Story By Tsvetana Paraskova|Oilprice.com| While U.S. crude oil production breaks record highs, the number of upstream and oilfield services jobs is flatlining...
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Despite Europe’s ongoing efforts to curb energy purchases that fund Russia’s war in Ukraine, French imports of Russian liquefied natural gas (LNG)...
Story By David Carnevali and Kevin Crowley – (Bloomberg) — Refining billionaire Paul Foster is seeking to sell Franklin Mountain Energy, one of...
Riding the momentum of last month’s $5 billion North Dakota asset acquisition, Oklahoma City-based Devon Energy announced record oil production and net...
It has been 20 years since Red Adair died on August 7, 2004, at the age of 89. His company was credited...
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The recent sharp declines in major stock indexes have raised concerns of a recession among investors and analysts alike. The Dow Jones...
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U.S. energy firms kept the combined land rig count steady at 589 for the week ending December 13, unchanged from the prior week but still down 34 rigs, or 5%, compared to last year, according to Baker Hughes. Oil rigs remained at 482, while gas rigs rose by one to 103, their highest since July. The miscellaneous rig count was down 1.
In South Texas’ Eagle Ford shale, drillers cut two rigs, lowering the basin’s count to 46, the lowest since January 2022.
The rig count dropped 20% in 2023, reversing gains of 33% in 2022 and 67% in 2021, amid weaker energy prices, inflation-driven costs, and a corporate focus on financial discipline over production growth.
U.S. crude output is projected to rise from 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.5 million bpd in 2025, per the EIA. Meanwhile, natural gas output is expected to decline to 103.2 billion cubic feet per day (bcfd) in 2024 from 2023’s record 103.8 bcfd, as reduced drilling activity begins to impact supply.
Oil futures are down 1% in 2024, while gas futures are up 30% after last year’s steep losses.
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President Donald Trump’s latest legislative push, known as the “One Big Beautiful Bill,” marks...
WASHINGTON (Reuters) – American companies unveiled a series of significant AI and energy investment...
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Yuka Obayashi and Katya Golubkova | TOKYO (Reuters) -U.S. President Donald Trump said on...
By Felicity Bradstock for Oilprice.com| Many countries need to invest heavily in upgrading their...
Baker Hughes, Hunt Energy, and Argent LNG are forming a partnership to create a...
By Charles Kennedy for Oilprice.com | Shell and other major energy players have withdrawn...
Merger and acquisition activity in the U.S. upstream oil and gas sector slowed significantly...
By Felicity Bradstock for Oilprice.com | The United Nations Development Programme (UNDP) and the...
The U.S. oil and gas industry is riding a line between productivity and paralysis....
by Andreas Exarheas| RIGZONE.COM | Chevron will “consolidate or eliminate some positions” as part of...
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