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Shale Daily

Cabot, Southwestern Likely to Keep Natural Gas Output, Spending Flat Next Year

Cabot, Southwestern Likely to Keep Natural Gas Output, Spending Flat Next Year

Appalachian pure-plays Cabot Oil & Gas Corp. and Southwestern Energy Co. said Friday they’ plan to hold the line on spending and keep production roughly flat with this year’s levels in 2021.  “Despite the expectation for higher price realizations and cash flow in 2021, our capital allocation priorities remain focused on maintaining our current production…

October 30, 2020
Devon’s Permian Oil Output Climbs, Anadarko Growth Eyed as Natural Gas Prices Climb

Devon’s Permian Oil Output Climbs, Anadarko Growth Eyed as Natural Gas Prices Climb

Devon Energy Corp. has raised its production guidance, lowered exploration costs and set its sights on expanding its hold in the Permian Basin, CEO Dave Hager said Friday. The Oklahoma City independent in its third quarter results showcased how it’s managed to not only hold things together but improve since the sharp industry downturn in…

October 30, 2020
U.S. Rig Count Extends Steady Uptrend on Strength of Permian Gains

U.S. Rig Count Extends Steady Uptrend on Strength of Permian Gains

Further recovery in the oil patch, especially in the Permian Basin, lifted the U.S. rig count nine units higher to 296 for the week ending Friday (Oct. 30), according to Baker Hughes Co. (BKR) data. The addition of 10 oil-directed rigs offset the departure of one natural gas-directed unit in the United States for the…

October 30, 2020
Appalachia’s CNX Balks at Merger Talk, while Antero Concentrates on Cost Cutting

Appalachia’s CNX Balks at Merger Talk, while Antero Concentrates on Cost Cutting

Appalachian pure-play CNX Resources Corp. indicated Thursday that a merger with any of its peers is likely out of the question when measured against current performance and the value it’s likely to create in the coming years.  “You’re going to need to find someone who is not going to weaken or dilute our best in…

October 30, 2020
Liberty Oilfield Finds Opportunities with Haynesville Entry, OneStim Takeover

Liberty Oilfield Finds Opportunities with Haynesville Entry, OneStim Takeover

Denver-based Liberty Oilfield Services Inc. proved the contrarian during the third quarter, and it appeared to pay off, as it acquired a top-tier pressure pumping business, gained entry into the gassy Haynesville Shale, and un-furloughed all of the employees who were sent home last spring in anticipation of brighter days ahead. Revenue jumped 67% from…

October 29, 2020
U.S. Oil Demand, Production Continue Choppy Runs, EIA Data Show

U.S. Oil Demand, Production Continue Choppy Runs, EIA Data Show

Demand for domestic oil rebounded last week, as gasoline and jet fuel use jumped, the U.S. Energy Information Administration (EIA) said in its latest Weekly Petroleum Status Report (WPSR). EIA said for the week ending Oct. 23 demand increased 8% week/week, recovering from a decline the previous week and extending a run of choppy results…

October 29, 2020
E&P Mergers Creating Potential Headwind for OFS Sector, Says RPC Chief

E&P Mergers Creating Potential Headwind for OFS Sector, Says RPC Chief

U.S. oilfield activity has begun to tick higher from the historic lows last spring, but even stronger oil and natural gas prices are not enough to generate sustainable returns, RPC Inc. CEO Richard A. Hubbell said Wednesday. During the third quarter conference call, Hubbell said conditions have improved since bottoming in 2Q2020, but they are…

October 29, 2020
Hess Boosts Bakken Oil Production, but Maintaining Only One Rig Until WTI Prices Improve

Hess Boosts Bakken Oil Production, but Maintaining Only One Rig Until WTI Prices Improve

Hess Corp. said net production from its acreage in the Bakken Shale increased substantially in the third quarter, and it expects the full-year 2020 total to exceed year-earlier levels as the company weathers the pandemic’s demand shocks. The New York City-based independent said Wednesday Bakken net production rose 21% from a year earlier to 198,000…

October 29, 2020
Matador Not Looking for Merger, but Any ‘Serious Offer’ Gets ‘Serious Consideration’

Matador Not Looking for Merger, but Any ‘Serious Offer’ Gets ‘Serious Consideration’

Dallas-based independent Matador Resources Co., in sync with its midstream affiliate, pulled out all stops in the third quarter by reducing costs at a record rate while it boosted its oil and natural gas production. The portfolio stretches across oil- and natural gas-rich basins of Louisiana and Texas, but operations primarily are directed to the…

October 28, 2020
EQT Continues Appalachian Consolidation by Bolting on Chevron Assets for $735M

EQT Continues Appalachian Consolidation by Bolting on Chevron Assets for $735M

EQT Corp. continues adding to its massive position in the Marcellus and Utica shales, saying late Tuesday that it has acquired all of Chevron Corp.’s Appalachian assets for $735 million in a deal expected to boost operating efficiencies and free cash flow.   Expected to be completed by year’s end, the sale includes 450 MMcfe/d of…

October 28, 2020
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