EOG Resources plans to test about six oil and gas prospects this year with a focus on adding premium drilling locations while still lowering well costs.
Occidental Petroleum has been aggressively cutting costs by laying off staff and selling assets to pay down its $38.54 billion debt pile following its acquisition of Anadarko Petroleum.
The Houston-based company’s total production rose 11% to 78.2 million barrels of oil equivalent per day for the quarter ended Dec. 31.
Shares of Whiting Petroleum have lost nearly 75% of their value this year amid weak oil prices and rising investor concerns over the company's ability to meet its debt maturities.
Fourth-quarter 2019 losses were not as severe as expected. EQT’s executives stress free cash flow generation over hikes in production.
Production from the Permian, the largest U.S. oil field and the center of the country’s shale industry, rose 13% to 288,043 barrels of oil equivalent per day (boe/d), while total production rose marginally to 487,202 boe/d.
Offshore drilling firm Seadrill said on Feb. 27 the recent recovery of rig markets had slowed at the start of 2020, and that discussions with creditors on how to handle its massive debts would continue.
Continental, which operates in the Bakken as well as the STACK and SCOOP shale plays, forecast lower-than-expected free cash flow for the year despite keeping capital spending flat.
Shale pioneer Chesapeake Energy has been shifting to higher-margin oil production in response to sliding gas prices caused by a global supply glut.
U.S. oilfield services provider ProPetro released preliminary fourth-quarter results on Feb. 24, estimating revenue of between $431 million and $437 million, up slightly from last year.