Exploration & Production - News
U.S. crude oil production rose to a new high of 11.9 million barrels per day (MMbbl/d) in November, up 345,000 bbl/d from the previous month, the U.S. Energy Information Administration said in a monthly report on Jan. 31.
Chesapeake Energy completed its acquisition of WildHorse Resource Development Corp. on Feb. 1, creating an Eagle Ford oil producing powerhouse.
Results from Chevron reflected higher oil and gas production with output for the quarter up 156,000 barrels per day from a year earlier. Prices paid for its crude also rose.
Exxon Mobil said its oil and gas production in the Permian Basin, the largest U.S. shale basin, rose 90% over a year ago.
A new tax on extracting natural gas is being proposed by the governor of Pennsylvania, home to the Marcellus and Utica shale basins and the second biggest gas-producing state in the U.S.
Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.
ConocoPhillips beat quarterly profit estimates on Jan. 31 as the world’s largest independent oil producer sold more oil at higher prices, sending its shares up 2 percent before the opening bell.
Britain’s Oil and Gas Authority has launched an offshore licensing round for the Greater Buchan Area located in the North Sea.
Marathon Oil has appointed Lee Tillman, who will also continue to serve as president and CEO, to succeed Dennis Reilley as the U.S. shale producer’s new chairman
The International Energy Agency (IEA) has yet to assess the impact of the latest U.S. sanctions on Venezuelan oil supplies, its executive director said on Jan. 30.
Total production for the quarter ended Dec. 31 was 289,000 barrels of oil equivalents per day (boe/d), down from 300,000 boe/d a year earlier. Analysts were expecting 271,908 boe/d, according to IBES data from Refinitiv.
New Mexico Governor Moves To Limit Methane Emissions; Legislation Seeks To Increase State’s Royalty Rate
New Mexico Governor Michelle Lujan Grisham on Jan. 29 ordered state officials to develop regulations to reduce methane emissions from its oil and gas industry and separately rollback statewide greenhouse gas output over the next decade.