North America ///

Surge in oil hedging could worsen U.S. supply glut, Wood Mac says

Wood Mackenzie's latest analysis of oil and gas hedging activity shows a recent surge in oil hedges.

Final winter blast gives U.S. gas bulls reason to celebrate

A final icy blast of winter was welcome news for U.S. natural gas bulls.

TechnipFMC awarded Shell contract for Kaikias subsea equipment

TechnipFMC has been awarded a contract by Shell Offshore Inc., a subsidiary of Royal Dutch Shell PLC (Shell), for the delivery, integration, and installation of the subsea production system (SPS) and subsea riser, jumper and flowline (SURF) equipment for phase one of the Kaikias deepwater project in the Gulf of Mexico.

Newfield Exploration completes record oil well in Anadarko basin

Newfield Exploration Company, in conjunction with the Company's participation in this week's Scotia Howard Weil Energy Conference, has provided an interim update on its recent enhanced completions in the Anadarko basin's STACK play and raised expectations for its first-quarter 2017 domestic production.

New Schlumberger, Weatherford JV takes aim at Halliburton

Schlumberger Ltd. and Weatherford International Plc are forming a joint venture aimed at taking on the king of fracing, Halliburton Co.

PSAC announces government funding for beleaguered oil and gas services

The Petroleum Services Association of Canada (PSAC) was pleased to hear the federal government will provide a one-time payment of $30 million to the Government of Alberta to “support provincial actions that will stimulate economic activity and employment in Alberta’s resource sector.”

Statoil reinforces exploration strategy with 13 new leases in GOM

Statoil successfully bid on 13 leases in the U.S. Department of the Interior’s central region Gulf of Mexico lease sale 247, which took place on March 22. The company was the high bidder on all but two of the leases targeted, securing a stake in all of its main priorities.

U.S. shale to feed European gas market battered by winter

The heart of Europe’s gas market may finally get a helping hand from the American shale revolution as fuel is poised to cross the Atlantic to replenish depleted inventories after the coldest January in seven years.

OPEC cuts seen filling wallets of North American heavy oil producers

OPEC’s supply cuts are providing a windfall for producers of heavy crude from Western Canada and the Gulf of Mexico.

Anadarko announces multi-billion-dollar capital program

Anadarko Petroleum Corporation recently announced its 2017 initial capital program of $4.5 to $4.7 billion along with its 2017 initial capital expectations and guidance.

Pioneer Natural Resources announces sale of Texas acreage for $266 million

DALLAS -- Pioneer Natural Resources Company has announced that it has signed a purchase and sale agreement with an undisclosed buyer to sell its previously-announced acreage package in northeastern Martin County, Texas, for $266 million, subject to normal closing adjustments.

Gulf of Mexico lease sale yields $275 million in high bids

U.S. Secretary of the Interior Ryan Zinke today announced that Lease Sale 247 for oil and gas parcels in the Gulf of Mexico garnered $274,797,434 in high bids for 163 tracts, covering 913,542 acres in the Central Planning Area of the Outer Continental Shelf offshore Louisiana, Mississippi, and Alabama.

Kalnin Ventures announces third Marcellus acquisition

Kalnin Ventures LLC has announced that it has signed a Purchase and Sale Agreement (PSA) on its third acquisition of a non-operating portfolio in the northeastern Marcellus shale play of Pennsylvania, on behalf of its investor Banpu Pcl.

Early 2017 recovery in Utica production seems realistic, Rystad says

The latest published well production data from the Ohio Department of Natural Resources (ODNR) suggests that shale gas production in Ohio contracted by 180 MMcfgd during fourth-quarter 2016, with only 58 new wells turned in line.

Oil closes at lowest since November, as U.S. supply seen rising

Oil closed at the lowest level since November, erasing the gains that followed OPEC’s deal to cut output, as U.S. crude supplies are forecast to climb.

Chaparral Energy emerges from Chapter 11; eliminates $1.2 billion in debt, $100 million in annual interest expense

Chaparral Energy announced today that it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy protection. The company, whose financial reorganization plan was confirmed by the U.S. Bankruptcy Court of Delaware on March 10, converted $1.2 billion of pre-petition debt to equity and eliminated approximately $100 million of annual interest expense.

Investment trio hunts for bargains after crude crash

A trio of Houston-based private-equity funds is sifting through the oil industry with a view to potentially reaching $4 billion of investments after the market crash created some bargains.

Bristow forms new search and rescue consortium for Gulf of Mexico

Bristow U.S. LLC today announced that it has been awarded a contract with Shell Offshore, Inc., a subsidiary of Royal Dutch Shell (Shell), for medevac and search and rescue (SAR) services in the Gulf of Mexic

Marathon Oil announces $700-million acquisition in Northern Delaware basin

Marathon Oil Corporation announced today the signing of a definitive agreement to acquire approximately 21,000 net surface acres largely in the Permian's Northern Delaware basin of New Mexico from Black Mountain Oil & Gas and other private sellers for $700 million in cash, excluding closing adjustments.

Oil giants upending shale turf where wildcat drillers once ruled

Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp., are jumping into American shale with gusto, planning to spend a combined $10 billion this year, up from next to nothing only a few years ago.