North Dakota oilfield activities expected to increase in the second half of the year, regulator states
The 'Department of Mineral Resources' in North Dakota said that oilfield activity will increase in the second half of the year, as operators speed up completions and add more rigs to take advantage of high oil prices. The Iran conflict and disruptions in Middle Eastern oil supply have kept prices high, which has encouraged producers to increase activity. According to data from the Department, the number of North Dakota oil rigs increased to 33 in August from just 26 in July. These operators do not move rigs into North Dakota in order to drill DUC wells, and then complete them later.
Electricity prices rise in the US Midwest amid heatwave
The wholesale electricity price in the U.S. Midwest spiked to more than $500 a megawatt-hour on Tuesday as wind production?came below 'forecasts' and hot weather taxed fossil fuel plants. Prices spiked most along the Nebraska/Iowa border, near MidAmerican Energy coal plants. MidAmerican Energy is a utility owned and operated by Berkshire Hathaway. The high prices -- about five times more than further south -- were due to heavy congestion on power lines. Southwest Power Pool, a 'grid operator' for an area that includes 20 million people, extending from North Dakota to Louisiana reported the spikes as temperatures rose in the region above 90 degrees Fahrenheit.
State regulator: North Dakota oil production expected to remain steady, despite the price decline
North Dakota's regulator stated that energy companies will likely keep crude production steady in North Dakota this year, the state with the third largest oil production in the United States, despite the sharp drop in oil prices following the signing of an interim agreement between the United States, Iran, and the end of their war. The oil prices dropped on Thursday, reaching their lowest level since March's first trading day during the Iran War. U.S. West Texas Intermediate subsequently pared its losses to settle down at $76.60 per barrel, a 0.3% decline.
U.S. oil companies in North Dakota are cautious about drilling despite rising prices
?U.S. Oil operators in North Dakota are cautious about increasing?drilling? despite the sharp rise in oil price caused by the Iran War. They want to know if the higher prices will last for long enough to justify the new investment. Mark Bohrer is the assistant director for the Oil and Gas Division of the State's Industrial Commission. He said that while the prices are higher, the majority of producers have stuck to their budgets from the end of last season, which has limited any immediate increase in drilling activity. The output could increase in the short term, as more wells will be completed and drilling activity will pick up.
North Dakota crude production to increase as operators target high oil prices
A state regulator announced Tuesday that North Dakota's crude production is expected to increase in the coming months due to surging oil prices, which are encouraging operators to increase their activity. Operators in North Dakota, the third largest oil producing state, are responding to higher oil prices by?boosting? output from existing wells and holding back on new drilling due to price volatility linked to the Iran War. U.S. crude oil prices were around $93.63 per barrel on Tuesday, an increase of about $4.02; oil due to be delivered in six months was around $76.50, a 17% increase compared to before the war started.
US crude production still down by 500,000 barrels per day (bpd) from winter storm, according to consultancy estimates
According to Energy Aspects consultancy, around half a million barrels of crude oil per day or 0.5% of the global supply was offline in the United States on Thursday as an Arctic blast gripped large areas of the country in the aftermath of a weekend winter storm. This week, production outages in the U.S. as well as in Kazakhstan have led to an increase in U.S. benchmark oil futures to a five month high. On Thursday, oil prices rose by 3% due to fears that the U.S. would attack Iran. Since Wednesday, production of around 100,000 bpd has been restored. The weekend saw a peak of around 2,000,000 bpd in outages. The Energy Information Administration forecast that U.S.
US crude production returns to normal after winter storm's massive impact
U.S. crude oil production recovered on Thursday, after a winter storm ravaged the production. Losses peaked over the weekend at 2'million barrels of crude oil per day. Analysts revised their output forecasts for the month of January as a result. Justin Kringstad of the North Dakota Pipeline Authority stated?on Thursday that nearly all of North Dakota’s production is back online. North Dakota, according to the latest data from the Industrial Commission, is the third largest oil producing state in the United States. JPMorgan analysts wrote in a Thursday note that the average U.S. crude oil and condensate output is expected to drop by 340,000 barrels per day (bpd) this month.
US crude and natural gas production recovers after winter storms ravage output
U.S. crude and?natural-gas producers brought wells online on Wednesday following a severe storm that swept across the country at the weekend. The storm strained energy infrastructure and power systems. According to Energy Aspects consultancy, domestic crude production is down by around 600,000 barrels a day. This represents 4% of the total output. On Saturday, it was estimated that there had been a loss of up to 2 million barrels bpd. According to Energy Aspects the Permian basin in Texas and New Mexico, which is responsible for about half of U.S. oil production, has seen a decline of around 250,000 barrels per day. This represents 4% of shale's total output.
US energy sector reels as winter storm knocks 2 million bpd crude production
Analysts and traders estimate that U.S. producers lost as much as 2 million barrels per day or 15% of their production during the weekend. This was due to a winter storm which ravaged the nation, straining the?energy grids and infrastructure. Energy Aspects estimates that oil production outages peaked at 2 million barrels per day on Saturday. The Permian basin is likely to have experienced the greatest share of this decline, at about 1.5 million bpd. Production losses decreased on Monday. Permian shutdowns were estimated at 700,000 bpd, and production is expected to be fully restored by the end of January.
US energy sector reels as winter storm knocks 2 million bpd crude production
Analysts and traders estimate that U.S. producers of oil lost up to two million barrels per day, or about 15% of the nation's production, over the weekend as a winter storm swept through the country, straining the energy infrastructure and the power grids. According to a report by?consultancy energy?Aspects, oil production outages peaked Saturday. The Permian basin is likely to have been the most affected, as it lost around 1.5 million barrels of oil per day. Monday saw a decrease in production losses, with the Permian Basin shut-ins estimated to be around 700,000 barrels per day. Production is expected to be fully restored on January 30.
Select Eagle Ford assets are being sought by RPT-Exxon XTO.
Exxon Mobil subsidiary XTO Energy, which is part of the oil major Exxon Mobil, is looking for buyers to purchase?some assets? in the Eagle Ford shale in South Texas. In recent days, ?top ?U.S. Two sources said earlier that Exxon, the oil giant, opened a virtual dataroom to start marketing the assets. Sources said the assets, which cover 168,000 acres net, are worth over $1 billion. Sources said that XTO was selling over a 1,000 wells. Some of these are operated by Exxon, while others have passive or "nonoperated" interest. It also includes those for which it receives royalties. Sources added that Exxon has not hired investment bankers and is internally marketing the assets.
Exxon's XTO division seeks buyers for Eagle Ford assets
Exxon Mobil subsidiary XTO Energy, which is part of the oil major Exxon Mobil, has confirmed in a'statement' that it is looking for buyers for its assets located in South Texas’ Eagle Ford shale.basin. Two sources said that Exxon, the top U.S. energy company, opened a "virtual data room" to start marketing its assets in recent days. Sources said that the assets, which cover 168,000 acres net, are worth over $1 billion. Sources said that XTO was selling over a 1,000 wells. Some of these are operated by Exxon, while others have passive or "nonoperated" -interests. It also has royalties from some of the wells.
Analysts and state regulators say that US crude production will fall due to cold weather.
Energy Aspects reported that state regulators and analysts?said? on Friday that U.S. crude production is expected to'slip' as cold weather forces operators to shut down?production? in key-producing areas. This could lead to a loss of up to 300,000 barrels a day. According to Energy Aspects, freeze-offs will be expected this weekend to hit the Permian Basin, which is responsible for about half of the?total U.S. oil production. This could result in a loss of around 200,000 barrels per day from just that oilfield. According to the Energy Information Administration…
Sources: Devon Energy and Coterra Energy, two US shale producers, are in merger talks.
Three people with knowledge of the matter have confirmed that Devon Energy and Coterra Energy are looking at a possible merger. This could result in one of the biggest independent shale producers in the United States. The combination would be among the biggest between U.S. producers of energy in recent years. This comes at a time when U.S. crude oil prices are under pressure from a global glut in the near term and the prospect that Venezuela will increase its supply to the market over the next few years. Sources said that the two companies are in early stage talks about a merger. They cautioned, however, that a deal was not guaranteed.
Sources: Devon Energy and Coterra Energy, two US shale producers, are in merger talks.
People familiar with the matter have confirmed that Devon Energy and Coterra Energy were exploring the possibility of merging, which could result in one of the biggest independent shale producers in the United States. The U.S. oil market is still under pressure from the?near term global oil glut, and Venezuela's increased supply in the coming years. Sources said that the two companies were in early stage talks about a merger. They cautioned, however, that a deal was not guaranteed. Devon's shares fell?3% while Coterra's stock rose more than 6% in response to the story. Devon's market value is around $24 billion while Coterra's is about $20 billion.
Carnelian, a buyout firm, raises eyebrows by trying to sell multiple assets in the energy sector.
Carnelian Energy Capital is selling six of its North American oil-and-gas production investments. This comes at a time when private equity firms are under increasing pressure to return more cash to investors and increase their exits. The move, which represents most of Carnelian's oil and gas producing companies, and approximately 40% of its total investments, has raised eyebrows in the industry because traditionally, buyout firms space out their sale efforts so as to avoid exhausting the buyer demand. Sources said that Carnelian was either actively marketing the assets or preparing for auctions in the next few weeks. Sources said that the U.S.
Sierra Club takes on fossil fuels in the US electricity grid
The Sierra Club announced on Tuesday that it is challenging the decision of a U.S. Federal Energy regulator to expedite connecting fossil fuel power stations to major electrical grids, at the expense renewable energy. The environmental group submitted a petition to the D.C. Circuit Court of Appeals will review the Federal Energy Regulatory Commission (FERC)'s decision to allow the Southwest Power Pool to accelerate the interconnection of mostly coal fuel generation. SPP is a 14-state region that stretches from North Dakota all the way to Louisiana. Grid operator, however, says that it requires more electricity in order to meet the surge in demand for data centers powered by AI.
North Dakota oil production likely to increase in September, but will continue on a downward trend for the long term, says regulator
North Dakota's oil production will likely have increased slightly in September, but it is still on course to decline in the long term due to natural decline of the wells. North Dakota has the Bakken oilfield. This massive shale oil field helped the U.S. become the largest oil producer in the world. The Bakken oilfield is undergoing a consolidation wave and its wells have reached maturity, affecting production in the state that produces the most oil. The state Industrial Commission released data on Friday showing that oil production fell by 10,000 barrels a day in August to 1,153 million bpd. Justin Kringstad is the director of North Dakota Pipeline Authority.
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of rigs for the fourth consecutive week. The number of oil and gas drilling rigs, a leading indicator of future production, dropped by one in the week ending August 22 to 538, the lowest level since mid-July. Baker Hughes reported that the number of rigs has dropped by 47 this week. Below this time last Year. Baker Hughes reported that oil rigs dropped by one this week to 411, while gas-rigs remained at 122. The number of rigs in the largest oil and gas producing state of the country,, fell by two, to 240. This is the lowest level since September 2021.
North Dakota drilling and fracking activity stable as prices fluctuate, state regulator states
In a Tuesday monthly briefing, the state regulator revealed that despite recent volatility in oil prices, the number of frac crews and rigs in North Dakota remained unchanged in June. There are 32 rigs and 13 frac crews currently operating in North Dakota. Baker Hughes, an energy services company, said that the U.S. energy companies last week reduced oil and natural-gas rigs by eight for the week, the first drop since September 2023. North Dakota is third in the nation for oil production. The state Industrial Commission reported that its oil production fell by 22,000 barrels per day (bpd) in April to 1,172,000 BPD. Volatility is difficult for companies to plan.