E&P

Canada’s largest natural gas producer, Tourmaline Oil Corp., is using hedging and a diversified marketing strategy to counteract low prices for the commodity in Western Canada, management said.  CEO Michael Rose hosted a conference call to discuss first quarter earnings for Tourmaline, which operates in the Alberta Deep Basin, the Montney Shale and the Peace…

The U.S. Energy Information Administration (EIA) is projecting a Henry Hub natural gas spot price average at $2.20/MMBtu for 2024, unchanged from the average price the agency modeled a month earlier.  In the May release of its Short-Term Energy Outlook (STEO), published Tuesday, EIA said it expects Henry Hub spot prices to average $3.10 for…

Multi-basin exploration and production firm EOG Resources Inc. is managing its natural gas program to align with demand dynamics, management said in its first quarter earnings call. “While we expect the natural gas market to remain soft through the end of this quarter, much like last year, we expect it to strengthen through the second-half…

Houston-based Coterra Energy Inc. is shifting its near-term capital spending in the Lower 48 to focus on oil and liquids-rich plays, but optionality is still in play to take advantage of a “structural change in the natural gas macro” later this year, CEO Tom Jorden said. During the first quarter conference call, Jorden said caution…

Nearly everything is in place for Haynesville Shale pure-play Comstock Resources Inc. to become a major LNG supplier. First, though, the company has an “all-hands” effort to manage the assets with uncooperative natural gas prices. CEO Jay Allison discussed the first quarter performance and the outlook during a recent conference call. It was a tough…

ExxonMobil on Friday clinched its $65 billion tie-up with Permian Basin heavyweight Pioneer Natural Resources Co., but the merger has not come without drama. The transaction, announced last October, moves ExxonMobil to the top of the heap in the Permian, with control of 1.4 million-plus net acres in the Delaware and Midland sub-basins. Estimated output…

Lower 48 oil and gas permitting requests increased in March, up 26% over February, according to a compilation of federal and state data compiled by Evercore ISI. The analyst firm reported that 3,418 permits were issued in March versus 2,719 in February. The overall permit total this year, though, remained 1,018 lower than in March…

The U.S. natural gas rig count slid to 102 during the week ended Friday (May 3) as three rigs were sent packing for the period, according to updated figures from oilfield services provider Baker Hughes Co. (BKR). The 102 active U.S. natural gas rigs as of Friday represented a decline of 55 rigs versus the…

International land and offshore markets are driving near-term demand for NOV Inc.’s oilfield equipment, but digital and performance technologies are also in the pipeline, as exploration customers look for improved efficiencies, according to CEO Clay Williams. During the recent first quarter conference call, Williams laid out expectations for the near term. North American activity isn’t…