Latest From Hart Energy
EOG: Utica Oil Can ‘Compete with the Best Plays in America’
Oil per lateral foot in the Utica is as good as top Permian wells, EOG Resources told analysts May 3 as the company is taking the play to three-mile laterals and longer.
Marketed: Mississippian Play Opportunity in Grady County, Oklahoma
An undisclosed seller has retained EnergyNet for the sale of a Mississippian play opportunity in the Bennet 0607-22-27-1MXH in Grady County, Oklahoma.
Marketed: DLH Capital 14 Well Package in SCOOP/STACK
DLH Capital LLC has retained EnergyNet for the sale of a 14 well package SCOOP/STACK opportunity in Blaine, Caddo, Canadian and Grady counties, Oklahoma.
OTC: Will More Electrical Demand Bring Energy Debate Back to Reality?
Energy experts, including Scott Tinker, touted the importance of discussing the environmental and economic impacts of moving energy forward at the 2024 Offshore Technology Conference.
E&P Highlights: May 6, 2024
Here’s a roundup of the latest E&P headlines, including technology milestones and new contract awards.
Dara Energy Acquires Assets in Three States from Vinland
Dara Energy closed an acquisition of low decline oil and gas assets in Kentucky, Tennesee and Texas from Vinland Energy.
IBAT, US Mag Partner to Advance Modular Direct Lithium Extraction Plant
Full commissioning and startup of the commercial modular direct lithium extraction plant being developed by US Magnesium and International Battery Metals is expected within three months, the companies said May 6.
Utility, Clean Energy Company Allete to Go Private in $6.2B Deal
The Minnesota-based utility said on May 6 it agreed to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners.
Offshore Technology Conference (OTC), Natural Gas liquids (NGL), Crude Oil, Emissions, Service & Supply
OTC: SLB Exec Says Goal is to Expand Production, Lower Emissions
Despite rapidly expanding global renewables capacity, oil and gas products will still supply around half of global energy demand by 2040, an SLB executive said during the 2024 Offshore Technology Conference.
IOG Resources Acquires Interests from Civitas
IOG Resources acquired interests in the Denver-Julesburg Basin from Civitas Resources.
What's Affecting Oil Prices This Week? (May 6, 2024)
Stratas Advisors forecast that oil demand for 2024 will increase by 1.41 MMbbl/d in comparison to 2023 and that oil demand will increase by 810,000 bbl/d in comparison to 2Q23.
TC Energy Preparing for Natural Gas Demand Surge
TC Energy executives expect data centers in Wisconsin and Virginia to drive as much as 8 Bcf/d of natural gas demand for power generation.
Tallgrass Declares Open Season for CO2 Transport Pipeline
Tallgrass Energy’s Trailblazer project, originally a natural gas pipeline, would move greenhouse gas from Nebraska and Colorado and store it in geological formations in Wyoming.
Valaris’ 1Q Sets Positive Tone for Offshore
Coming out of first-quarter 2024, drilling contractor Valaris expects a sustained upcycle for the offshore drilling industry supported by demand growth, OPEC+ production cuts and supportive commodity prices.
IndustryVoice: A Bold New Take on the Industry’s Most Popular Pump
Join Dana Meadows, Baker Hughes Artificial Lift Systems, as she discusses the newest pump in the LIFTPrime 400 Series, the E2000. This new workhorse reduces the number of pumps needed in your ESP string from 3 to 2 and offers the highest power efficiency range across the widest operating range in the industry, for efficient, versatile, and more economic operations.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
It’s Complicated: E&Ps Find Some Financial Tailwinds, But It’s Not All Smooth Sailing
Relatively stable WTI prices in the $80s/bbl provide some breathing room as companies allocate cash for operations, and pragmatism is seeping into the energy transition movement.
Exxon Shale Exec Details Plans for Pioneer’s Acreage, 4-mile Laterals
Exxon Mobil plans to drill longer, more capital efficient wells in the Midland Basin after a major boost from the $60 billion Pioneer Natural Resources acquisition. Data shows that Exxon is a leading operator drilling 4-mile laterals in the Permian’s Delaware Basin.
Infrastructure Company Savage Acquires Houston’s Texon
Texon, a midstream service provider, will continue operations under its legacy brand.
1Q24 Dividends Declared in the Week of April 29
With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.
Pitts: US, Qatar Face off in LNG ‘Olympics’
In the LNG exporting space, the U.S. is squaring off with its fiercest competitor, Qatar, with both countries expected to outpace Australia
Energy Transition in Motion (Week of May 3, 2024)
Here is a look at some of this week’s renewable energy news, including a 10.5-gigawatt power purchase agreement between Brookfield and Microsoft.
US Oil, Gas Rig Count Falls to Lowest Since January 2022
The oil and gas rig count, an early indicator of future output, fell by eight to 605 in the week to May 3, in the biggest weekly decline since September 2023.
Targa Expects Another Major Permian Pipeline Project This Year
Targa Resources says different projects are falling in place for gas capacity expansion
Antero Midstream Buys Summit Midstream Assets in $70M Deal
The deal by Antero Midstream strengthens Antero Resources’ gathering and compression in Marcellus Shale.
NSTA Offers 31 More Licenses in Latest Licensing Round
The leasing round attracted 115 bids from 76 companies vying for 257 blocks and partial blocks in the U.K. Continental Shelf.
Occidental Explores Sale of Permian Assets Worth Over $1B, Sources Say
Occidental Petroleum is exploring a sale of assets in the Barilla Draw region of Texas, which is located within the Delaware portion of the Permian Basin.
Exxon Closes $60B Pioneer Deal, Reshaping Permian Basin
After facing regulatory scrutiny, Exxon Mobil closed a roughly $60 billion acquisition of Pioneer Natural Resources. The largest shale oil transaction ever signed will reshape the order of power in the vast Permian Basin oil field.
Pemex Reports Lower 2Q Production, Net Income
Mexico’s Pemex reported both lower oil and gas production and a 91% drop in net income in first-quarter 2024, but the company also reduced its total debt to $101.5 billion, executives said during an earnings webcast with analysts.
Sunoco Completes $7.3B NuStar Energy Merger
The completion of its acquisition of NuStar Energy allows Sunoco to realize at least $150 million of expense and commercial synergies and at least $50 million per year of additional cash flow from refinancing activity.