Post Tagged with: "Rigs"

Paal Kibsgaard (source: Schlumberger Limited)

Former Schlumberger CEO Recommended for Chairman Role at Borr Drilling

By Tyler Losier, Energy Reporter, Oil & Gas 360

Borr Drilling board of directors recommends appointment of Paal Kibsgaard as chairman
The board of directors for Borr Drilling Limited (stock ticker: BORR), an international drilling contractor based out of Bermuda,

U.S. Shale Oil Output to Rise to Record 8.77 Million bpd in Sept – EIA

U.S. Shale Oil Output to Rise to Record 8.77 Million bpd in Sept – EIA

From Reuters


U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September, to a record 8.77 million bpd, the U.S. Energy Information Administration forecast in its monthly drilling productivity report …

Rig Count Sinks Beneath a Milestone Marker

Rig Count Sinks Beneath a Milestone Marker

First time below 1,000 since March 2018

By Richard Rostad, analyst, Oil & Gas 360

Drilling activity fell sharply today continuing the overall downward trend according to Baker Hughes’ Weekly Rig Count.

A net 21 rigs shut down in the …

Fourth Week of Declining Rig Activity

Fourth Week of Declining Rig Activity

One rig comes offline as operations shift
By Richard Rostad, analyst, Oil & Gas 360

U.S. drilling activity declined yet again this week, the fourth decline in a row, according to Baker Hughes’ Weekly Rig Count.

A net one rig

Pacific Bora drilling rig arrives at Oyo-9 field in
deepwater offshore Nigeria

International Drilling Continues Near Post-Downturn Highs

Overall rig count falls by two

By Richard Rostad, analyst, Oil & Gas 360

International drilling activity declined slightly in January, but remains near post-downturn highs, according to Baker Hughes.

A net two rigs came offline in January, bringing the …

Northern Delaware Basin Operations 

From Concho.com

Rigs on A Treadmill: There’s Limited Room for a Fall

By Richard Rostad, analyst, Oil & Gas 360

The Q4 2018 downturn in oil prices has made upcoming U.S. crude oil production growth a major uncertainty for markets. Companies have been announcing plans to scale back drilling activities for 2019,

Rig Count Slides

Rig Count Slides

New Mexico could overtake Oklahoma as No. 2
Drilling activity resumed its fall this week, more than wiping out the increase seen last week according to Baker Hughes.

A net 14 rigs shut down in the week, leaving 1,045 rigs

Source: PDS

Drilling Activity Rebounds from Last Week’s Fall

New Mexico reaches all-time high
Drilling activity increased this week, partially reversing last week’s decline according to the latest edition of Baker Hughes Rig Count.

A net nine rigs came online in the week, bringing the national total to 1,059.

Rigs Shifting into Minor Basins, 2 Rigs Start Up in Alaska

Rigs Shifting into Minor Basins, 2 Rigs Start Up in Alaska

Horizontal activity highest since February 2015
Drilling activity rose once again in the U.S. this week, extending the increase seen last week according to Baker Hughes Rig Count.

A net three rigs began drilling in the week, all land-based. These

Rigs Tell the Tale: Alabama, Mississippi Activity Doubles while Canadian Drillers Take Christmas Off

Rigs Tell the Tale: Alabama, Mississippi Activity Doubles while Canadian Drillers Take Christmas Off

Drilling activity rose in the U.S. this week, reversing the last four weeks of decline according to the latest edition of Baker Hughes’ Rig Count.

A net nine rigs came online in the week, meaning there are 1,080 rigs active

Source: WPX

Rigs Move to Wyoming

Most major basins see rig count fall
Oil and gas activity declined once again last week, marking the fourth straight drop according to Baker Hughes’ Weekly Rig Count.

The overall rig count declined by four this week, meaning there are

A One-Rig Drop this Week Conceals Larger Shifts in U.S. Drilling Picture

A One-Rig Drop this Week Conceals Larger Shifts in U.S. Drilling Picture

Gas activity up sharply, active oil rigs record largest fall since May 2016
Drilling activity declined this week, continuing the drop from last week according to the latest edition of Baker Hughes’ Rig Count.

A net one rig shut down

Wyoming Has 18,000 Drilling Permits in the Queue for Approval and 30 Active Rigs

Wyoming Has 18,000 Drilling Permits in the Queue for Approval and 30 Active Rigs

Wyoming attractive as other basins face challenges

From the Casper Star Tribune

With not enough pipeline capacity to move the prolific mineral development in Texas’s Permian basin, large firms are thinking of distributing their resources elsewhere.

A number of companies …

A Look at Activity in the Permian from Three Players’ Perspectives

A Look at Activity in the Permian from Three Players’ Perspectives

Oil & Gas 360® takes a look at three companies with operations in the Permian:

  • Halcón Resources Company (ticker: HK)
  • Approach Resources Company (ticker: AREX)
  • Apache Corporation (ticker: APA)

Halcón Resources

Production for the first quarter of 2018 averaged 10,967 …

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco (ticker: NOV) reported a first quarter 2018 net loss of $68 million, or $(0.18) per share.

Revenues for the first quarter were $1.8 billion, a decrease of 9% compared to the fourth quarter of 2017 and an …

QEP Resources Reports Q1 2018

QEP Resources Reports Q1 2018

QEP Resources, Inc. (ticker: QEP) reported a net loss of $53.6 million, or $(0.22) per diluted share for the first quarter of 2018, compared to Q1 2017 when the company had a net income of $76.9 million, or $0.32 per …

EQT Records $2.3 Billion Non-Cash Impairment Charge

EQT Records $2.3 Billion Non-Cash Impairment Charge

EQT Corporation (ticker: EQT) reported a net loss of income attributable to EQT of $1,586 million, or $(5.99) per diluted earnings per share.

The net loss attributable to EQT for the first quarter of 2018 was impacted by an impairment …

Pennsylvania NatGas Production Second Only to Texas

Pennsylvania NatGas Production Second Only to Texas

Pennsylvania natural gas production has been on an upward curve since 2009.

According to the EIA, Pennsylvania averaged a record 15 Bcf/d in 2017. Producers have the Appalachian Basin to thank – Pennsylvania accounted for 19% of total U.S. marketed …

Halliburton

Halliburton Writes Down All Remaining Venezuela Investments

Market is 1 million to 1.5 million horsepower undersupplied

Halliburton Company (ticker: HAL) reported an income of $46 million, or $0.05 per diluted share for the first quarter of 2018. This is an improvement over Q1 2017’s net loss of …

Texas Oil and Gas Employment at Highest Level Since 2015

Texas Oil and Gas Employment at Highest Level Since 2015

The oil and gas sector in Texas remained strong through March according to the Dallas Fed’s new report. Prices for WTI crude oil rose slightly in March, staying close to $63 per barrel and oil production in the Permian Basin …

EOG Resources, Mountrail County, North Dakota.

North Dakota Produced 1.2 MMBOPD in Feb.; N.D. Gas Production Hit All Time High at 2.1 Bcf per Day

North Dakota’s State Industrial Commission has released new production numbers for 2018, covering the months of January and February.

In January the state produced 36.6 MMbbls of oil, or 1.2 MMBOPD, and 64,226,435 Mcf, or 2,071,820 Mcf/day.

February was another …

Nabors Industries Cuts Loss in Half

Nabors Industries Cuts Loss in Half

Drill rigs, equipment and software provider Nabors Industries Ltd. (ticker: NBR) reported full-year 2017 operating revenue of $2.6 billion, compared to operating revenue of $2.2 billion in the prior year. Net income from continuing operations attributable to Nabors for the …

Alta Mesa Produces 21 MBOEPD in 2017, Increases Rigs for 2018

Alta Mesa Produces 21 MBOEPD in 2017, Increases Rigs for 2018

Alta Mesa Resources, Inc. (ticker: AMR) produced 21,000 BOEPD in 2017, a 50% increase over 2016 net production of approximately 13,000 BOEPD. Total production mix for full-year 2017 was 52% oil, 17% natural gas liquids and 31% natural gas.

Fourth …

Laredo Petroleum Expects to be Operating within Cash Flow by YE2018

Laredo Petroleum Expects to be Operating within Cash Flow by YE2018

Laredo Petroleum, Inc. (ticker: LPI) has released its Q4 and full-year 2017 results. For the fourth quarter of 2017, the company reported net income attributable to common stockholders of $408.6 million, or $1.70 per diluted share – this included a …

Precision Drilling Increased Rig Automation, Exits 2017 with 63 Active Rigs

Precision Drilling Increased Rig Automation, Exits 2017 with 63 Active Rigs

Targets 2018 upgrades to stay below $34 million

Precision Drilling Corporation (ticker: PDS) had fourth quarter 2017 revenues of CDN$347 million, an increase of 15% over Q4 2016. Precision posted a Q4 2017 net loss of CDN$47 million, or (CDN$0.16) …

Ensign Energy Releases 2018 CapEx Budget, Brings on New Board Member

Ensign Energy Releases 2018 CapEx Budget, Brings on New Board Member

Ensign Energy Services Inc. (ticker: ESI) announced a CapEx of $64 million, comprised of $43 million for capital maintenance on the fleet and $21 million for equipment and optimization upgrades to the current fleet. Ensign said that the capital plan …

Precision Drilling Corporation Plans 2018 $94 Million CapEx

Precision Drilling Corporation Plans 2018 $94 Million CapEx

Precision Drilling Corporation (ticker: PDS) announced a 2018 CapEx of $94 million. The company said $62 million has been reserved for maintenance and infrastructure and $32 million will be used to upgrade existing rigs. The company said $94 million will …

Brent Returns to $60 with Highest Close Since 2015 – Rigs Fall Again

Brent Returns to $60 with Highest Close Since 2015 – Rigs Fall Again

Four rigs go offline

Oil and gas industry signals were mixed this week, as the rig count and natural gas prices dropped, but oil prices rose.

U.S. drilling activity declined this week, with four land-based rigs shutting down. There are …

Double-Digit Drop in U.S. Rig Count

Double-Digit Drop in U.S. Rig Count

U.S. rig count falls by 15

The number of rigs operating in the United States continued to decline in the week ended October 20, 2017, according to Baker Hughes.

The company reported a total rig count of 913, down 15 …

With Big Players Come Big Rig Counts: XOM, COP, CVX Report Q2

With Big Players Come Big Rig Counts: XOM, COP, CVX Report Q2

In the past two days ExxonMobil Corporation (ticker: XOM), Chevron Corporation (ticker: CVX), and ConocoPhillips (ticker: COP) all reported second quarter earnings and gave operational updates.

ExxonMobil

ExxonMobil earned $3.4 billion in Q2, which brought the company’s earnings for the …