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Colorado Oil, Natural Gas Regulator Raises Mill Levy to Balance Budget Amid Pandemic

Colorado Oil, Natural Gas Regulator Raises Mill Levy to Balance Budget Amid Pandemic

The Colorado Oil and Gas Conservation Commission (COGCC) has adopted a mill levy rate increase in order to balance its budget amid revenue shortfalls caused by the Covid-19 pandemic and subsequent downturn in commodity pricing. Mill levies, the regulator’s main source of revenue, are property taxes whose rates are expressed in mills, which are equal…

August 4, 2020
Range Exiting North Louisiana in $335M Deal After Assets Fail to Perform

Range Exiting North Louisiana in $335M Deal After Assets Fail to Perform

Range Resources Corp. has announced a deal to divest its Cotton Valley Sands Terryville Complex assets in North Louisiana, reaching an agreement with Castleton Resources LLC for up to $335 million.  The deal comes at a low point in the commodity cycle, considering that Range took on the assets in 2016 with the $4.4 billion…

August 4, 2020
Diamondback Forecasting ‘Significant’ Free Cash Flow, Flat to Marginal Output Growth to Year’s End

Diamondback Forecasting ‘Significant’ Free Cash Flow, Flat to Marginal Output Growth to Year’s End

Permian Basin pure-play Diamondback Energy Inc. has brought all of its curtailed production back online and expects to generate free cash flow in the second half of the year, management said Tuesday. The company curtailed 5% of its oil output during the second quarter in response to a pandemic-induced global supply glut, “with zero wells…

August 4, 2020
MPLX Advancing Permian Takeaway Projects, Appealing Review for Bakken Crude Pipeline

MPLX Advancing Permian Takeaway Projects, Appealing Review for Bakken Crude Pipeline

MPLX LP has secured financing for the almost fully committed Whistler natural gas pipeline to transport supplies from the Permian Basin’s Waha hub to the Agua Dulce market in South Texas. On the second quarter earnings call held Monday, CEO Michael Hennigan said the lower capital spend related to the financing was already factored into…

August 4, 2020
Lower 48 Oil Well Productivity Stumbling, Pointing to Bullish Prices in 2021, Says Raymond James

Lower 48 Oil Well Productivity Stumbling, Pointing to Bullish Prices in 2021, Says Raymond James

U.S. liquids supply growth may struggle to grow more than 500,000 b/d a year as Lower 48 well productivity, particularly in the Permian Basin, declines, according to research by Raymond James & Associates Inc. The analyst team led by Marshall Adkins on Monday said its current base case production forecast for the United States assumes…

August 3, 2020
Southwestern Focused on Dry Natural Gas Production as Prices Seen Increasing

Southwestern Focused on Dry Natural Gas Production as Prices Seen Increasing

Southwestern Energy Co. shifted toward producing more dry natural gas in the second quarter as it anticipates a rebound in prices as the winter nears.  The company had been focused on the wet gas window in West Virginia, but shifted more rigs to Northeast Pennsylvania with planned well counts now divided equally between the two…

August 3, 2020
Noble Energy Brings Back Curtailed DJ, Permian Volumes

Noble Energy Brings Back Curtailed DJ, Permian Volumes

Most of Noble Energy Inc.’s Lower 48 oil and gas volumes that were curtailed as the coronavirus sapped demand are back online as operating costs and netback pricing have improved. The Houston-based super independent, which issued its results Monday, curtailed 30,000 boe/d net during 2Q2020. Most of the reduced volumes, estimated at 80%, were curtailed…

August 3, 2020
Alberta Launches Campaign to Clear Backlog of Depleted, Inactive Wells

Alberta Launches Campaign to Clear Backlog of Depleted, Inactive Wells

The Alberta government launched a long-range campaign last week to make oil and gas companies pay for cleaning up a generations-old and growing backlog of 96,969 depleted and inactive wells. Energy Minister Sonya Savage announced a stiffened polluter-pay policy that requires producers to devise five-year cleanup plans and act on them under supervision by the…

August 3, 2020
Appalachian Stalwart Cabot Sees Natural Gas Outlook Improving as Winter Nears

Appalachian Stalwart Cabot Sees Natural Gas Outlook Improving as Winter Nears

Cabot Oil & Gas Corp. is cautiously optimistic that the natural gas market will improve as winter draws nearer, following a second quarter in which it weathered the ongoing downturn.  “We anticipate that the improving demand outlook for natural gas, in conjunction with accelerated structural declines in supply resulting from significant activity cuts across all…

July 31, 2020
U.S. Rig Count Unchanged as Pandemic-Induced Collapse Leveling Off

U.S. Rig Count Unchanged as Pandemic-Induced Collapse Leveling Off

In a further sign that the post-Covid collapse in domestic drilling activity could finally be flattening out, the U.S. rig count finished unchanged at 251 during the week ended Friday (July 31), according to the latest data from Baker Hughes Co. (BKR). A one-rig increase in natural gas-directed rigs offset the departure of one oil-directed…

July 31, 2020
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