Coterra Energy to Restart Marcellus Basin Operations Amid Rising NatGas Prices
After suspending operations last August due to low ...
After suspending operations last August due to low natural gas prices, Coterra Energy announced plans to restart drilling and completions in the Marcellus Basin this spring. The company has allocated $250 million in capital for the region in 2025, with the possibility of increasing the budget by $50 million if prices remain strong. Coterra plans to operate one rig and half a completion crew, targeting 10-15 new wells this year. Executives cite improved cost structures and a more efficient drilling strategy, which includes a 60% increase in lateral length and a reduction in drilling costs to $800 per lateral foot, as key factors in their renewed activity.
The company is also ramping up overall capital spending, forecasting a 2025 budget of $2.1-$2.4 billion, up from $1.8 billion in 2024. The Permian Basin remains the primary focus, receiving $1.57 billion, while the Anadarko Basin will see $230 million in investment. Fourth-quarter results showed production of 682,000 boe/d with net income of $297 million, down from $416 million in late 2023 due to lower commodity prices. Looking ahead, Coterra expects production to grow to 710,000-770,000 boe/d in 2025. Shares of Coterra (CTRA) have risen 13% over the past six months, bringing the company’s market capitalization to over $20 billion, reflecting investor optimism about its long-term strategy.
Oil prices end higher as U.S. imposes more sanctions on Iran
Oil futures finished higher on Monday, with prices finding...
Oil futures finished higher on Monday, with prices finding support after a nearly 3% decline Friday, as the U.S. imposed fresh sanctions on Iran, impacting its crude sector.
Traders also weighed prospects for talks aimed at ending Russia’s war against Ukraine and reports that Iraq will resume oil exports from its Kurdish region.
West Texas Intermediate crude for April delivery climbed 30 cents, or 0.4%, to settle at $70.70 a barrel on the New York Mercantile Exchange after losing 2.9% on Friday.
April Brent crude the global benchmark, edged up 35 cents, or 0.5%, to $74.78 a barrel on ICE Futures Europe.
March gasoline lost 0.8% to $2.01 a gallon, while March heating oil tacked on 0.1% to $2.44 a gallon.
Natural gas for March delivery settled at $3.99 per million British thermal units, down 5.7%, easing back after last week’s nearly 14% climb.
OPEC+ to Hike Oil Output as Trump Seeks Lower Prices, BofA Says
(Bloomberg) OPEC+ is expected to revive some curtailed...
(Bloomberg) OPEC+ is expected to revive some curtailed crude production in April following US President Donald Trump’s appeals to the group to lower prices, said Jason Prior, Bank of America Corp.’s head of oil trading.
“We expect some production to be brought back to market,” Prior said in an interview Monday. The group, led by Saudi Arabia and Russia, may restore around 150,000 barrels a day of production starting in April, he said.
Trump has been pushing OPEC+ — which halted some output in 2022 — to lower oil prices in a bid to pressure Russia to end the war in Ukraine. Prices of West Texas Intermediate, which peaked in mid-January to $80 a barrel, have since retreated and are now close to $70.
U.S. stocks close mostly lower as S&P 500 stumbles
U.S. stocks ended mostly lower Monday, with the S&P...
U.S. stocks ended mostly lower Monday, with the S&P 500 failing to land in positive territory after wavering between gains and losses during the trading session.
The S&P 500 fell 29.88 points, or 0.5%, to close at 5,983.25.
The technology-heavy Nasdaq Composite dropped 237.08 points, or 1.2%, to finish at 19,286.92.
The Dow Jones Industrial Average rose 33.19 points, or 0.1%, to end at 43,461.21.
The S&P 500 was dragged down by a sharp loss in its biggest sector, information technology, which slumped 1.4% as shares of Big Tech companies including Nvidia Corp. and Microsoft Corp. dropped.
Investors' worries over tariffs also appeared to weigh on the market, after President Donald Trump indicated on Monday that tariffs on Canada and Mexico will take effect next week after their 30-day pause concludes.
The U.S. stock market struggled to recover from Friday's selloff, which had left all three major benchmarks down for the week.
Oxy CEO champions direct air capture for energy security
Enhanced oil recovery using carbon dioxide absorbed by direct air capture...
Enhanced oil recovery using carbon dioxide absorbed by direct air capture facilities could unlock an additional 50 to 70 million barrels of oil and prolong US energy independence by more than a decade -- if critical 45Q tax credits remain intact, according to Occidental Petroleum CEO Vicki Hollub. Meanwhile, phase one of Oxy's Stratos DAC plant in Texas, set to be the world's largest, is 94% complete and on track to begin operations later this year.
