The Energy Information Administration expects US oil production to increase by 930,000 barrels per day to an all-time high of 13.18 million bpd next year, lower than EIA's previous forecast of one-million-barrel-per-day growth. The US is also poised to become a net exporter of crude oil and petroleum products in 2020, with exports exceeding imports by 570,000 bpd on average, the agency said.
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Devon Energy and Dow have agreed to jointly develop a large portion of Devon's oil and natural gas properties in Oklahoma's STACK shale play. Under the deal, Dow will contribute $100 million to the joint venture over the next four years in exchange for a 50% working interest in 133 undrilled locations.
Shale pioneer Harold Hamm is stepping down from his CEO role at Continental Resources, a company he founded, and will be replaced by board member William Berry, effective January 1. However, Hamm will stay with the company as executive chairman and will work with the new CEO to "help the company cultivate new strategic opportunities."
Private equity firm Mountain Capital Partners has agreed to pay more than $200 million for Austin-based Jones Energy, which has shale assets in Oklahoma's Anadarko Basin and the Texas Panhandle. Mountain Capital plans to merge Jones Energy into Revolution Resources, one of the four oil and natural gas companies in its portfolio.
Antero Resources, West Virginia's top natural gas producer, is looking to divest between $750 million and $1 billion worth of shale assets in the Appalachian Basin in 2020 to further its debt-reduction efforts. Antero's Appalachian holdings cover 584,000 net acres, with production of 3.4 billion cubic feet of natural gas per day.
Texas oil and natural gas producers have completed 8,629 wells so far this year, down by nearly 16% from the same period last year, according to data from the Railroad Commission of Texas. The decline in well completions activity is the latest sign of belt-tightening as the industry grapples with weaker oil prices and investor pressure.
Attorneys general from 18 states want the Supreme Court to reverse a ruling stating the US Forest Service had no authority to grant rights of way for construction of the Atlantic Coast Pipeline across the Appalachian Trail. West Virginia, which is leading the coalition, says work stoppage has adversely affected the state economy.
Speakers at a panel discussion on Tuesday underscored the importance of mitigating the negative societal impacts of oil and natural gas production to improve the quality of life in Texas' Permian Basin and transform the region into a place people and families want to stay. "We need to get away from being a transitional workplace," said the Permian Strategic Partnership's Tracee Bentley, who identifies education, affordable housing and access to primary health care as key improvement areas.
Economists expect New Mexico to log a $797 million budget surplus in the coming fiscal year in large part thanks to surging oil and natural gas production that has boosted taxes, fees and royalties collected by the state. "This latest forecast reflects a second straight year of unprecedented revenue levels and opportunities for the state, but it is also a reminder that we are heavily dependent on volatile oil production and prices," said Taxation and Revenue Secretary Stephanie Schardin Clarke.
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