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The energy sector won’t repeat last year’s mistake of rapidly boosting production the next time the price of oil hits $60 a barrel, said the chairman and CEO of EOG Resources.
Midstream contracts are usually the last things production companies will let go. But with oil near $30 per barrel, most oil and gas transporters have several producers on the ropes who have or are considering letting those promises lapse.
Karnes County is still pumping more crude oil than any other county, with 6 million barrels produced in November.
The Houston-based oil field services company launched an investigation of its chemicals and data analysis software after an Australian fund manager in November disputed the accuracy of Flotek’s self-reported results.
The oil-soaked Permian Basin in West Texas, which had remained a favorite among U.S. exploration and production companies despite the prolonged crude slump, showed continued signs of weakness this week.
West Texas’ seemingly resilient Permian Basin led the way with the loss of eight rigs, while southern Texas’ Eagle Ford shale dipped by five rigs, according to weekly data released by oil field services firm Baker Hughes.
This was only the third, double-digit increase in the count of oil rigs this year.
The number of active U.S. drilling rigs fell by 21 this week, Baker Hughes reported Friday, as crude prices continued to sputter in the wake of OPEC’s move to do away with its longstanding output ceiling.
The Houston driller announced its new $7.7 billion annual budget announced a day after larger rival Chevron Corp. said it would trim spending by 24 percent next year.
The American oil rig count ticked down to 545 for the week, although the number of rigs seeking natural gas jumped by three up to 192 rigs, according to weekly data released by oil field services firm Baker Hughes.