In the first quarter of 2024, the Precision Drilling revenue declined to $528 million from $559 million due to reduced U.S. drilling activity, while adjusted EBITDA also fell to $143 million from $203 million, impacted by higher share-based compensation charges.
Nabors Industries Ltd. reported a slight increase in operating revenues for Q1 2024 to $734 million but experienced a widening net loss of $34 million. The company secured significant contracts and qualifications for rigs in Argentina and the Middle East, and a U.S. drilling contractor adopted Nabors’ RigCLOUD® platform
The first quarter of 2024 saw a significant $51 billion in announced deals, suggesting a potential surpassing of last year’s $192 billion total if this pace continues. The largest transaction noted was the $26 billion sale of Endeavor Energy Resources to Diamondback Energy, marking a significant consolidation within the industry.
Matador’s 2% production over-performance to start the year was done while spending less money on drilling than projected, the company said. During the first quarter of 2024, Matador’s average oil production of 84,777 barrels per day beat its guidance of 83,500 barrels, the company said.
DeLa Express LLC, an affiliate of Moss Lake Partners, has requested approval to initiate the pre-filing review process for its proposed DeLa Express Project designed to transport 2 bcfd of Delaware basin natural gas from Texas to Louisiana.
The Government of Alberta, through Emissions Reduction Alberta (ERA) and Alberta Innovates, is committing $57 million in technology and innovation funding for 28 projects to advance a hydrogen economy, reduce emissions, and create jobs in Alberta. Projects cover the spectrum of hydrogen production, storage, transmission, distribution, and usage.
ConocoPhillips has been emphasizing operational efficiency and modest production growth in the Permian Basin as part of its broader strategy for the Lower 48 region in 2024.
Comparing wells drilled Q1/2023 vs Q1/2024 in the Permian Basin we see a 14% increase in wells drilled.
Nile Midstream was approved for new pipeline permit (10563) by the Railroad Commission of Texas for the transfer of 68.74 miles of gathering pipeline from DCP Midstream (now a part of Phillips 66).
Kinetik Holdings Inc. (KNTK) is an energy midstream company that was formed in February 2022 when publicly traded Altus Midstream merged with privately held EagleClaw Midstream. This created the only pure-play midstream company operating in the Texas Delaware Basin.
