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Permian Activity Declines as U.S. Rig Count Down Two
Driven by declines in the Permian Basin, the U.S. rig count fell two units overall to drop to 263 for the short holiday week ending Thursday (July 2), according to the latest numbers from Baker Hughes Co. (BKR). Changes for the week included a three-rig decline in oil-directed drilling, partially offset by the addition of…
Prominent Role for Natural Gas, Oil Exploration Even in Carbon-Constrained World, Says Wood Mackenzie
Oil and natural gas exploration will play an essential role in meeting global energy demand through at least 2040, even if human-induced global warming is kept under 2 C, according to a recent analysis by Wood Mackenzie. “Only about half the supply needed to 2040 is guaranteed from fields already onstream,” said Wood Mackenzie’s Andrew…
McDermott Emerges from Chapter 11, with $4.6B Wiped from Debt
Houston-based McDermott International Ltd. has emerged from voluntary bankruptcy and cleared nearly all of its $4.6 billion debt off the books. The engineering, procurement and contracting (EPC) giant, which launched restructuring through Chapter 11 early this year, emerged with a $2.4 billion letter of credit capacity and $544 million of funded debt. “We will continue…
Enbridge Line 5 West Leg to Resume after Reprieve by Michigan Court
Deliveries were given the green light to resume by one of two pipes in Enbridge Inc.’s 540,000 b/d Line 5 across the Straits of Mackinac after a Michigan court refused to grant a demand for an immediate ban against all the oil flows from Western Canada. Ingham County Court Judge James Jamo let the pipeline’s…
U.S. Energy Demand Climbing, but New Covid Lockdowns Looming
The Energy Information Administration (EIA) on Wednesday said U.S. oil refinery input for the week ending June 26 averaged 14 million b/d, about 193,000 b/d higher than in the previous week, but the recent spike in Covid-19 cases nationwide may drive consumers back indoors, according to experts. U.S. refineries operated at 75.5% of their capacity…
As OPEC Cuts Take Force, Mexico Oil Production Falls in May
Mexico’s oil production fell to 1.64 million b/d in May compared to 1.66 million b/d in the year-ago period, according to new data provided by the country’s upstream watchdog Comisión Nacional de Hidrocarburos (CNH). Gas production in May was 3.61 Bcf/d, down from 3.82 Bcf/d last May. The figures are the first to reflect committed…
Eagle Ford Pure-Play Mesquite Emerges from Sanchez Restructuring
Houston-based Sanchez Energy Corp. late Tuesday said it had completed a financial restructuring and emerged from bankruptcy as Mesquite Energy Inc., a private explorer still intent on keeping its focus in the Eagle Ford Shale. The reorganization under Chapter 11, begun in 2019, eliminated nearly all of the $2.3 billion debt. “We are excited to…
