The natural decline rates of existing oil and gas wells across major shale plays in the U.S. will contribute to a tighter supply/demand balance.
Extraction Oil & Gas is the second largest U.S. shale producer to file for bankruptcy since the oil market collapse driven by the COVID-19 pandemic.
Alaska North Slope drilling permits granted to ConocoPhillips, a Gulf of Mexico discovery by Walter Oil & Gas and two Marcellus Shale producers completed in Pennsylvania’s Armstrong County top this week’s drilling activity highlights from around the world.
The largest monthly decline occurred in the Williston Basin, where 50% of rigs were released, according to Enverus Rig Analytics for May.
Exxon Mobil’s latest find offshore Guyana and three extended-reach, horizontal producers completed by Gulfport Energy from a Grady County pad in Oklahoma top this week’s drilling activity highlights from around the world.
The third-strongest well drilled to date in the Haynesville Shale completed by Comstock Resources and a Bone Spring discovery by Occidental Petroleum top this week’s drilling activity highlights from around the world.
A Niobrara Shale discovery in the Powder River Basin by EOG Resources plus high-volume Haynesville completions in Louisiana’s Red River Parish top this week’s drilling activity highlights from around the world.
Whiting Petroleum had explored a wide variety of alternatives to address its balance sheet and looming note maturities in a “highly capital-constrained market environment,” CEO Bradley J. Holly says.
Editor’s note: there were no updates from the previous week’s A&D transactions chart that ran March 18.