Houston The US oil and gas rig count jumped 10 on the week to 555, rig data provider Enverus said May 13, as upstream operators wrapped up first-quarter calls on an optimistic note because of higher oil prices and an improving outlook for the rest of the year despite an uneven pandemic recovery.
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Two large Texas plays rose five rigs each the week ended May 12, for totals of 241 in the Permian Basin of West Texas/New Mexico and 44 in the Eagle Ford Shale of South Texas.
In addition, rigs in the Oklahoma SCOOP-STACK play added three to a total of 21. Elsewhere, both the Bakken Shale of North Dakota and Montana and the DJ Basin, mostly in Colorado, rose one rig each, to total 17 and 14, respectively.
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Chart of the Week
- U.S. natural gas production posted the largest monthly decline on record in February, according to recent EIA data.
- Production averaged 104.8 Bcf/d, an 8.1 Bcf/d decline (7%) from January.
- Texas accounted for a 4.3-Bcf/d decline, the largest on record.
Market Movers
- The UK’s largest asset manager, Legal & General, said that it would back the activist hedge fund’s slate in the
ExxonMobil (NYSE: XOM) shareholder meeting later this month.
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Total (NYSE: TOT) reduced output by 25% at its Port Arthur refinery.
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Alta Resources Development.
Tuesday, May 11, 2021
Oil prices eased on Tuesday as some resolution to the Colonial pipeline outage came within sight. “As most operational service is expected to be restored by the end of this week, traders have removed yesterday’s price premiums, realizing there are enough commercial gasoline stocks to tide over the currently expected duration of the crisis
EnergyBonanza Creek to combine with Extraction Oil & Gas in $2.6 billion deal
Reuters
An oil well is seen near Denver, Colorado February 2, 2015. REUTERS/Rick Wilking
Bonanza Creek Energy (BCEI.N) and Extraction Oil & Gas (EH4.MU) said on Monday they will merge in a $2.6 billion all-stock deal to create one of Colorado s largest oil and gas drillers.
Deal-making in the oil and gas sector has had a record start this year, with companies taking advantage of improved oil price expectations as global fuel demand picks up from pandemic lows.
The combined company, Civitas Resources Inc, will be the largest pure-play oil and gas company in the Denver-Julesburg Basin in Colorado and will operate on about 425,000 net acres, with a production base of 117,000 barrels of oil equivalent per day.
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