which is intended to prevent municipalities from enacting ordinances that interfere with oil/gas drilling. HB 40 was passed to engrossment on a vote of 122-18 and faces one more vote in the House before passing to the state Senate.
Texas House Lawmakers Preliminarily Approve Frack-Friendly Bill
At midday Friday, after three hours of debate, Texas state Rep. Drew Darby (R-San Angelo) had fought back 10 amendments to his House Bill 40, which is intended to prevent municipalities from enacting ordinances that interfere with oil/gas drilling. HB 40 was passed to engrossment on a vote of 122-18 and faces one more vote in the House before passing to the state Senate.
Texas Bill Targeting Fracking Ban Stumbles in House
After opponents of legislation to limit how much Texas municipalities may regulate oil/natural gas drilling activities had been rallying for hours at the state capitol, the bill’s author pulled it from the House floor Tuesday because of discrepancies in a committee report on the legislation and for further consideration of amendments.
EIA Expects Big Seven NatGas, Oil Production to Fall Through May
Oil and natural gas production from the nation’s seven most prolific shale and tight oil plays, which has been on the march for months, is expected to decline in May, according to the Energy Information Administration (EIA).
If Oil Prices Hit $60 WTI, Watch Out For Deluge From Deferred Wells, Says Genscape
Some of the biggest U.S. operators have plans to defer 800-plus onshore wells, which account for close to 400,000 b/d of oil and 528 MMcf/d of natural gas production, but as oil prices slowly have inched up, there’s a real possibility even more production could ramp up this summer, according to Genscape Inc.
Rigs Drop Faster in ‘Lower For Longer’ Environment
“Lower for longer” is a phrase applied quite a bit of late to oil prices, but it applies to drilling rigs, too. In a Thursday note on oilfield services companies, analysts at Cowen and Company called an early third quarter bottom of about 900 to the Lower 48 U.S. rig count. But don’t expect there to be a bounce from there as much has changed in the industry.