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U.S. shale production costs are soaring and there is no sign that tight-fisted investors will change their demands for returns rather than investment in expanding drilling. At Helmerich & Payne (HP.N), one of the largest drilling contractors, its R&D budget will rise only $1 million, from 2022's $27 million. The U.S. government expects overall oil production to reach a new peak next year, but it has several times this year cut its forecasts. Shale production declines rapidly after peaking compared to conventional oil wells, falling about 50% after the first year. Lower production rates are "a longer-term prospect," said Mike Oestmann, chief executive of shale producer Tall City Exploration.

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☆ Biden Interior rule would limit methane leaks, gas flaring from public lands drilling
▼ + stars: | 2022-11-29 | by ( Emma Newburger | ) www.cnbc.com time to read: +5 min

The primary component of natural gas is methane, which is odorless when it comes directly out of the gas well. In addition to methane, natural gas typically contains other hydrocarbons such as ethane, propane, butane, and pentanes. The BLM's proposed rule comes after the Environmental Protection Agency said it would expand its 2021 methane rule to require drillers to identify and plug leaks at every well site across the country. Western and national conservation groups said the proposal marks a critical first step but should be strengthened to eliminate gas flaring. The BLM is accepting comments on the proposed rule for 60 days and a final rule is anticipated next year.

Companies Hess Corp FollowNov 17 (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) is "back in the driver's seat" as the top swing producer amid slowing U.S. shale growth, Hess Corp (HES.N) Chief Executive Officer John Hess said on Thursday at an investor conference in Miami, Florida. Hess anticipates U.S. oil production will hit around 13 million barrels per day in the next few years and then plateau. U.S. production growth has been slower than anticipated at the beginning of this year due to investor pressure to focus on returns over growth, along with inflation and inventory depletion. The U.S. Energy Information Administration last week cut its forecast for 2023 shale growth by 21%. Now, really OPEC is back in the driver's seat where they are the swing producer," Hess said, cautioning though that OPEC lacked spare capacity to easily boost its production.

Oct 17 (Reuters) - Continental Resources Inc (CLR.N) said on Monday it had agreed to be taken private by billionaire-founder Harold Hamm in a deal that would value the U.S. shale producer at about $27 billion. Smead Capital Management, the largest shareholder after the Hamm family with around 2%, had said in June the original offer "undervalues" the company. Register now for FREE unlimited access to Reuters.com RegisterThe company's shares jumped more than 8% to $73.88 in premarket trading. Hamm founded Continental, the largest oil and gas producer in the Bakken shale, as Shelly Dean Oil Company in 1967, and ran it as a private firm until 2007. Hamm and his family own 83% of Continental's common stock and the deal does not require a vote by shareholders.

☆ Continental Resources Agrees to Buyout From Founder Harold Hamm
▼ + stars: | 2022-10-17 | by ( Chris Wack | ) www.wsj.com time to read: 1 min

Harold Hamm , the billionaire fracking pioneer who helped launch the U.S. shale boom, agreed to buy the shares of Continental Resources not owned by him and his family for $4.3 billion and take the oil producer private. Mr. Hamm and his family collectively hold about 83% of Continental, the Oklahoma City-based oil producer he ran for decades as chief executive, fueling a shale-drilling bonanza in the Bakken Shale of North Dakota that is one of the larger U.S. oil-producing regions.

☆ U.S. Permian oil production forecast to hit record in November -EIA
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Oct 17 (Reuters) - Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is forecast to rise by about 50,000 barrels per day (bpd) to a record 5.453 million bpd in November, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday. U.S. crude oil output in major U.S. shale basins is due to rise by about 104,000 bpd to 9.105 million bpd in November, its highest since March 2020, the EIA projected. In the Bakken in North Dakota and Montana, the EIA forecast oil output will rise 22,000 bpd to 1.190 million bpd in November, the most since December 2020. Total natural gas output in the big shale basins will increase 0.6 billion cubic feet per day (bcfd) to a record 95.1 bcfd in November, the EIA forecast. Gas output in the Permian and the Haynesville in Texas, Louisiana and Arkansas will also rise to record highs of 21.1 bcfd and 16.1 bcfd in November, respectively.

☆ The Winter Olympics don’t really represent the world: Costs, climate and quotas keep the majority off the podium
▼ + stars: | 2022-02-21 | by ( Amy Woodyatt Cnn Graphics Carlotta Dotto Marco Chacon | Amy Woodyatt | Marco Chacon | ) edition.cnn.com time to read: +25 min

That’s five times more than the number of teams represented in the first Winter Games in Chamonix, France in 1924. “They want to keep the girls pretty, in a special way,” Bonaly told CNN Sport as she reflected on her career. India has never won a medal at the Winter Games and does not have a prominent winter sports federation, Keshavan told CNN Sport. Shiva Keshavan of India reacts following run 3 during the Luge Men's Singles on day two of the PyeongChang 2018 Winter Olympic Games. Hopefully, it just encourages more and more Black athletes to come out to winter sports and not just Black athletes, winter sports for everybody.

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