U.S. rig count has stabilized around 300 operating rigs since end of May with every region seeing an increase during the third quarter except the Northeast.
Devon Energy received a net cash payment of $320 million for the Barnett Shale assets at closing, which the Oklahoma City-based company said in August will coincide with a special dividend to shareholders worth $100 million.
Four rigs were added in the Anadarko Bain during the past week, with Continental Resources, Ovintiv and Citizen Energy reigning as the region’s most active operators.
The Railroad Commission of Texas plugged 1,477 abandoned oil and gas wells in fiscal-year 2020, which ended on Aug. 31, exceeding its target for the fourth straight year.
U.S. drillers added oil and gas rigs for the second time in three weeks as a recent increase in energy prices from coronavirus-linked lows prompted some to return to the wellpad.
The U.S. rig count rose by seven in the last week to 284. However, the count of oil and gas rigs operating remains down year-over-year by 69%.
Though the oil and gas industry has not recovered since the end of the second quarter, the Permian Basin remains the most active region.
U.S. energy firms kept the number of oil and gas rigs operating unchanged this week with some analysts expecting producers to have shut rigs ahead of Hurricane Laura.
Weekly oil and gas rig count in the U.S. increases for the first time since March with the Midcontinent region making the largest percentage and absolute gains.