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Sep 12, 2024 | 
processindustryinformer.com | Craig Fleming
Products produced by petrochemical plants are indispensable to multiple sectors, and petrochemical businesses rely upon reliable and consistent outputs to remain competitive. However, consistency has been much harder to achieve in recent years, thanks to multiple factors including rising energy costs, new legislation and volatile markets, threatening overall plant performance. ____________________________________________________Enjoying this article?
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Aug 23, 2024 | 
hartenergy.com | Craig Fleming
AI and machine learning (ML) are used as a tool in the oilfield to optimize hydrocarbon output and predict failures before they happen. But the industry still has some kinks to work out. Engineers still have to make adjustments through trial and error to find the sweet spot between technology and human intervention, industry experts said at the Society of Professional Engineers’ (SPE) Artificial Lift Conference and Exhibition on Aug 20.
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Aug 21, 2024 | 
hartenergy.com | Craig Fleming
To understand Chevron’s engineering feat at its 20,000-psi Anchor project offshore Gulf of Mexico (GoM), imagine a standard quarter, stamped with the likeness of George Washington. Then imagine an elephant standing on that quarter. “That's the pressure that we're operating in,” Chevron CEO Mike Wirth said Aug. 20 at EnerCom Denver. Chevron made the Anchor discovery in 2014, Wirth said, about 130 miles south of New Orleans.
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Aug 13, 2024 | 
hartenergy.com | Craig Fleming
Oilfield service companies are bracing for a weakened North American market for the remainder of the year as drilling activity fell through the second quarter. But an uptick in international and offshore projects helped much of the sector post strong second quarter financials. The second quarter showed positive momentum across “across the different verticals within the OFS market,” despite a slowdown in U.S. activity, according to an Aug. 10 Evercore ISI report.
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Aug 9, 2024 | 
hartenergy.com | Craig Fleming
After a recent dip in oil prices, the U.S. Energy Information Administration (EIA) expects falling global inventories to support increased prices through the end of 2024, before succumbing to reduced consumption next year. The EIA’s forecast for 2024 has global consumption of liquid fuels increasing by 1.1 MMbbl/d in 2024 and 1.6 MMbbl/d in 2025—down from a previous forecast of 1.8 MMbbl/d as slowing economic growth in China reduces diesel consumption. EIA’s Aug.
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Aug 7, 2024 | 
hartenergy.com | Craig Fleming
Devon Energy’s Delaware Basin operations led to record oil production and expanding EBITDA in the second quarter, the company reported in its Aug. 7 second-quarter results. The company used a fourth frac crew in the basin to bring online 62 new wells in the second quarter, Devon President and CEO Rick Muncrief said during the company’s earnings call. “Productivity from this batch of wells are on-track to achieve more than 10% uplift compared to last year's program,” Muncrief said.
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Aug 6, 2024 | 
hartenergy.com | Craig Fleming
U.S. oil production hit a record high of 13.31 MMbbl/d in December 2023 and averaged 13.05 MMbbl/d through May 2024. Despite record high production, upstream employment rolls in Texas— the nation’s leading oil and gas producer— has seen jobs disappearing at a precipitous rate. As of June, employment numbers have dropped five out of six months this year as efficiencies have enabled E&Ps to grow production with fewer rigs and workers, the Texas Oil & Gas Association (TXOGA) said in a July 24 report.
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Aug 6, 2024 | 
hartenergy.com | Craig Fleming
U.S. oil production hit a record high of 13.31 MMbbl/d in December 2023 and averaged 13.05 MMbbl/d through May 2024. Despite record high production, upstream employment rolls in Texas— the nation’s leading oil and gas producer— has seen jobs disappearing at a precipitous rate. As of June, employment numbers have dropped five out of six months this year as efficiencies have enabled E&Ps to grow production with fewer rigs and workers, the Texas Oil & Gas Association (TXOGA) said in a July 24 report.
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Aug 6, 2024 | 
hartenergy.com | Craig Fleming
It's increasingly clear that there will be winners and losers in the oilfield over the next several years, Patterson-UTI President and CEO Andy Hendricks said during a July 25 conference call with investors. Less than a year out from the closing of its merger with NexTier and its acquisition of Ulterra Drilling Technologies, the oilfield services company is taking strides not to be the latest has-been.
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Aug 2, 2024 | 
hartenergy.com | Craig Fleming
Genesis Energy’s new 105-mile SYNC offshore pipeline is ready, but waiting, to begin transporting oil volumes in the Gulf of Mexico’s Shenandoah project. The project has been delayed while awaiting the arrival of the Shenandoah floating production system vessel, CEO Grant Sims said. “The connection of the Shenandoah FPSO to our new SYNC pipeline is expected in the first part of 2025,” Sims said in company’s second quarter earnings report.
