Shale Daily

The Permian Basin and natural gas-rich Haynesville Shale accounted for nearly all of the upstream transactions in the final three months of 2021, but dealmaking overall was down sharply from the third quarter, Enverus reported. The value of Lower 48 merger and acquisition (M&A) activity between exploration and production (E&P) companies totaled $9 billion in…

On the strength of sharp gains in the Eagle Ford and Haynesville shales, the U.S. rig count surged 13 units higher to 601 for the week ended Friday (Jan. 14), according to the latest numbers from Baker Hughes Co. (BKR). Net gains in the United States included 11 oil-directed rigs and two natural gas-directed rigs,…

Texas’ oil and natural gas industry paid $15.8 billion in state and local taxes and state royalties in Fiscal Year (FY) 2021, with school districts and counties in the Permian Basin and Eagle Ford Shale the top beneficiaries, according to the Texas Oil and Gas Association (TXOGA). “Despite an incredibly difficult two years, the Texas…

Houston-based completions expert Nine Energy Service Inc. said Monday it was given about six weeks to submit a business plan to the New York Stock Exchange (NYSE) about how it intends to regain compliance to continue to be listed. The NYSE notified management that the company was not in compliance with the listing standards. NYSE…

 A 1,020-square-mile spread of Canadian drilling rights in the Montney and Duvernay formations of Western Canada went on the market by ExxonMobil affiliates Wednesday in the latest property sales launched by integrated major. Seventy-percent owned Imperial Oil Ltd. and ExxonMobil Canada Ltd. are taking offers for their stakes in the parent company’s unconventional unit XTO…

The U.S. oilfield services (OFS) and equipment sector added an estimated 7,450 jobs in December, according to the Houston-based Energy Workforce & Technology Council. “As oil demand has pushed higher, it’s heartening to see continued job growth in the sector,” said Council CEO, Leslie Buyer. “The sector has recovered more than half of the jobs…

Brent crude oil prices are set to average $75/bbl in 2022, up from $71 in 2021, as the world is on track to increase its consumption of liquid fuels over the next two years, according to updated projections from the Energy Information Administration (EIA). The world consumed 96.9 million b/d on average in 2021, a…

Inventories of U.S. oil continued to decline early in 2022 – extending a trend that developed last year – as petroleum demand climbed and production ticked down, the Energy Information Administration (EIA) said Wednesday. For the week ended Jan. 7, domestic commercial crude inventories, excluding those in the Strategic Petroleum Reserve, decreased by 4.6 million…

Improved prices, along with increased ownership of drilling targets in northern Alberta and British Columbia (BC), should help natural gas production to climb by 18% year/year in 2022, Canadian Natural Resources Ltd. said Tuesday. The Calgary exploration and production (E&P) company announced its 2022 budget with a natural gas target of 1.98-2 Bcf/d from 1.69…