Updated Aug 22, 2024
8/22/24
Combined natural gas production from seven key Lower 48 plays is expected to ease lower in June, with declines from gas-weighted plays continuing to offset increasing associated output from the Permian Basin, according to updated projections from the U.S. Energy Information Administration (EIA).
Kinetik Holdings Inc. entered agreements for around $1 billion to expand its New Mexico operations and footprint in Permian’s Delaware sub-basin.
North American natural gas forwards rallied across the 2024 strip during the May 2-8 trading period as sagging production readings and an incrementally supportive LNG export outlook stirred bullish optimism.
Houston-based Coterra Energy Inc. is shifting its near-term capital spending in the Lower 48 to focus on oil and liquids-rich plays, but optionality is still in play to take advantage of a “structural change in the natural gas macro” later this year, CEO Tom Jorden said.
Amid continued downward pressure from excess storage inventories, and with cooling demand yet to ramp up in earnest, regional natural gas forwards drifted lower during the April 25-May 1 trading period, according to NGI’s Forward Look.
ConocoPhillips management confirmed Thursday that it may sell part of its 30% equity stake in the first 1.8 Bcf/d phase of Sempra Infrastructure’s Port Arthur LNG export plant under construction southeast of Houston.
Devon Energy Corp. is working with midstream companies to help advance a natural gas pipeline in the Permian Basin, management said Thursday.
Amid continued downward pressure from excess storage inventories, and with cooling demand yet to ramp up in earnest, regional natural gas forwards drifted lower during the April 25-May 1 trading period, according to NGI’s Forward Look.
Buoyed by higher volumes flowing to a major export terminal and continued production weakness, natural gas futures were rallying through midday trading Thursday.
Pipeline constraints in the oil-rich Permian Basin have not impacted Diamondback Energy Inc.’s production, but “pushing out more pipes” could help low natural gas prices in West Texas.