Shale ///

Devon Energy sets net zero 2050 emissions targets, ESG performance goals

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.

Shale operators’ strict financial discipline is finally paying off

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.

Biden’s oil lease ban lifted by federal judge

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.

Boycott Texas oil, and Texas will boycott you, says Gov. Abbott with new law

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.

Shell said to consider sale of largest oil field in the U.S., valued at up to $10 billion

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.

Keystone XL protestors want Biden to revoke more pipeline permits

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.

Three Chesapeake Energy executives depart in post-bankruptcy shakeup

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.

Evidence-based initiative improves guided sucker rod longevity

Brian Wagner, NOV Tuboscope

A systematic approach reduces failures and associated costs, while extending beam pumping run times.

Oxy sells non-core Permian acreage for $508 million, reaffirms 2021 production guidance

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.

Biden’s climate czar to meet with API leaders on oil and gas emission cuts

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 plans more shale acquisitions after $5.5B Contango Oil & Gas deal

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.

Fewer than 20% of U.S. shale oil jobs held by women, says trade group

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.

Hunting introduces dual mode firing head

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’s Independence Energy, Contango Oil & Gas aim for $5.5B all-stock merger

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.

Colorado shale deal leaves CPP Investment Board as largest investor in Civitas

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.

BP CEO sees lasting trends in global oil demand growth, limited U.S. crude output

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.

World’s largest oil trader says U.S. has left OPEC in control of global crude prices

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.

Rising steel costs bring inflation woes to U.S. shale plays

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.

DJ Basin production could increase, with greater capital allocation among operators

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.

Allison Transmission introduces next-generation hydraulic fracturing transmission

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.