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Concho Resources completes buy out of RSP Permian Inc. | OutPut by Rig Lynx

Concho Resources Inc. has completed its acquisition of RSP Permian Inc., creating the largest unconventional shale producer in the Permian Basin. “We are excited to complete this transaction and welcome the RSP team to Concho,” Tim Leach, chairman and chief executive officer of Concho, said in a company statement. “By combining two great companies focused […]

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Another judge throws out climate change lawsuit | OutPut by Rig Lynx

The City of New York sought the oil and gas quintet be held liable for the emissions that result from their worldwide production, marketing, and sale of fossil fuels, and the negative effects to the City. However, in its ruling dismissing the lawsuit, Judge John F. Keenan has said while the climate change is a fact of […]

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ICD scoops up Sidewinder Drilling |OutPut by Rig Lynx

Independence Contract Drilling announced July 19 that it will acquire Sidewinder Drilling LLC, which is also based in Houston. The deal is expected to close early in the fourth quarter and more than double the size of Independence’s pad-optimal rig fleet, according to a July 19 press release. Sidewinder unitholders will receive more than 36.75 million ICD shares in […]

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Shale enthusiasm powering more exploration in the US | OutPut by Rig Lynx

The Permian Basin, home to more than 40 percent of all active U.S. drilling rigs, continues to receive most of the credit for the rapid growth of U.S. oil production; meanwhile, the Marcellus Shale receives the lion’s share of credit for ongoing record-setting levels of domestic natural gas production.  But a series of recent information releases […]

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Transocean lands more contracts “down under” | OutPut by Rig Lynx

Offshore drilling contractor Transocean says its ultra-deepwater semi-submersible GSF Development Driller 1 has been awarded an 11-well contract offshore Australia for Chevron. The contract is expected to commence in the first half of 2019 and will span approximately 955 days. Transocean said the firm contract backlog amounts to approximately $158 million excluding integrated services, amounting […]

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Gas well completions in US jump over 200% | OutPut by Rig Lynx

The American Petroleum Institute (API) today released its quarterly well completion report for the second quarter of 2018 showing a 265% increase in estimated exploratory gas well completions as compared to the second quarter of 2017. “Today’s report shows the continued growth and strength of US energy production,” said API Chief Economist Dean Foreman. “Right […]

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China slowing import on higher oil prices and tighter tax | OutPut by Rig Lynx

Oil demand growth in the world’s biggest oil importer—China—is at risk of slowing down, at least in the coming months. Higher oil prices play a role in this, but the main culprit is a new tighter tax regime on independent Chinese refiners, which is already choking the refining margins and profits of the so-called ‘teapots’ […]

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