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Shale Daily

Harvest Midstream Expanding Eagle Ford Oil Services with Arrowhead Acquisition

Harvest Midstream Expanding Eagle Ford Oil Services with Arrowhead Acquisition

Harvest Midstream is poised to take full ownership of some South Texas crude oil transportation and logistics assets as it seeks to expand services for upstream and downstream customers in the Eagle Ford Shale. The privately held midstream company announced a purchase and sale agreement to acquire the remaining 75% stake in Arrowhead ST Holdings…

January 14, 2022
U.S. Upstream Dealmaking Fueled by Permian, Haynesville

U.S. Upstream Dealmaking Fueled by Permian, Haynesville

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…

January 14, 2022
U.S. Drilling Total Increases by Double Digits as Activity Climbs in Eagle Ford, Haynesville

U.S. Drilling Total Increases by Double Digits as Activity Climbs in Eagle Ford, Haynesville

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,…

January 14, 2022
Permian, Eagle Ford Counties and School Districts Top Texas Property Tax Receipt Rankings

Permian, Eagle Ford Counties and School Districts Top Texas Property Tax Receipt Rankings

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…

January 14, 2022
Nine Energy Looking to Regain Compliance with NYSE Capitalization Standards

Nine Energy Looking to Regain Compliance with NYSE Capitalization Standards

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…

January 13, 2022
ExxonMobil Ready to Cast Off Natural Gas-Rich Assets in Montney, Duvernay

ExxonMobil Ready to Cast Off Natural Gas-Rich Assets in Montney, Duvernay

 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…

January 13, 2022
U.S. OFS Employment Swings Back to Growth Mode

U.S. OFS Employment Swings Back to Growth Mode

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…

January 13, 2022
Global Oil Forecast to Average $75 in 2022 as Consumption Grows

Global Oil Forecast to Average $75 in 2022 as Consumption Grows

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…

January 12, 2022
U.S. Crude Stocks Drop as Production Levels Off, Demand Increases

U.S. Crude Stocks Drop as Production Levels Off, Demand Increases

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…

January 12, 2022
Canadian Natural Forecasting Higher Spending, More Natural Gas Production in 2022

Canadian Natural Forecasting Higher Spending, More Natural Gas Production in 2022

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…

January 12, 2022
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