OFS firms hope Haynesville rebound won’t wait for LNG wave
While the Haynesville has been responsible for much of 2023’s woes for U.S. oilfield services contractors, they appear convinced that the worst is over. Still, no one expects a full rebound until new LNG export capacity on the U.S. Gulf Coast comes online. The Ark-La-Tex active rig count was over 80 for most of 2H22 […]
Gulf of Mexico Primer Redux
Nearly a decade ago, Enverus, then known as DrillingInfo, posted a Gulf of Mexico (GOM) primer on its blog. It remains one of our most popular posts. A few things have changed since 2014, so we decided it was time for an update. Geology The geology of the GOM is largely Jurassic and Cretaceous, when […]
Targa leads peers in new well connects to its gas gathering
Midstream operators connected 3,524 oil and gas wells to gathering systems in the U.S. during Q2, according to an analysis using Enverus Core data presented in the most recent issue of Midstream Pulse. This is up slightly from the 3,447 wells connected during Q1 and relatively flat compared to 2Q22. The most active regions were […]
EOG still top U.S. drilling client, but Exxon-Pioneer coming up
EOG Resources is arguably the largest customer in the U.S. onshore oilfield services industry, leading all E&P companies in feet drilled, average rig count and wells completed, and finishing second in frac fluid pumped during Q2, according to an analysis using Enverus Core data presented in the most recent issue of Oilfield Pulse. EOG held […]
Chevron acquiring Hess in another $60B blockbuster deal
Multi-billion-dollar deals are continuing to pile up at an extraordinary pace as 2023 draws closer to its end, this time with Chevron’s all-stock agreement Oct. 23 to acquire Hess Corp., valued at $60 billion including debt. The transaction, expected to close in 1H24, falls just a bit short of the recent high-water mark set by […]
U.S. drilling rig day rates decline for fourth straight month
Drilling rig day rates in the U.S. declined for the fourth consecutive month, although the pace of the decline slowed a bit, according to the monthly Enverus Day Rate Survey, as rig demand has yet to return to 2022 levels. The U.S. composite rate declined to $23,623, down $129 from August, the smallest sequential decline […]
Gulf Coast LNG offtake boom slows significantly in 2023
In the first nine months of 2023, U.S. LNG developers signed 14 long-term sales and purchase agreements totaling 19.65 mtpa. The pace is far slower than in 2022 when Russia’s invasion of Ukraine led European countries to scramble for future supplies not shipped from Moscow. The first nine months of 2022 saw 30 SPAs totaling […]
Exxon buying Pioneer in largest U.S. upstream deal in 25 years
After months of rumors and speculation, ExxonMobil announced an agreement to acquire Pioneer Natural Resources in an all-stock transaction valued at $64.5 billion, including assumed net debt.
Some costs falling, but don’t expect a 2023 response from E&Ps
Over the last few quarters, executives at U.S. upstream operators have grown accustomed to analysts asking about cost inflation. It’s an inevitable part of every conference call. During the late July to mid-August earnings season for Q2, the question shifted to possible deflation, with companies across America’s shale patch making small note of an improved […]
Could a new form of concrete be a key to the energy transition?
Researchers at the Massachusetts Institute of Technology (MIT) have developed a new material using ubiquitous materials – cement and carbon black – that could form the basis for a novel energy storage system, the university reported. The researchers published their findings July 31 in the peer-reviewed journal Proceedings of the National Academy of Sciences. The […]