U.S. day rates flat but surveyed drillers downplay prospects
The U.S. composite day rate slipped just $2 lower in July to $22,921, according to the Enverus Day Rate Survey. While the miniscule decline was a dramatic change from June’s $308 plummet, an immediate recovery seems unlikely, as drillers surveyed in July were much more likely than June respondents to see stagnating rig demand. Roughly […]
ARCH2’s Hydrogen Hurdle | Competing in the Clean Hydrogen Market
Late last month, the DOE awarded its first tranches of funding for Phase 1 of the H2Hubs initiative, designed to reduce project planning costs. ARCHES, ARCH2 and PNWH2 received up to $90 million collectively, cutting their Phase 1 costs by 20%. However, the financial viability of some of these hubs remains uncertain. In Enverus Intelligence® Research’s […]
Mastering Grid Connections and Identifying Optimal Points of Interconnection
For decades, ISO interconnection queues have managed the process of evaluating and approving power generation projects before they can connect to the power grid. In recent years, maintaining grid stability has become increasingly challenging due to various factors, including long queue times, congestion, costly interconnection studies and the replacement of deactivated coal and natural gas […]
As frac upgrades swoop in, some see potential pricing pressure
Pressure pumping companies are expanding their dual-fuel and electric frac fleets, reporting continued high demand for this next-generation equipment. While lead fracking contractors have tried to keep horsepower steady by deactivating fleets powered by Tier 2 diesel engines, RPC Inc., the owner of Cudd Pressure Pumping, noted in its July 25 earnings call that the […]
Energy Transition Deal Count Similar YOY, But Value Surges
There were 115 U.S. transactions related to renewable energy announced in 1H24, according to Enverus Energy Transition M&A data. Disclosed values totaled $30.8 billion.
There were 115 U.S. transactions related to renewable energy announced in 1H24, according to Enverus Energy Transition M&A data. Disclosed values totaled $30.8 billion.
Offshore Drilling Keeps Getting Deeper
In 2024, we expect a new world record water depth to be set for an oil and gas well when Occidental drills the Komodo-1 NFW in the Caribbean Sea offshore Colombia, potentially breaking the 4,000m mark. The current record is held by the Ondjaba 1 well, which was drilled by TotalEnergies using the Maersk Drilling […]
Boost for Nuclear Resurgence
The U.S. Department of Energy has issued a $1.52 billion conditional loan guarantee to Holtec International for the reopening of the shuttered Palisades Nuclear Plant in Michigan.
2024 upstream M&A on track to top last year’s 19 $1B+ deals
Q2 saw $30.2 billion of U.S. upstream deal activity, according to Enverus M&A Analytics, led by a $22.5 billion public company combination that continued a remarkable wave of E&P consolidation and highlighting the trend’s expansion beyond the Permian core.
Wind Capture Prices | Navigating Market Dynamics
Depending on the timing of generation and prevailing system demand, the wind capture price – the average electricity price a wind project receives for its power – can fluctuate above or below the average daily power price. Technology capture prices are crucial in power purchase agreement (PPA) price negotiations and significantly impact the project’s economics, […]
H&P goes global, agreeing to buy KCA Deutag for nearly $2B
Helmerich & Payne Inc. reached a definitive agreement to acquire Aberdeen-based KCA Deutag International Ltd. for $1.9725 billion cash, dramatically accelerating its international expansion.