Last week witnessed the largest single-week decline in the Baker Hughes gas-directed rig count since 1993. Following a decline of 41 rigs, the count stands at 1,498, says Stephen Richardson, analyst at Morgan Stanley & Co. Inc. "The count has remained stubbornly high for the past month despite the decline in the 12-month strip and tighter credit conditions. While lease expiry, producer hedging, and meeting fourth quarter production targets among the public E&Ps may all conspire to keep the rig count sticky in the weeks ahead, a falling count remains the key forward indicator of a production slowdown. "Our expectations remain for a circa 500-rig reduction by mid-2009, which implies a circa 12-rig weekly reduction over the coming eight months. A flat production growth outlook for '09 is likely to result, in our view. Supportive of this view, Chesapeak now expects 125 to 128 operated rigs by yearend, down from 135 to 140 previously, and expects to maintain this activity level through 2009."
2023-11-01 - Chevron’s $53 billion acquisition of Hess Corp. will concentrate the California major even further in upstream oil and gas production—the part of its portfolio where Chevron sees the most future upside.
2023-11-03 - Post ONEOK’s merger with Magellan Midstream, ONEOK executives pitched a flexible network during the company’s third quarter earnings call Oct. 1.
2023-11-08 - Energy Transfer saw record NGL, oil and terminal volumes in the third quarter while integrating new assets and working on further expansions to its infrastructure.
2023-10-06 - Houston-based APA Corp. said its Permian Basin assets will drive increases in overall production in third-quarter 2023.
2023-11-09 - Sitio Royalties reported that it was selling its “lower-margin” assets in the Appalachia and Anadarko basins and also closed additional Permian Basin acquisitions.