Shale ///
Devon Energy announced it is establishing new environmental performance targets focused on reducing the carbon intensity of its operations, minimizing freshwater use, and engaging constructively with its value chain.
After years of booms and busts that produced astronomical losses along with a whole lot of oil, the shale industry seems to have found a sweet spot, poised to hit a record of more than $30 billion of free cash generated in 2021.
In a victory for 13 states that filed a legal challenge in Louisiana, U.S. District Judge Terry Doughty granted a preliminary injunction blocking President Joe Biden’s Jan. 27 executive order banning new oil and gas leases on public lands while litigation continues.
Governor Greg Abbott signed a bill into law on Monday banning state investments in businesses that cut ties with the oil and gas industry. The underlying message, according to one of the most powerful energy regulators in the state, is simple: Boycott Texas, and we’ll boycott you.
The potential sale could include all of Shell’s 260,000 acres in the Permian Basin, Reuters reported citing unidentified people familiar with the matter. Shell declined to comment on Reuters’ report.
Environmentalists emboldened by this week’s defeat of Keystone XL are pressuring President Joe Biden to revoke permits for other oil and gas pipelines, warning their votes depend on the administration blocking fossil fuel infrastructure.
Chesapeake Energy said three executives are leaving, marking the latest shakeup of the senior ranks at the Oklahoma oil and gas producer since it emerged from bankruptcy four months ago.
Brian Wagner, NOV Tuboscope
A systematic approach reduces failures and associated costs, while extending beam pumping run times.
The transaction, which is expected to close in the third quarter of 2021, includes approximately 25,000 net acres in the Southern Delaware Basin in Texas with current production of approximately 10,000 barrels of oil equivalent per day from about 360 active wells.
The session will be at least the second meeting this year between top API executives and White House National Climate Adviser Gina McCarthy, who is coordinating the Biden administration’s efforts to clamp down on greenhouse gas emissions from the use of fossil fuels.
KKR is bucking the trend among private-equity peers that have been unloading shale investments after back-to-back oil market busts. The move may signal a bullish turn with U.S. crude prices heading for the best annual performance since 2015.
Gender diversity remains a challenge in the U.S. shale patch, where fewer than two of every 10 jobs are held by women, according to the latest study by a trade group representing the hired hands of the oil field.
Utilized as either a bar-drop or a hydraulic firing head, this latest addition is an economical solution to maintaining two different firing head inventories, while allowing the operational flexibility to run either type of toolstring.
KKR and Contango are doubling down on investing in exploration and production companies as many in the sector seek to recover from years of poor returns amid the shale boom and bust. The combination is said to allow the merged company to reach greater scale, boost access to capital and drive down the cost of production.
Bonanza Creek Energy Inc. and Extraction Oil & Gas Inc. -- which announced a merger last month and a plan to rename the combined entity Civitas Resources Inc. -- said Monday they’re buying closely held Crestone Peak Resources LLC. Crestone investors will get 22.5 million shares of Bonanza, according to a statement. All three companies operate in the Denver-Julesburg Basin.
Energy giant BP sees a strong recovery in global crude demand and expects it to last for some time, with U.S. shale production being kept in check, according to CEO Bernard Looney.
The decline in U.S. drilling and output leaves little competition to OPEC's efforts to manage markets, Mike Muller, Vitol’s head of Asia, said during an online conference on Sunday. Brent crude closed above $70 a barrel last week for the first time in two years, as buyers demand more oil than producers are pumping.
Costs for everything from labor to diesel to steel have climbed in the oil field this year as explorers return to work following last year’s pandemic-driven crash in crude prices. Steel prices for the drill pipe used in new wells could rise about 50% in 2021, Citigroup said.
The Denver Julesburg (DJ) Basin located in Colorado and Wyoming has experienced a constant decline since production peaked in November 2019. Reversing this trend will depend on the capital allocation from major oil and gas operators in this region, says GlobalData, a leading data and analytics company.
Purpose built based on the specific performance requirements of the customer, the FracTran is an all-new Oil Field Series transmission, designed to meet the unique and continually evolving demands of the hydraulic fracturing industry.