Category: PBOG Newsletter

U.S. count of active drilling rigs fell decisively in the past week, according to Baker Hughes in its weekly report of Nov. 26 before Thanksgiving holidays.  There were 544 rigs in U.S. – down 10 from the previous week and down 38 or 6.5 percent from 582 a year ago.  The number of oil-directed rigs […]

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Austin-based WhiteWater Midstream will expand capacity of its planned Eiger Express natural gas pipeline.  Having secured sufficient transportation agreements, WhiteWater said Nov. 24 it will expand capacity to 3.7 Bcfd (from 2.5 Bcfd) by increasing the pipeline from 42 inches to 48 inches and by adding incremental compression. Eiger Express will transport natural gas from […]

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Houston-based Targa Resources said Monday a subsidiary will acquire Stakeholder Midstream for $1.25 billion cash.  San Antonio-based Stakeholder provides natural gas gathering, treating and processing services and crude oil gathering and storage services on 170,000 dedicated acres Permian Basin.  The assets include 480 miles of natural gas pipelines, 180 million cfd of cryogenic natural gas […]

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After last week’s announcement of joint ownership of Bahia NGL pipeline by ExxonMobil (40 percent) and Enterprise Products Partners, the two companies said after the transaction closes they will increase Bahia’s capacity to 1 million barrels per day.  They will add incremental pumping capacity and construct a 92-mile extension of Bahia to ExxonMobil’s Cowboy natural […]

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U.S., Permian Basin and New Mexico added drilling rigs last week, and the count in Texas was unchanged.  Houston-based services firm Baker Hughes said in its report of Nov. 21 there were 234 rigs in Texas (unchanged from the previous week, down 47 or 16.7 percent from 281 year ago) and 254 in Permian Basin […]

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Energy Workforce & Technology Council said Friday jobs in the nation’s energy services sector declined in September for the fifth consecutive month.  The council said the decline “reflects the growing strain from current economic and trade conditions.”  Total jobs in energy services fell to 629,815 – a decrease of 1,066 positions from August – according […]

The post U.S. energy services jobs decline for fifth month, but increase in Texas, NM appeared first on Permian Basin Oil and Gas Magazine.

ExxonMobil and Enterprise Products Partners said last week ExxonMobil will acquire from Enterprise a 40 percent undivided joint interest in Enterprise’s Bahia natural gas liquids pipeline.  Oil & Gas Journal said ExxonMobil will contribute its share of Bahia project costs to date or about $650 million.  The 550-mile Bahia pipeline started commissioning activities and will […]

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U.S. Energy Information Administration said rapid declines in production from horizontal wells require more drilling to sustain production.  The EIA reported, “As U.S. crude oil and natural gas production have increased, so has the volume of production declines from existing wells.  To offset the increasing declines, operators today must bring on new wells to sustain […]

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A new report from a task force of the National Association of Regulatory Utility Commissioners said the U.S. needs additional natural gas pipeline infrastructure and storage to meet the growing demand for energy.  Some officials called for the formation of a gas reliability organization like the North American Electric Reliability Corp. Recommendations from the task […]

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Houston-based Occidental Petroleum said last week its U.S. production growth in third quarter came predominately from Permian Basin.  Oil production in 3Q in Permian increased to 422,000 barrels per day (with a record of 800,000 boed).  Helping drive the Permian results was a 14 percent improvement from a year ago in shale well costs. Occidental’s […]

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Baker Hughes reported increased rig counts in Permian Basin, New Mexico and U.S. in its weekly report of Nov. 14.  Texas’ count was unchanged in the past week with 234 rigs (down 45 or 16.1 percent from 279 in the past year).  Texas’ flat count stopped a streak of six straight weeks of declining rig […]

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U.S. Energy Information Administration said three regions in the U.S. are among the top 8 natural gas-producing areas in the world when ranked independently against other gas-producing countries.  U.S. produced 104 billion cubic feet per day of natural gas in 2023 (75 percent more than runner-up Russia), the most recent year for which EIA has […]

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Google and its parent company Alphabet said Friday they will build three new data centers in west Texas in Armstrong and Haskell counties.  One of the two data centers in Haskell County near Abilene will be paired with a new solar and battery storage plant to minimize the center’s impact on Texas’ electric grid.  Texas […]

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U.S. Environmental Protection Agency last week granted primary regulatory authority to Texas for its carbon dioxide injection wells.  The decision grants primacy for Class VI underground injection control to the state.  Railroad Commission of Texas now has primary enforcement authority for Class VI wells for the injection of CO2 into deep underground rock formations for […]

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Houston-based Ranger Energy Services said last week it acquired American Well Services from Argonaut Private Equity to expand its Permian Basin footprint.  American Well Services is a well services provider focused in Permian Basin.  The $90.5 million acquisition expands scale for Ranger by increasing its rig count about 25 percent and confirming its position as […]

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Houston-based Plains All American Pipeline completed the previously announced acquisition of a 55 percent equity interest in EPIC Crude Holdings on Oct. 31, and effective Nov. 1 it completed acquisition of the remaining 45 percent operated equity interest in EPIC.  The earlier 55 percent interest was acquired from Midland’s Diamondback Energy and Kinetik Holdings.  The […]

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Houston-based ConocoPhillips said last week its third quarter production increased about 4 percent compared to 2024Q3, and its fullyear 2025 production forecast of 2.375 million boed is above prior guidance.  Production for 3Q averaged 2.399 million boed – up 482,000 boed from a year earlier driven in part by its acquisition of Marathon Oil.  Lower […]

The post Conoco reports 3Q output of 686,000 boed in Delaware, 196,000 boed in Midland appeared first on Permian Basin Oil and Gas Magazine.

U.S. Department of Energy said Wednesday it purchased 900,000 barrels of sour crude oil for nearly $56 million (about $62 per barrel) to help replenish the nation’s strategic petroleum reserve.  The purchase was comprised of 600,000 barrels from Trafigura Trading and 300,000 from Energy Transfer Crude Marketing for a solicitation that was announced in October.  […]

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Houston-based Chevron selected the Permian Basin in west Texas as home of its first natural gas power project to support growing demands by AI data centers.  Chevron said Wednesday it hopes to bring the power plant online by 2027.  The company, one of the biggest producers in the Permian Basin, did not reveal the data […]

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Findlay, Ohio-based MPLX agreed to supply natural gas to MARA Holding’s planned power generation facilities and state-of-the-art data centers in west Texas.  MPLX said Nov. 4 it will supply natural gas from its processing plants in Delaware Basin to MARA’s gas-fired electricity generation facilities to be built in west Texas.  MARA will build multiple power […]

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Count of active drilling rigs in U.S. increased for the third time in the last four weeks, according to the weekly report of Nov. 7 by Baker Hughes.  The U.S. count was 548 (up 2 in the past week but down 37 or 6.3 percent from 585 reported a year ago). Also as of Nov. […]

The post U.S. rig count increases for third time in four weeks, count flat in Permian at 251 appeared first on Permian Basin Oil and Gas Magazine.

BP said last week it will sell minority interests in certain U.S. pipeline assets in Permian Basin and Eagle Ford Shale to investment firm Sixth Street for $1.5 billion.  Reuters reported that the sale is part of a $20 billion divestment program aimed at bringing debt levels down and comes as BP reviews its oil […]

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Midland’s Viper Energy expects fourth quarter oil production of 65,000 to 67,000 barrels per day – an increase of about 20 percent in oil production per share compared to 2024Q4.  Total production is forecast at 124,000 to 128,000 boed.  Viper said production in Q3 was 56,087 b/d of oil (108,859 boed). Kaes Van’t Hof, CEO, […]

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Another loan from the Texas Energy Fund will be used to construct a natural gas power plant in Ward County in west Texas.  Gov. Greg Abbott announced last week the fifth loan in the program to fund a plant of 1,350 megawatts by Competitive Power Ventures Basin Ranch, which is expected to begin generating power […]

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Delta Sands said last week it will construct a new wet sand processing facility near Buffalo in Leon County in east Texas in western Haynesville Shale.  The project is designed to “meet the increasing demand for high-quality, in-basin proppant as natural gas development and infrastructure expansion accelerate across east Texas.”  Delta Sands said capacity will […]

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Hearings are in progress in New Mexico before the state’s Public Regulation Commission for the proposed sale of New Mexico Gas Co. to a Louisiana-based private equity firm.  Bernhard Capital Partners proposed the $1.25 billion takeover of the state’s largest natural gas utility from Canadian firm Emera, the current owner of New Mexico Gas that […]

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Midland’s Diamondback Energy said this week it is content to hold oil production flat while also being prepared to boost or reduce output if market conditions change significantly.  In Diamondback’s third quarter earnings report Tuesday, Kaes Van’t Hof, CEO, said, “We firmly believe there is no need for incremental oil barrels until there is a […]

The post Diamondback holds oil production flat at about 500,000 barrels per day appeared first on Permian Basin Oil and Gas Magazine.

The state’s new task force on petroleum theft conducted its first meeting last week in Austin.  Jim Wright, chair of the Railroad Commission of Texas, presided over the meeting Oct. 29 of the new group created in the recent 89th session of the Texas legislature.  Wright told task force members, “Your work in the coming […]

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Permian Basin reported an additional active drilling rig for the second time in three weeks in Baker Hughes’ weekly count as of Oct. 31.  Permian now has 251 rigs (up 1 in the past week but down 52 or 17.2 percent from 303 a year ago). Also as of Oct. 31, there were 235 rigs […]

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Spring, Texas-based ExxonMobil said Friday its third quarter net production of 4.769 million boed included record output from Permian Basin and Guyana.  In the Permian, ExxonMobil set a production record of nearly 1.7 million boed while continuing to expand the use of proprietary technologies such as its lightweight proppant that improves well recovery by up […]

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SM Energy and Civitas Resources have agreed to merge and create a top 10 independent oil and gas company that will produce more than 500,000 boed from Permian Basin in Texas and New Mexico, DJ Basin in Colorado and two other basins.  The combined company’s enterprise value of about $12.8 billion includes each company’s net […]

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Natural gas assets emerged as a bright spot for upstream mergers and acquisitions in the oil and gas industry in third quarter.  Enverus Intelligence Research said last week buyers remain constructive on the commodity as LNG exports and growing datacenter power demand fuel expectations for higher prices.  A diverse group of buyers – including TotalEnergies, […]

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After a strong start to the year, upstream mergers and acquisitions in the oil and gas industry fell into a slump in the third quarter and registered the third straight quarterly decline.  Deal value in 3Q dropped to $9.7 billion – led by Crescent Energy’s acquisition of Vital Energy in Permian Basin for $3.049 billion […]

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U.S. Energy Information Agency reported last week that wind and solar generation – especially utility scale solar – have been the fastest growing sources of electricity since 2023 for ERCOT (Electric Reliability Council of Texas).  Electricity demand on ERCOT has steadily increased since 2021, and ERCOT had the fastest electricity demand growth among U.S. electricity […]

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ExxonMobil and Occidental Petroleum remain the leading operators in Permian Basin, according to the latest report by Enverus.  In its summary of North American rig activity as of Oct. 17, Enverus said the latest weekly average for Exxon in Permian was 34.9 rigs followed by Occidental’s 20.3.  Other leaders include Mewbourne Oil with 13.9 rigs, […]

The post Exxon, Occidental lead operators in rig counts in U.S., Permian Basin appeared first on Permian Basin Oil and Gas Magazine.

Count of active drilling rigs in U.S. increased in the past week while counts declined in Permian Basin and Texas.  In its weekly report of Oct. 24, Baker Hughes said there were 550 rigs in U.S. (up 2 in the past week from 548 and down 35 or 6 percent from 585 from a year […]

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In its third quarter operations report, Dallas-based Matador Resources said it increased production and spending in 3Q, decreased 2025 completion cost per lateral foot, and raised 2025 production guidance.  Matador reported record production of 209,184 boed for the quarter (119,556 b/d oil), which exceeded midpoint of guidance of 199,750 boed by 5 percent.  And it […]

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Citing data from the Texas comptroller’s office, Texas Independent Producers and Royalty Owners Association said tax contributions by the state’s oil and gas industry remained high in September despite “shifting industry and market conditions.”  Texas energy producers paid $444 million in oil production taxes and $224 million in natural gas production taxes for the month.  […]

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Texas Independent Producers and Royalty Owners Association said last week the trajectory of estimated employment in the state’s upstream oil and gas sector through September shows “a precarious balance between operational resilience and mounting headwinds.”  Texas crude oil and natural gas extraction jobs were projected to dip modestly to 69,650 in September – down 0.5 […]

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Minneapolis-based Northern Oil and Gas said this week it made significant progress in its ground game acquisitions in third quarter across its platform in four basins, including Permian Basin in west Texas.  Northern’s acquisition included 22 transactions and 3 trades that added more than 2,500 net acres and 5.8 net wells for $59.8 million.  The […]

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WaterTechtonics and Clearvale Capital recently launched a new subsidiary, WT Oil & Gas, to deliver high-volume, high-performance water treatment solutions to the oil and gas industry.  The new company will be based in Midland and serve upstream and midstream operators across the Permian Basin with advanced technologies for produced water recycling and reuse. Jason Mothersbaugh, […]

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Bureau of Land Management in U.S. Department of Interior said last week it will open an additional 50,000 acres of public land in Colorado to crude oil and natural gas producers.  The agency’s Colorado office said a lease sale of 60 oil and gas parcels will be held Tuesday, Dec. 9. The December sale will […]

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U.S. natural gas pipeline exports to Mexico averaged 7.5 billion cubic feet per day in May 2025 – the most of any month on record – as Mexico’s demand for natural gas increases. U.S. natural gas pipeline exports to Mexico averaged 6.4 Bcf/d in 2024 – an increase of 25 percent compared with 2019 and […]

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Permian Basin added a drilling rig last week, according to the weekly report of Oct. 17 from Baker Hughes, for the first time since Feb. 28.  That ends a streak of 32 weeks of flat or declining rig count in the basin; the count fell from 305 to 250 during that time.  Baker Hughes said […]

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A new analysis by S&P Global Commodity Insights shows that absolute greenhouse gas emissions in Permian Basin declined since 2022 as production of crude oil and natural gas increased.  S&P Global said that absolute greenhouse gas emissions in Permian declined by 25 million metric tons of carbon dioxide equivalent during 2022-24.  That’s a 20 percent […]

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Houston-based LandBridge said last week it finalized the sale of a solar project in Reeves County in west Texas.  LandBridge received upfront cash payment and the right to receive contingent future payments based on development milestones for a 3,000-acre photovoltaic solar energy generation project.  Proposed generation capacity is 250 megawatts. Jason Long, CEO, said Oct. […]

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Spring-based industry major ExxonMobil reportedly is using a proprietary lightweight proppant made from petroleum coke in wells in the Permian Basin to improve production and lower costs.  The proppant is designed to be transported further into fractures than traditional sand to keep more fracture area open and increase overall resource recovery by up to 15 […]

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Dallas-based Cardinal Midstream Partners said last week it plans to expand its Pecos River natural gas processing complex in Loving County in Permian Basin.  The expansion is scheduled for completion in early 2026.  It will add 220 million cubic feet per day of capacity and increase Cardinal’s total capacity to 360 million cfd (with flexibility […]

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New Mexico reported a gain of 4 rigs in the past week in Baker Hughes’ latest weekly report of active drilling rigs, but Texas led major producing states that reported declines with a loss of 6 rigs.  As of Oct. 10, there were 100 rigs in New Mexico (up from 96 week ago and 99 […]

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U.S. Energy Information Administration has increased its forecast for the nation’s crude oil production this year.  EIA said last week in its latest Short Term Energy Outlook that crude oil production was a record 13.6 million barrels per day in July and is forecast to be 13.53 million b/d for 2025 and 13.51 million b/d […]

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Houston-based LandBridge said last week it agreed to purchase about 37,500 total acres in Loving, Reeves, Ward and Winkler counties in west Texas from 1918 Ranch & Royalty.  The assets include 22,000 fee surface acres, 3,500 surface acres held in a long-term agreement and 12,000 leasehold surface acres.  Closing is expected in 2025Q4. The transaction […]

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U.S. Energy Information Administration said Texas consumed more energy in 2023 than any other state.  According to data in the latest State Energy Data System, total energy consumption in Texas was twice as much as in California, the second highest consuming state, and more than three times as much as in Florida, the third highest […]

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The potential gas committee of the American Gas Association recently reported a 16 percent increase in domestic natural gas resources in the U.S. since its previous biannual report.  The 60th anniversary report revealed the largest reported value in its history.  The report said, “The increase shows an industry primed to fuel the economy of the […]

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Houston-based Targa Resources announced plans last week for a new long-haul pipeline connecting the company’s operations in Permian Basin to its fractionation and storage complex in Mont Belvieu.  Speedway pipeline will be a 500-mile system (30 inches) to move up to 500,000 barrels per day of NGLs at a cost of $1.6 billion.  It will […]

The post Targa to construct Speedway NGL pipeline from Permian to Mont Belvieu appeared first on Permian Basin Oil and Gas Magazine.

Michael Lozano of Permian Basin Petroleum Association, Ed Longanecker of Texas Independent Producers and Royalty Owners Association, and Tulsi Oberbeck of Texas Oil and Gas Association are among 13 people named this week to a new state taskforce on petroleum theft.  The group was created during the recent session of the Texas legislature to study […]

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Clay Gaspar, president and CEO of Devon Energy, said his company’s operations in New Mexico have faced electricity supply constraints and led Devon to develop “our own utilities.”  Speaking recently at a Barclays conference in New York, Gaspar said, “We’ll be looking and trying to understand our capabilities of building co-ops with peers to build […]

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Counts of active drilling rigs in Permian Basin and Texas continue to decline, according to the weekly report of Oct. 3 from Baker Hughes.  Permian Basin reported 251 rigs (down 2 from 253 last week, down 53 or 17.4 percent from 304 a year ago), and Texas also declined 2 to 244 (down 35 or […]

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Irving-based Vistra said last week it will build two new natural gas power units at its Permian Basin power plant near Monahans.  Vistra said its plans to support grid reliability are “based on customer demand and to meet west Texas’ growing power needs, particularly the state’s expanding oil and natural gas industries.”  The two new […]

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NRG Energy will receive a $562 million low-interest loan through a state fund that supports construction of new natural gas power plants. It’s the third and largest loan announced under the Texas Energy Fund.  The 20-year loan (for 60 percent of project cost) will allow NRG to move forward with construction of a 721-megawatt unit […]

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Oil and natural gas tax contributions also remained high in August, according to Texas Independent Producers and Royalty Owners Association. According to data from the Texas comptroller’s office, in August Texas energy producers paid $445 million in oil production taxes, a six-month high. Producers also paid $194 million to the state in August in natural […]

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Citing data from the U.S. Bureau of Labor Statistics, Texas Independent Producers and Royalty Owners Association highlighted new employment figures that show an increase in upstream employment in Texas in August. According to TIPRO’s analysis, direct Texas upstream employment for August totaled 205,100, an increase of 200 industry positions from July. This represented a decrease […]

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U.S. crude production hit a record high of 13.64 million barrels per day in July, according to U.S. Energy Information Administration.  Major producing states Texas and New Mexico contributed significantly to the new standard.  The U.S. mark was 109,000 barrels above the previous record in June. Production in Texas rose to 5.8 million barrels per […]

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The biennial Permian Basin International Oil Show is scheduled Oct. 21-23 at Ector County Coliseum in Odessa.  Theme of PBIOS is “The Basin’s Next Generation: Bridging Legacies, Powering Tomorrow.” During PBIOS, Permian Basin Petroleum Association will conduct a membership luncheon Wednesday, Oct. 22.  Theme is “Stronger Together: Regulatory, Legislative and Power Perspectives.”  Speakers will include […]

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New Mexico Gov. Michelle Lujan Grisham said last week satellite observations in a recent one-year period in Permian Basin show crude oil and natural gas operators are releasing emissions in New Mexico at less than half the amount in Texas.  At a news conference Sept. 22 at the capitol in Santa Fe to start Climate […]

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Houston-based LandBridge Co. said last week it contracted with NRG Energy on a potential data center in Reeves County in Delaware Basin.  The site could potentially house a 1,100-megawatt, grid-connected natural gas power generation facility, which NRG would construct “if an appropriate power purchase agreement for a data center is secured.”  LandBridge said in-service date […]

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Texas led all major producing states by adding 4 drilling rigs in the past week, according to the latest report from Baker Hughes.  As of Sept. 26, there were 246 active rigs in Texas – up 4 from 242 the previous week but down 31 or 11.2 percent from 277 a year earlier.  Three of […]

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“At Home with Energy” is theme of the 13th annual Carlsbad Energy Summit scheduled Thursday, Oct. 23, at Walter Gerrells Performing Arts and Exhibition Center in Carlsbad, N.M.  Featured guest Kenny Thomas will speak at a luncheon on “Beyond the Game: Leadership, Energy and the Fuel that Drives Us.”  Thomas is an 11-year veteran of […]

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Consumption of natural gas in the U.S. is forecast to increase this year by about 1 percent to a record of 91.4 billion cubic feet per day.  U.S. Energy Information Administration said Aug. 25 it expects use of natural gas to increase across all sectors except electric power.  “Natural gas consumption was high in the […]

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French specialty chemical group SNF, a leader in water-soluble polymers, said recently it acquired Midland-based Obsidian Chemical Solutions, a provider of specialty chemical solutions primarily for completion operations.  Obsidian offers one of the largest bulk storage capacities in the Permian Basin along with a substantial manufacturing footprint. Brian Satterfield, vice president of SNF, said last […]

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A subsidiary of Frisco-based Virtus Energy Partners said recently it reached a farmout agreement with EON Resources to develop EON’s assets in Grayburg Jackson Field in San Andres.  EON said as many as 90 horizontal drilling locations are expected to be drilled in the field.  Virtus will lead the development as operator. EON has 20,000 […]

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For the second consecutive month, New Mexico smashed its record for revenue earned from monthly oil and gas lease sales.  New Mexico Land Office said the latest sale Aug. 19 produced $256 million to surpass the $56 million raised in July. The August sale was the second under a new state law allowing the Land […]

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Willow Park-based ProFrac and Austin-based Seismos said recently they are partnering for the launch of closed loop fracturing now available across all major U.S. basins.  It’s the first large-scale deployment of an operator-validated, real-time quality control system to enable closed loop fracturing.  ProFrac said, “The system redefines how completions are measured, optimized and scaled and […]

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The streak in Permian Basin of declining or flat rig counts reached 29 weeks in Baker Hughes’ latest report.  As of Sept. 19, there were 254 active drilling rigs in Permian for the third straight week.  And the count is down 53 or 17.3 percent from the count of 307 a year ago.  The last […]

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Dallas-based Aspen Midstream said last week it secured an equity commitment from EnCap Flatrock Midstream and Aspen’s management team to launch Aspen Midstream II.  The company will pursue midstream infrastructure opportunities across North America – primarily targeting natural gas transmission and last-mile solutions to support unprecedented gas demand growth. Matt Ray, co-CEO of Aspen Midstream, […]

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San Antonio-based CPS Energy said this week it will acquire four natural gas power generation facilities from PROENERGY for $1.387 billion.  The total electric capacity is 1,632 megawatts for the deal expected to close in 3Q.  The acquired assets are in the ERCOT market in Texas in state-of-the-art plants in Brazoria, Galveston and Harris counties.  […]

The post CPS Energy acquires four natural gas power plants operated by PROENERGY appeared first on Permian Basin Oil and Gas Magazine.

Texas again led the nation in solar installations in the first half of 2025 by adding enough solar capacity to power 950,000 homes.  A recent report from Solar Energy Industries Association and Wood Mackenzie said Texas added 3.8 gigawatts of solar capacity – more than half of the U.S. total – in the first six […]

The post Texas adds solar energy to power 950,000 homes, continues to lead U.S. appeared first on Permian Basin Oil and Gas Magazine.

U.S. Energy Information Administration expects U.S. average retail price for regular-grade gasoline will average about $3.10 per gallon this year – down 20 cents per gallon from last year.  In its latest Short Term Energy Outlook published last week, EIA forecast retail gasoline price will fall to an average of $2.90/gal in 2026 with the […]

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After 15 weeks of declining or flat counts of active drilling rigs, Texas added rigs for the third straight week.  As of Sept. 12, Baker Hughes said there were 244 active rigs in Texas – up 1 in the past week but down 30 or 10.9 percent from 274 a year ago.  Texas started the […]

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Houston-based Phillips 66 said last week it will acquire the remaining 50 percent interest in WRB Refining from subsidiaries of Cenovus Energy for $1.4 billion.  WRB Refining is a 50/50 joint venture of Phillips 66 and Cenovus that includes a refinery in Borger serving markets across west Texas, New Mexico and the U.S. southwest.  The […]

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In its latest Short Term Energy Outlook, U.S. Energy Information Administration said it expects “the Brent crude oil price will decline significantly in the coming months.”  EIA forecasts the price will fall from $68 per barrel in August to an average of $59/b in 4Q and about $50/b in early 2026 and $51/b for fullyear […]

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Addison-based Direct Midstream selected SitePro as sole automation provider for Direct Midstream, an expanding water midstream operator in Permian Basin.  Lubbock-based SitePro, a software, hardware and service company with patented automation and fluid management solutions, is contracted to deploy automation technology across 15 existing saltwater disposal facilities with plans for expansion. Bryson Benson, CEO of […]

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Houston-based Peak 10 Energy said last week it acquired oil and gas assets in Midland Basin from Black Topaz Oil & Gas and Blue Topaz Oil & Gas.  The Verado Energy acquisition, which closed Aug. 29, marks Peak 10’s eighth successful transaction since the company launched in August 2023. The assets are in the Strawn […]

The post Peak 10 Energy acquires oil, gas assets in Scurry County in Midland Basin appeared first on Permian Basin Oil and Gas Magazine.

U.S. crude oil production reached another record of 13.58 million b/d in June after an increase of 133,000 b/d since June 2024, according to the latest Petroleum Supply Monthly from U.S. Energy Information Administration.  Crude production in top producing state Texas added 11,000 b/d to reach 5.72 million b/d – highest since April.  And the […]

The post EIA reports record production of crude oil, natural gas in June in U.S. appeared first on Permian Basin Oil and Gas Magazine.

In its second quarter earnings call last month, officers at Riley Exploration Permian said the Oklahoma City-based company set multiple Yoakum County records in San Andres.  The new standards include longest lateral drilled at 10,375 feet, fastest spud to total depth, and fastest spud to rig release for both 1- and 2-mile wells. “This campaign […]

The post Riley Exploration Permian reports most efficient, cost-effective drilling campaign appeared first on Permian Basin Oil and Gas Magazine.

Texas was the only major producing state to add drilling rigs last week, according to the weekly report of Sept. 5 from Baker Hughes.  Texas added 2 rigs to reach 243, but its count is down 31 or 11 percent from 274 a year ago.  It was the state’s second straight week of gains following […]

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Houston-based Targa Resources announced plans last week for its proposed Forza pipeline project, a new interstate natural gas pipeline to support production in Delaware Basin in southeast New Mexico.  Forza will consist of 36 miles of pipe (36 inches) for transportation from receipt points in Lea County, N.M., to Waha hub in Winker County. The […]

The post Targa Resources plans Forza pipeline to support production in Delaware Basin appeared first on Permian Basin Oil and Gas Magazine.

Deep Blue Midland Basin, Diamondback Energy and Five Point Infrastructure said last week they agreed for Deep Blue to acquire Environmental Disposal Systems from Diamondback.  The transaction doubles Deep Blue’s scale and advances “its leadership in sustainable produced water management.”  The acquisition is valued at $750 million.  Diamondback renewed its 15-year dedication to Deep Blue […]

The post Deep Blue expands Midland Basin system with Environmental Disposal Systems appeared first on Permian Basin Oil and Gas Magazine.

In the 2Q earnings call for Texas Pacific Lands, CEO Tyler Glover said the belief that Permian geology is nearing exhaustion and past its peak is “a misguided conclusion.”  He added, “First, a slowdown in activity due to lower oil prices should not be conflated as the slowdown due to limited drilling inventory.  Upstream companies […]

The post Texas Pacific Land CEO says upstream companies improve resource recovery appeared first on Permian Basin Oil and Gas Magazine.

From 2020 to 2024 total crude oil and lease condensate production in the U.S. grew by 1.9 million barrels per day, and 93 percent of that production growth was produced in 10 counties in Permian Basin in west Texas and southeast New Mexico.  Two of these counties, Lea and Eddy in New Mexico, accounted for […]

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A new cryogenic gas processing plant in Martin County by Brazos Midland Processing qualified for Texas’ Jobs, Energy, Technology and Innovation (JETI) program, Gov. Greg Abbott announced last week.  The new plant, Sundance II, with capacity of 300 million cubic feet per day, will create $185 million in capital investment.  Brazos Midstream owns and operates […]

The post New gas plant by Brazos Midstream qualifies for Texas JETI incentive program appeared first on Permian Basin Oil and Gas Magazine.

ExxonMobil is the leading operator in both U.S. and Permian Basin, and the industry major based in Spring, Texas, is the only top 10 operator to add working rigs in the past year.  As of Aug. 22, according to Enverus, ExxonMobil had a weekly average of 37.7 active rigs – down from 39.1 the previous […]

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Texas added a drilling rig in the past week for the first time since May 9 – breaking a streak of 16 weeks of declining or flat rig counts.  Baker Hughes said as of Aug. 29, there were 241 active rigs in Texas – up 1 in the past week but down 33 or 12 […]

The post Texas adds drilling rig for first time since May 9, Martin out of top 5 counties appeared first on Permian Basin Oil and Gas Magazine.

A subsidiary of Plains All American Pipeline and Plains GP Holdings agreed to acquire the 55 percent non-operated interest in the EPIC crude oil pipeline held by subsidiaries of Midland’s Diamondback Energy and Kinetik Holdings. The deal announced Tuesday is valued at $1.57 billion, including the assumption of $600 million in debt. The remaining 45 […]

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Vicki Hollub, president and CEO of Houston-based Occidental Petroleum, is one of five women who will be inducted into the Texas Women’s Hall of Fame to honor their achievements, leadership and contributions to the state.  Gov. Greg Abbott announced the awards and said the ceremony will be held Nov. 6 at Texas Woman’s University in […]

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Oklahoma City-based Mach Natural Resources said recently it is acquiring assets in Permian Basin to mark its entry into the basin.  The acquisition for $500 million from Sabinal Energy includes about 130,000 net acres with first quarter production of 11,000 boed (98 percent liquids). The deal diversifies the Mach portfolio with 55 percent in Mid […]

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Austin-based WhiteWater said Monday that its Matterhorn joint venture with ONEOK, MPLX and Enbridge will build the Eiger Express pipeline after securing sufficient transportation agreements with contracts of at least 10 years.  Eiger Express will transport up to 2.5 billion cfd of natural gas through 450 miles of 42-inch pipeline from Permian Basin to a […]

The post Eiger Express pipeline to transport natural gas from Permian to Katy appeared first on Permian Basin Oil and Gas Magazine.

Texas Commission on Environmental Quality now is responsible for issuing permits for water discharge both on land and into water after a new law passed during the recent 89th session of the Texas legislature.  Previously Railroad Commission of Texas was responsible for permits for water discharge on land. Catarina R. Gonzales, one of three commissioners […]

The post TCEQ to issue permits for water discharge on land in addition to water appeared first on Permian Basin Oil and Gas Magazine.

Declining count of drilling rigs in Texas reached its eighth straight week in Baker Hughes’ report of Aug. 22.  Counts in Permian Basin and New Mexico were unchanged in the past week.  Texas reported 240 rigs – down 2 for the past week and down 34 or 12 percent from 274 a year ago.  There […]

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Dallas-based Ellipsis U.S. Onshore Holdings said last week it acquired non-operated oil and gas assets in Permian Basin.  The assets include current net production of about 4,000 boed and more than 600 gross remaining drilling locations.  Ellipsis said, “The transaction enhances Ellipsis’ growing Delaware Basin footprint and aligns with the company’s strategy of building scale […]

The post Ellipsis U.S. Onshore acquires oil, gas assets in Delaware Basin appeared first on Permian Basin Oil and Gas Magazine.

Houston-based Crescent Energy said Monday it will acquire Tulsa-based Vital Energy in an all-stock deal valued at $3.1 billion (including debt) to add the Permian Basin to its portfolio and create a top 10 independent.  Vital is an independent energy company focused on acquisition, exploration and development of oil and gas properties in Permian Basin.  […]

The post Crescent enters Permian with acquisition of Vital Energy in $3.1 billion deal appeared first on Permian Basin Oil and Gas Magazine.

U.S. Energy Information Administration said recently the nation exported about 30 percent of its domestic primary energy production.  Of the record 103 quadrillion British thermal units (quads) of total primary energy production in the U.S. in 2024, a record 31 quads went to other countries.  The percentage has grown considerably in recent decades, according to […]

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Texas Workforce Commission said last week that upstream oil and natural gas employment fell by 1,400 jobs in July compared to June.  (June’s loss was revised to 1,500 from previously estimated 2,700.)  Commission said Texas led with 308,918 jobs followed by Louisiana with 52,934, Oklahoma with 48,243, Colorado with 25,738 and New Mexico with 23,709 […]

The post Workforce Commission reports upstream employment declines again in July appeared first on Permian Basin Oil and Gas Magazine.

Midland-based Permian Resources said recently it has increased midpoint of full year production guidance by about 3 percent to 385,000 boed and 178,500 b/d of crude oil.  The increase is driven by “continued strong well results and the recently closed APA bolt-on acquisition” (13,000 acres in northern Delaware Basin in June).  The company also is […]

The post Midland’s Permian Resources increases production forecast for 2025 appeared first on Permian Basin Oil and Gas Magazine.

Houston-based Coterra Energy said recently it reached a natural gas sales agreement with Basin Ranch Energy Center, a unit of Competitive Power Ventures Group’s in Ward County.  The center is a proposed 1,350 megawatt combined cycle power plant being designed with an option to include carbon capture.  The agreement to sell 50 million cfd for […]

The post Coterra will provide 50 million cfd of gas to CPV power plant in Ward County appeared first on Permian Basin Oil and Gas Magazine.

Permian Basin and Texas continued their declines in count of active drilling rigs.  Baker Hughes said as of Aug. 15 there were 255 rigs in Permian (down 1 in the past week, down 48 or 16 percent from 303 a year ago) and 242 rigs in Texas (down 1 in past week, down 31 or […]

The post Permian, Texas rig counts continue decline to lowest since September 2021 appeared first on Permian Basin Oil and Gas Magazine.

Houston-based Targa Resources recently announced record Permian Basin and NGL transportation volumes during the second quarter.  Targa also announced a 43-mile extension of its Bull Run natural gas pipeline to enhance natural gas connectivity from Targa’s Delaware system to Waha to begin operations in 2027Q2. Targa expects early completion of several projects, including Pembrook II […]

The post Targa announces record Permian Basin transportation volumes in 2Q appeared first on Permian Basin Oil and Gas Magazine.

Tulsa-based ONEOK said recently it will add to its natural gas processing capacity in Permian Basin with construction of a new plant in Delaware Basin and relocation of an existing plant from north Texas to the Midland Basin.  ONEOK is relocating its Shadowfax plant (capacity 150 million cfd) to west Texas by 2026Q1. The new […]

The post ONEOK adds to gas processing capacity in Permian with new plant, relocation appeared first on Permian Basin Oil and Gas Magazine.

A federal court judge in Texas issued a ruling this week to end Endangered Species Act protections for the lesser prairie chicken and overturn a U.S. Fish and Wildlife Service rule to safeguard the bird.  It resides in the major oil- and gas-producing states of Texas, New Mexico, Oklahoma, Colorado and Kansas.  Judge David Counts […]

The post Texas federal judge overturns protections for lesser prairie chicken appeared first on Permian Basin Oil and Gas Magazine.

Houston-based LandBridge said last week it executed a 10-year surface use and pore space reservation agreement with Devon Energy to support Devon’s operations in the core of Delaware Basin in New Mexico.  LandBridge will provide Devon with 300,000 b/d of pore space capacity on its East Stateline Ranch and Speed Ranch surface acreage.  The pore […]

The post LandBridge announces surface use, pore space reservation agreement with Devon appeared first on Permian Basin Oil and Gas Magazine.

Houston-based Occidental Petroleum last week said total production in second quarter was above midpoint of guidance at 1.4 million boed.  That includes average production of 770,000 boed in Permian Basin, where it is one of the leading producers. Occidental also said Aug. 6 it has signed four agreements to generate about $950 million in proceeds […]

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Houston-based Western Midstream Partners said last week it will acquire Aris Water Solutions in an equity and cash transaction valued at about $1.5 billion.  Aris’ full-cycle water infrastructure assets include about 790 miles of produced water pipeline, 1.8 million b/d of produced water handling capacity,1.4 million b/d of water recycling capacity and 625,000 dedicated acres […]

The post Western Midstream to acquire Aris Water Solutions to extend into Eddy, Lea appeared first on Permian Basin Oil and Gas Magazine.

U.S. Energy Information Administration said this week that Brent crude oil prices are expected to decline significantly in the coming months – falling from an average of $71 per barrel in July to $58 per barrel in 4Q and about $50 per barrel in early 2026.  In its short-term energy outlook issued Tuesday, EIA said, […]

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Denver-based Jonah Energy and its partner Burk Royalty recently announced the closing of their acquisition of High Plains Natural Resources.  The acquired assets are in northwestern shelf of Permian Basin in west Texas and southeast New Mexico primarily from San Andres formation.  The assets include about 62,000 net acres and 250 operated horizontal wells in […]

The post Jonah Energy acquires High Plains Natural Resources in Yoakum, Lea counties appeared first on Permian Basin Oil and Gas Magazine.

It’s been 24 weeks since Permian Basin reported an increase in its count of active drilling rigs.  Baker Hughes said in its weekly report of Aug. 8 that there were 256 rigs in Permian Basin – a decline of 3 from last week and a decline of 48 or 16 percent since 304 a year […]

The post Permian rig count down 16 percent in year, last gain was 24 weeks ago Feb. 28 appeared first on Permian Basin Oil and Gas Magazine.

Brentwood, Tenn.-based Delek Logistics Partners said last week it completed construction of its new Libby 2 natural gas processing plant and other crude oil and water gathering projects.  Delek said Aug. 6 the Libby 2 plant provides “a much-needed processing capacity expansion to our producer customers in Lea County, N.M.” Avigal Soreq, president, said, “We […]

The post Delek completes construction of Libby 2 processing plant in Delaware Basin appeared first on Permian Basin Oil and Gas Magazine.

For the second straight quarter, Oklahoma City-based Devon Energy said it will reduce capital spending by $100 million.  Second quarter production was 387,000 b/d of oil and 841,000 boed of total production while averaging 21 rigs and 6 completion crews.  Oil output was up 15 percent from last year’s spring quarter, and oil-equivalent production was […]

The post Devon Energy reduces capital spending, reports production gains of 15 percent appeared first on Permian Basin Oil and Gas Magazine.

Findlay, Ohio-based MPLX said recently it will acquire Northwind Delaware Holdings for $2.375 billion.  Northwind provides sour gas gathering, treating and processing services in Lea County, N.M.  The portfolio includes 200,000 dedicated acres, 200 miles of gathering pipelines, two in-service acid gas injection wells, and a third permitted well that brings total capacity to 37 […]

The post MPLX to acquire natural gas, NGL system in Lea County from Northwind appeared first on Permian Basin Oil and Gas Magazine.

Dallas-based Producers Midstream recently announced agreements with leading Permian Basin operators to expand its gathering, treating and processing infrastructure in Lea County, N.M.  This Phase II expansion of the company’s Delaware Basin system will increase processing capacity by 50 percent to 90 million cfd and introduce a state-of-the-art acid gas injection well.  This expansion – […]

The post Producers Midstream to expand system in Lea County in Delaware Basin appeared first on Permian Basin Oil and Gas Magazine.

Denver-based Ovintiv said recently its 2Q production was above guidance on every product with average volumes of 615,000 boed, including 211,000 b/d of oil and condensate.  In its announcement of financial and operating results July 24, Ovintiv also raised full year production guidance to 600,000 boed to 620,000 boed, including oil and condensate of 205,000 […]

The post Ovintiv reports above guidance production, including 215,000 boed in Permian appeared first on Permian Basin Oil and Gas Magazine.

Dallas-based Energy Transfer said Wednesday it will expand its Transwestern pipeline to increase the supply of natural gas to markets in New Mexico and Arizona from its asset base in Permian Basin.  Transwestern’s Desert Southwest pipeline expansion “will provide reliable economic supplies of natural gas to support the long-term energy needs for utilities and energy […]

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Houston-based Enterprise Products Partners said Wednesday it agreed to acquire a natural gas gathering affiliate of Occidental Petroleum for $580 million.  Enterprise will provide Occidental with natural gas gathering and processing services with a long-term dedication of about 73,000 acres in four counties in Midland Basin.  Assets include about 200 miles of natural gas gathering […]

The post Enterprise acquires affiliate of Occidental, plans to build plant in Midland Basin appeared first on Permian Basin Oil and Gas Magazine.

Midland’s Diamondback Energy this week trimmed another $100 million from its 2025 capital spending plan while raising 2025 total production by about 2 percent to a range of 890,000 boed to 910,000 boed.  Diamondback said 2Q production was 495,700 b/d of oil (919,000 boed) from Delaware and Midland basins.  It completed 116 gross wells (109 […]

The post Diamondback trims another $100 million from capex, output to grow 2 percent appeared first on Permian Basin Oil and Gas Magazine.

The count of active drilling rigs in Texas declined by four in the past week – the most of any major producing state – to 245.  That’s down 29 rigs or 10.6 percent from the count a year ago of 274.  Texas began 2025 with 284 rigs. Houston-based services firm Baker Hughes said as of […]

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Oklahoma City-based Continental Resources is expanding operations in the Permian Basin, including drilling and producing in the Barnett Shale of the Midland Basin and Central Basin platform.  Hart Energy said July 29 that Continental has surfaced nearly 2 million barrels from six Barnett wells in Ector County since first barrels came online in October 2022 […]

The post Continental Resources expands into Barnett Shale of Permian Basin appeared first on Permian Basin Oil and Gas Magazine.

Halliburton, largest provider of hydraulic fracturing services, reportedly plans to idle or retire some of its oilfield equipment in response to “deteriorating demand among shale companies.”  Jeff Miller, chairman, president and CEO, announced the plans during the company’s second quarter earnings report July 22.  The move “reflects a broader slowdown in the U.S. shale patch […]

The post Halliburton to idle some of its oilfield equipment due to ‘deteriorating demand’ appeared first on Permian Basin Oil and Gas Magazine.

Houston-based Chevron said Friday its production in Permian Basin reached 1 million boed for the first time in company history during second quarter.  That hits a target set by Chevron about five years ago.  Mike Wirth, CEO, said, “Second quarter results reflect continued strong execution, record production and exceptional cash generation.”  U.S. and worldwide production […]

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Houston-based Phillips 66, in its second quarter financial report, said its Dos Picos II gas processing plant in Midland Basin recently came online ahead of schedule and on budget.  Mark Lashier, chairman and CEO, said July 25, “Phillips 66 delivered strong financial and operating results across our integrated value chain, reflecting the continued execution of […]

The post Phillips 66 says Dos Picos II gas processing plant in Midland Basin now online appeared first on Permian Basin Oil and Gas Magazine.

Record volumes from operations in Permian Basin and Haynesville helped Houston-based Enterprise Products Partners maintain its financial results in the first half of 2025.  A.J. (Jim) Teague, co-CEO, said Monday, “We are excited for the opportunities the second half of 2025 is poised to present with approximately $6 billion of our organic growth capital projects […]

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Production of crude oil from onshore federal lands has increased in recent years because of significant growth in drilling activity and operations.  U.S. Energy Information Administration said Monday, “Most of this growth was in New Mexico from crude oil produced from federal lands in the Permian Basin.”  According to data from Office of Natural Resources […]

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After a one-week reprieve, the count of active drilling rigs in U.S. resumed its decline last week.  Baker Hughes said in its weekly report of July 25 the U.S. count declined by 2 in the previous week to fall to 542.  The U.S. count is down 8 percent or 47 rigs from 589 a year […]

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State Land Office of New Mexico is turning to courts to help plug and remediate abandoned oil and gas wells in the state.  Santa Fe New Mexican recently reported that the agency filed three lawsuits against four operators to date this year.  They allege that the wells in Permian Basin in southeast New Mexico are […]

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An analysis by S&P Global Commodity Insights reveals that methane intensity of oil and gas production in Permian Basin declined by more than 50 percent during 2022-24.  The firm said, “Improved operations, better equipment and the utilization of AI and other advanced technologies led to reductions across all observable plume rates.” The data for 2024 […]

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Calgary-based Enverus Intelligence Research said Wednesday the value of M&A activity (mergers and acquisitions) in the first half of 2025 was down 60 percent from the value in first half of last year.  2025 first half value was $30.5 billion.  Principal analyst Andrew Dittmar said, “Volatility in commodity and equity markets raised a major yellow […]

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After reporting record 2Q production of 209,013 boed (including 122,875 b/d of oil), Dallas-based Matador Resources said Tuesday it anticipates record annual production for 2025 without increasing budget.  Matador increased 2025 guidance to 200,000-to-205,000 boed from 198,000-to-202,000 boed.  Joseph Wm. Foran, chairman and CEO, said, “Matador achieves this balanced growth through our integrated team approach […]

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New legislation in Texas that requires Railroad Commission of Texas to inspect oilfield utility poles was supported by Texas Oil and Gas Association and Permian Basin Petroleum Association.  Ben Shepperd, president of PBAA, told Midland Reporter Telegram, “The Permian Basin Petroleum Association supported HB 143 to address the catastrophic Panhandle fires last year.  This bill […]

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A bill co-authored by five members of the Texas House of Representatives, including three from west Texas, was signed into law by Governor Greg Abbott to require the Railroad Commission of Texas to determine if utility poles meet the national electrical code as it conducts oil and gas field inspections.  HB 143 was written by […]

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U.S. reported additional drilling rigs as of July 18 for the first time in 12 weeks.  The 11-week decline dropped the count from 587 as of April 25 to 537 as of July 11 before growing by 7 to 544 in Baker Hughes’ latest report.  Still the count is down 7.2 percent from 586 a […]

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Minneapolis-based Xcel Energy said last week it will build 17 new power projects in Texas and New Mexico to add 5,168 megawatts of new capacity to Xcel’s generation fleet by 2030.  That includes 3,200 megawatts of dispatchable generation and energy storage and 1,968 megawatts of wind and solar facilities.  The region’s electricity demand is expected […]

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Corpus Christi’s recent ship channel improvement project deepened the channel to 54 feet from 47 feet and widened it to 530 feet in most places.  That enables more efficient transport of crude oil, LNG and other commodities, including ship traffic by very large crude carriers.  And it attracted three major pipelines from Permian Basin so […]

The post Oil exports from Corpus up 3.8 percent in first half 2025, gas up 10.8 percent appeared first on Permian Basin Oil and Gas Magazine.

Newly expanded Port of Corpus Christi, third largest U.S. port in total waterborne tonnage, said last week 2025 is a record year for the ship channel.  In the first six months, port customers moved 102.4 million tons of commodities (previous record 99.5 million in 2024), and that included record second quarter of 51.1 million tons […]

The post Port of Corpus ships record tonnage to become U.S. leader in energy exports appeared first on Permian Basin Oil and Gas Magazine.

According to New Mexico’s Legislative Finance Committee, offering the market rate of 25 percent for premium oil and gas leases is projected to contribute an additional $50 million-to-$75 million annually to the Land Grant Permanent Fund. Oil and gas royalties from the State Land Office are transferred to the fund and invested by the State […]

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Employment in the nation’s energy services sector declined in June for the third consecutive month, according to the Energy Workforce and Technology Council.  The report issued last week detailed a decline in June to 635,077 jobs – a loss of 3,153 positions from May.  Data from Bureau of Labor Statistics analyzed by the council for […]

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Dallas-based Rising Phoenix Capital, privately held investment firm, said last week it acquired mineral rights in Midland Basin operated by ConocoPhillips through its Maroon Bells Fund.  The acquisition in Ector and Midland counties includes both producing wells and near-term permitted development.  Jace Graham, CEO, said July 11, “This deal strengthens our position in the heart […]

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For the first time, New Mexico State Land Office auctioned oil and gas leases at the new 25 percent royalty rate.  The new state law, which took effect June 20, allowed the State Land Office to offer its prime parcels in core of Delaware Basin at market rates.  That resulted in a record-breaking auction that […]

The post New Mexico lease auction nets record $56 million for state’s public schools appeared first on Permian Basin Oil and Gas Magazine.

According to U.S. Energy Information Administration, the share of the nation’s crude oil and petroleum imports from OPEC countries has declined 77 percent since 2006.  In its Monthly Energy Review last week, EIA said imports from Saudi Arabia, Arabia, Algeria, Iraq and other OPEC countries has been declining since 2006 while imports from Canada have […]

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Plano-based United Energy LNG and Power LNG last week announced an agreement to create a scalable small-scale LNG platform to serve industrial, power and transport markets across North America.  The combined entity, United Energy LNG, oversees a portfolio of three LNG production sites in advanced stages of development, including its first project site in Houston.  […]

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The count of active drilling rigs in Permian Basin ended 10 weeks of decline, but the U.S. count fell for the 11th consecutive week.  Baker Hughes said as of July 11 there were 265 rigs in Permian Basin (unchanged in the past week, down 40 rigs or 13 percent from 305 a year ago) and […]

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ExxonMobil is the only one of the top seven U.S. operators to report an increase in active drilling rigs in the past year, according to Enverus’ latest Drill Down Report.  ExxonMobil is the leading operator in both U.S. and Permian Basin. In the U.S., ExxonMobil reported 39 working rigs as of July 4 (weekly average […]

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This week U.S. Energy Information Administration reduced its forecast for crude oil production this year. In its Short-Term Energy Outlook released Tuesday, EIA said, “Declining oil prices have contributed to U.S. producers slowing their drilling and completion activity this year.  As a result, we forecast U.S. crude oil production will decline from an all-time high […]

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Oklahoma City-based Mach Natural Resources said Thursday it has acquired oil and gas assets totaling about $1.3 billion to mark entry into Permian Basin and San Juan Basin to complement its existing operations in Mid Continent.  The acquisitions from Sabinal Energy and entities owning oil and gas assets managed by IKAV Energy will nearly double […]

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National Public Radio reported last week visitors come to west Texas to experience a vanishing natural resource: “some of the darkest nighttime skies in the world.”  Reporting from McDonald Observatory and Davis Mountains State Park, NPR said July 1 astronomers and conservationists in the region have partnered with cities and counties on lighting ordinances to […]

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More than two dozen class-action lawsuits have been filed in New Mexico’s U.S. District Court alleging that some of the nation’s largest oil producers have colluded in recent years to artificially increase the price of crude oil.  The Santa Fe New Mexican reported last week some of the lawsuits have been combined and allege “the […]

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Counts of active oil and gas drilling rigs in U.S. and Permian Basin continue to fall, according to the latest report from Baker Hughes.  As of July 3, there were 539 rigs in U.S. (down 8 from 547 last week and down 46 or 7.9 percent from 585 a year ago) and 265 rigs in […]

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Houston-based Coterra Energy said last week it will run 9 rigs in Permian Basin in second half of 2025 rather than 7 as announced in May.  Tom Jordan, chairman, president and CEO, said June 24 at a JPMorgan conference in New York that increasing to 9 rigs “reflects his team’s confidence in the stability of […]

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Dallas-based Peregrine Energy Partners said last week it acquired producing and non-producing oil and gas minerals and royalties in six states, including Texas and New Mexico.  The newly acquired assets include interests in more than 1,100 producing wells operated by several of the industry’s leading companies.  The Texas and New Mexico assets included more than […]

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In what was described as “a significant decision for Texas property and energy law,” Texas Supreme Court affirmed a lower court ruling that produced water belongs to the mineral estate unless expressly conveyed to the surface estate owner.  The opinion in Cactus Water Services v. COG Operating announced June 27 resolves a contentious dispute between […]

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Dallas-based Producers Midstream II announced plans Monday for its Palo Duro pipeline from Nolan County north to Wheeler County to connect with multiple interstate pipelines.  It will utilize existing infrastructure to provide a new pathway from the Waha residue markets in Permian to Mid Continent residue markets in Anadarko Basin.  Palo Duro will be a […]

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Rig counts in U.S. and Permian Basin declined for the ninth straight week, according to the weekly report of June 27 from Baker Hughes.  There were 547 rigs in U.S. (down 7 from 554 previous week, down 34 or 6 percent from 581 year ago) and 270 rigs in Permian Basin (down 1 from 271 […]

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Texas oil and gas companies face new deadlines to plug inactive wells after Gov. Greg Abbott signed Senate bill 1150 into law June 20.  Texas Tribune said it’s “the first legislation in years toward addressing the growing environmental problem for which the state’s taxpayers have become increasingly responsible.”  SB 1150, written by Sen. Mayes Middleton, […]

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Tyler-based Mewbourne Oil Co. moved to second in Enverus’ latest list of the most prolific 100 private oil and gas producers in the U.S. based on gross operated production, well count and rig movements in 2024.  Mewbourne, founded in 1965, coordinates its operations in Permian Basin from offices in Midland and Hobbs, N.M. Continental Resources, […]

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U.S. crude oil production reached a record of 13.47 million barrels per day in April, according to Monday’s Petroleum Supply Monthly from U.S. Energy Information Administration.  That topped the record of 13.45 million b/d from March.  EIA said in Texas, the nation’s top producing state, oil production increased by 1.8 percent to 5.77 million b/d […]

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Hart Energy reported recently that Fort Worth-based Blackbeard Operating is leading a horizontal drilling resurgence in Central Basin platform, “a legacy oil basin that’s drawing industry attention once again.”  Hart said Blackbeard shied away from more expensive deals in Delaware and Midland basins – land tightly held by supermajors and large independents.  The report added, […]

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Houston-based 1PointFive, subsidiary of Occidental Petroleum, said Tuesday that JPMorganChase purchased 50,000 metric tons of carbon dioxide removal credits over 10 years enabled by direct air capture.  The CDR credits for JPMorganChase will be produced from STRATOS, 1PointFive’s first DAC facility in Texas that is scheduled to start this year.  STRATOS is under construction in […]

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U.S. Department of Interior last week released a report from U.S. Geological Survey that shows significant increases in undiscovered crude oil and natural gas under federally managed U.S. public lands.  Doug Burgum, interior secretary, said June 18, “American energy dominance is more important than ever, and this report underscores the critical role science plays in […]

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New Mexico reversed its streak of rig count declines, but the counts in Permian Basin, Texas and U.S. continued to fall.  Baker Hughes said as of June 20 there were 271 active rigs in Permian Basin (down 2 from 273 last week, down 37 from 308 year ago), 258 in Texas (down 4 from 262 […]

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Houston-based EON Resources, independent upstream energy company with properties in Permian Basin, said last week that subsidiary EON Energy agreed with WPP NM and Northwest Central to acquire all their interests in South Justis field in Lea County, N.M.  EON will exchange one million Class A common shares of the company (without cash consideration or […]

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Houston-based Post Oak Energy Capital said last week it closed Fund V of Post Oak Energy Partners in May with capital investments of $600 million.  Consistent with Post Oak’s four earlier funds, Fund V will focus on the lower middle market of North American upstream oil and gas industry.  The fund partners with experienced management […]

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Railroad Commission of Texas said this week the 89th session of the Texas legislature that ended June 2 provided historic funding of more than $593 million for the next two fiscal years beginning Sept. 1, 2025.  The appropriations include $100 million for oil and gas well plugging to be used in the commission’s state-managed plugging […]

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Underground working natural gas storage capacity in the lower 48 states increased last year, according to the latest data from U.S. Energy Information Administration.  EIA calculates natural gas storage capacity in two ways: demonstrated peak capacity and working gas design capacity.  Both increased in 2024. Demonstrated peak capacity, the sum of the largest volume of […]

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A new jobs report released last week by Houston-based Energy Workforce and Technology Council noted the “continued resilience in the energy services sector amid signs of a broader national labor market slowdown.”  The report cites data from the Bureau of Land Management and analysis by the council. Total jobs in the energy services sector reached […]

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Jim Wright, commissioner of the Railroad Commission of Texas, was elected chair at the commission’s meeting Wednesday in Austin.  He succeeds Midland’s Christi Craddick as chair.  A resident of Orange Grove, Wright was elected to the commission in November 2020.  A graduate of Midland High School and University of Texas, Craddick said in March she […]

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According to Houston Chronicle, data from Electric Reliability Council of Texas show that renewable energy and battery storage companies are canceling projects in Texas at a rate not seen since the global pandemic.  The Chronicle said tariffs initiated by President Trump in April “are the most pressing challenge to the clean energy industry… These tariffs […]

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Counts of active drilling rigs declined for the seventh consecutive week in U.S. and Permian Basin, according to June 13 report from Baker Hughes.  There were 273 rigs in Permian (down 2 from 275 week ago, down 36 or 12 percent from 309 year ago) and 555 in U.S. (down 4 from 559 week ago, […]

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Governor Greg Abbott was in Midland recently to sign new legislation for oilfield theft protection in the Permian Basin.  At Permian Basin Petroleum Museum, Abbott signed several bills that he said will bring “the full weight of the law to crack down on oil theft in the Permian Basin to protect the critical role energy […]

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The inventory of proposed gas power plants in Texas as reported Wednesday by Environmental Integrity Project includes multiple plants in Permian Basin. The new plants and expansions are planned for Odessa in Ector County, Seminole in Gaines County, Abernathy in Hale County, Westbrook in Mitchell County, Fort Stockton in Pecos County, Pecos in Reeves County, […]

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Environmental Integrity Project, a Washington, D.C.-based nonprofit, said Wednesday companies plan to build more than 100 new gas-fired power plants in Texas in the next five years to meet enormous electrical demand to support data centers for artificial intelligence, population growth and extreme weather.  The list of plants is comprised of 108 proposed new gas […]

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Tulsa-based ONEOK said June 3 it acquired the remaining 49.9 percent interest in Delaware G&P, Delaware Basin joint venture, from NGP XI Midstream Holdings for $940 million ($530 million cash).  Delaware Basin JV owns natural gas gathering and processing facilities in Delaware Basin in west Texas and southeast New Mexico with total processing capacity of […]

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Count of active drilling rigs in U.S. declined for the sixth straight week as of June 6, according to the latest weekly report from Baker Hughes.  There were 559 rigs in U.S. – down 4 from 563 week ago and down 35 or 5.9 percent from 594 year ago.  The six-week decline has dropped the […]

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Houston-based Northwind Midstream Partners said recently it received approval from New Mexico Oil Conservation Commission for an additional acid gas injection (AGI) and carbon sequestration well at its Titan treating complex in Lea County, N.M.  It will be Northwind’s third AGI well to increase the company’s total permitted daily injection capacity to about 37 million […]

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Denver-based Tejon Treating and Carbon Solutions said recently it completed Phase II expansion of its Mongoose amine treating plant and gas gathering network to accommodate rising production of sour gas.  The expansion was completed May 29 to increase capacity of the Mongoose plant in Westbrook in Mitchell County in Midland Basin by 53 million cfd […]

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Texas Oil and Gas Association reported Monday record amounts of natural gas production in the state this year.  TXOGA said natural gas withdrawals rose to 36.9 billion cfd in May with marketed production reaching a record 34.4 billion cfd.  Crude oil production remained steady at 5.7 million b/d.  Todd Staples, president, said, “With abundant natural […]

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Onshore crude oil production in U.S. lower 48 states has more than tripled since January 2010, according to U.S. Energy Information Administration, driven by growth in tight oil production in Permian Basin.  Onshore production includes both legacy oil production primarily from vertically drilled wells and newer tight oil production primarily from horizontally drilled wells. EIA […]

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Chris Wright, U.S. energy secretary, said last week the U.S. Department of Energy is cancelling 24 awards issued by the Office of Clean Energy Demonstrations totaling more than $3.7 billion in taxpayer-funded financial assistance.  Sixteen of the 24 awards were signed between election day Nov. 5, 2024, and inauguration day, Jan. 20, 2025.  The awards, […]

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Midland-based Viper Energy, subsidiary of Diamondback Energy, said Tuesday it agreed to acquire Sitio Royalties in an all-equity transaction valued at $4.1 billion.  The agreement, which includes Sitio’s $1.1 billion of debt, is expected to close in 2025Q3.  Diamondback will own 41 percent of Viper’s outstanding common stock after closing.” “This combination creates a leader […]

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Counts of active drilling rigs in Permian Basin and U.S. by Baker Hughes continue sinking to low counts last reported in November 2021.  In the weekly report of May 30, there were 278 rigs in Permian Basin (down 1 from 279 one week earlier, down 32 from 310 a year earlier) and 563 in U.S. […]

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Midland-based ProPetro Holding Corp. recently said its ProPwr division secured its first contract to commit 80 megawatts of power generation for an exploration and production operator in Permian Basin.  ProPetro said May 20 that asset deployment is scheduled to begin in 2025 third quarter and continue through 2026.  ProPwr will deliver turnkey power to a […]

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Dallas-based Matador Resources and affiliate San Mateo Midstream last week announced startup of an expansion of San Mateo’s Marlan cryogenic natural gas processing plant in Delaware Basin.  The expansion adds 200 million cfd of natural gas capacity to the plant in Eddy County, N.M., to bring total capacity to 260 million cfd. Joseph Wm. Foran, […]

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Houston-based Chevron Corp., in a report to the Texas Workforce Commission May 16, said it plans to reduce its workforce on its campus in Midland this year by about 200 employees.  Catie Matthews of Chevron told Midland Reporter Telegram, “Chevron aims to place as many employees as possible in other roles and is offering severance […]

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Oil majors ExxonMobil and Occidental Petroleum are the top operators in Permian Basin, according to a report May 27 from Enverus.  The report said as of May 23 the latest weekly averages of active drilling rigs were 35.0 for ExxonMobil and 22.1 for Occidental.  Other leading operators in Permian are Mewbourne Oil with 15.9, EOG […]

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Denver-based Civitas Resources said recently it is maintaining its full-year production while reducing 2025 capital spending by about 8 percent.  Civitas said May 8 that production guidelines this year remain at 330,000 boed and 152,500 barrels per day of crude oil.  First quarter production was 311,000 boed (down 14 percent from 4Q) and 141,000 b/d […]

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Officials from Texas Department of Public Safety told the Houston Chronicle there has been a surge in activity in oilfield theft the past two years in Permian Basin. The increased incidents of oilfield theft attracted the attention of lawmakers in Texas and Washington who are considering whether to increase funding for law enforcement and to […]

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Permian Basin is following trends in Texas, New Mexico and U.S. with declining counts of active oil and gas drilling rigs. Baker Hughes said in its report of May 23 there were 279 rigs in Permian Basin – down 3 from 282 in the past week and down 33 or 11 percent from 312 a […]

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Brentwood, Tenn.-based Delek Logistics Partners said recently commissioning of its new Libby II plant started to provide a “much needed processing capacity expansion” in Lea County, N.M. Delek plans to fill it to capacity in 2025 second half by adding 100 million to 120 million cfd of processing. Avigal Soreq, president, said May 7, “Delek […]

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S&P Global said recently it expects an annual decline in U.S. crude oil production next year.  A combination of slowing global oil demand fueled by uncertainty over U.S. trade and a coming supply surplus will curtail U.S. oil production later this year and could lead to an annual decline next year.  U.S. total production for […]

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Retail price for regular-grade gasoline in the U.S. on May 19, the Monday before Memorial Day weekend, averaged $3.17 per gallon – 11 percent (or 41 cents/gal) lower than a year ago. After adjusting for inflation, average U.S. retail gasoline prices going into Memorial Day weekend are 14 percent lower than last year primarily because […]

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Houston-based ConocoPhillips said recently its first quarter production in lower 48 of 1.46 billion boed included 816,000 boed from Permian Basin.  Total production in 1Q, which was the first quarter that included the operations of Marathon, which the company acquired late last year, averaged nearly 2.39 million boed.  Chairman and CEO Ryan Lance said the […]

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Railroad Commission of Texas last week issued new guidelines for permitting of disposal wells in the Permian Basin.  The commission said May 16 new requirements will be implemented for permits for saltwater disposal wells in the region.  New and amended applications in the Permian Basin will now be evaluated based on three primary factors: (1) […]

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The count of active drilling rigs in Permian Basin declined again for the past week, according to Baker Hughes.  In the report for May 16, there were 282 rigs in Permian – down 3 from 285 a week ago and down 30 from 312 a year ago.  It’s Permian’s lowest count for 42 months since […]

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Denver-based Tallgrass said last week it completed anchor shipper agreements for a new pipeline that will transport natural gas from multiple points in the Permian Basin to the Rockies Express pipeline and other points of delivery.  Tallgrass said May 13 the agreements “are sufficient to financially justify construction of the pipeline project.”  Target in-service date […]

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Houston-based Plains All American Pipeline said recently it acquired the Permian Basin crude oil gathering system of Black Knight Midstream.  The $55 million deal closed May 1.  Plains also acquired the remaining 50 percent interest in Cheyenne Pipeline in southeast Wyoming and completed a debottlenecking project at a fractionation complex in Edmonton, Canada.  Willie Chiang, […]

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Austin-based Greenlake Energy announced last week the formation of Greenlake Energy II, its newest exploration and production platform, backed by more than $200 million in equity commitments from NGP Energy Capital Management and Greenlake’s management.  Greenlake II is led by president and CEO Matt Gallagher, who previously served as CEO of Parsley Energy until its […]

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Houston-based Coterra Energy said last week it is reducing plans for oil-directed rigs in Permian Basin in second half of 2025 while boosting spending for gas assets in Marcellus.  After exiting first quarter with 13 rigs in Permian Basin, Coterra will trim that count to 7 rather than 10 as originally planned and decrease spending […]

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Oklahoma City-based Riley Exploration Permian said last week it acquired Silverback Exploration, a largely undeveloped asset in New Mexico, for $142 million (cash) to add 5,000 boed of production and more than 300 gross undeveloped locations.  Bobby D. Riley, chairman and CEO, also said the company is reducing 2025 investing midpoint guidance by 50 percent […]

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New Mexico Water Quality Control Commission voted Tuesday to prohibit the discharge of produced water from oil and gas operations into the state’s waterways and groundwater, according to a report in the Santa Fe New Mexican.  The provision was included among regulations the commission approved for projects that reuse wastewater from hydraulic fracturing to extract […]

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Oklahoma City-based Devon Energy last week raised its forecast for 2025 oil production while reducing capital spending by $100 million “because of efficiency gains that are part of a broader cost-cutting program.”  Oil production forecast was increased by 1 percent after a better-than-expected first quarter.  In the first three months, Devon produced 388,000 barrels per […]

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Baker Hughes’ weekly report of May 9 included an increase in the count of active drilling rigs in Texas for the first time since February.  There were 273 rigs in Texas compared to 271 the previous week and 289 a year ago.  Also as of May 9, there were 285 rigs in Permian Basin (down […]

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Midland-based Permian Resources last week revised 2025 guidance after making a bolt-on acquisition in northern Delaware Basin.  Permian Resources acquired 13,320 net acres and 8,700 net royalty acres from APA Corp. for $608 million.  The deal adds about 100 new gross operated, two-mile locations that immediately compete for capital.  Most of the inventory (65 percent […]

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Oklahoma City-based Devon Energy and Ridgemont Equity Partners last week divested their 12.5 percent interest in Matterhorn Express, 510-mile natural gas pipeline that ships Permian Basin gas from Waha hub to Wharton and Katy.  The acquisition, expected to close in second quarter, was made by a consortium of I Squared, MPLX and Enbridge for about […]

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ExxonMobil and Occidental Petroleum remain the top two rig operators in U.S. and Permian Basin in the latest rig count from Enverus.  And the May 6 report says the count of frac crews has grown slightly.  As of May 2, the latest U.S. average rig counts were 36.0 for ExxonMobil and 29.6 for Oxy followed […]

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Houston-based EOG Resources said last week it is reducing its forecast for 2025 capital spending by $200 million and its production growth guidance.  Ezra Yacob, chairman and CEO, said May 1 total capital expenditures for 2025 are now expected to range from $5.8 million to $6.2 million – down $200 million from its previous plan.  […]

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Dallas-based Rising Phoenix Capital, privately held investment firm, said Monday it purchased mineral interests in Ector and Midland counties operated by ConocoPhillips.  The asset includes both producing wells and near-term permitted drilling locations.  Jace Graham, CEO, said, “We target high-quality operators, proven geology, and mineral interests that deliver dependable monthly income.  This acquisition furthers our […]

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Houston-based Enterprise Products Partners said last week its throughput volumes in first quarter were up compared to last year for each category except marine terminals.  Total fee-based natural gas processing volumes increased 12 percent or 760 million cfd to a record 7.2 billion cfd in the first quarter compared to 2024Q1.  Pipeline transportation volumes rose […]

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U.S. energy secretary Chris Wright, speaking to a House energy subcommittee this week, vowed to fill the nation’s strategic petroleum reserve.  Wright testified Wednesday before the subcommittee on energy and water development of the Committee on Appropriations in the U.S. House of Representatives.  Wright said he issued a secretarial order “to refill the SPR, review […]

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Counts of active drilling rigs in Texas and Permian Basin from Baker Hughes continue to fall.  Both are now at their lowest count in 41 months since December 2021.  As of May 2, there were 287 rigs in Permian Basin (down 2 from 289 last week, down 29 from 316 year ago) and 271 in […]

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The Woodlands-based Ring Energy said recently it is reducing spending in 2025 second quarter by more than 50 percent to a midpoint of $18 million from a midpoint of $38 million in its original guidance for 2Q capital spending.  Ring said spending “was lowered in response to the recent decline in oil prices.” Despite the […]

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Dallas-based Vaquero Midstream, natural gas gathering and processing midstream company operating in the Delaware Basin, said last week it will expand its existing gathering system in west Texas.  Vaquero will build a new 70-mile (24 inches) high-pressure pipeline loop and a 200 million cubic feet per day cryogenic processing plant.  It will increase Vaquero’s gathering […]

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Travis D. Stice, chairman and CEO of Midland-based Diamondback Energy, said Monday in his announcement of reduced spending for 2025 that “it is likely that U.S. onshore oil production has peaked and will begin to decline this quarter.”  Diamondback is reducing its 2025 fullyear capital budget by about 10 percent to $3.4 billion to $3.8 […]

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Atlas Energy Solutions received the Bruno Hanson Midland College Environmental Excellence Award recently for its 42-mile conveyor system that carries sand for hydraulic fracturing.  The award was announced last week at the Permian Basin environmental regulatory seminar.  The conveyor system, Dune Express, carries frac sand from Atlas’ Kermit facility to its loadout facility in Lea […]

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Houston-based Phillips 66 said last week it will build a new gas processing plant near the company’s existing plant in Goldsmith in Ector County.  The new plant, Iron Mesa, about 15 miles northwest of Odessa, will have capacity of 300 million cfd.  Phillips 66 said April 25 that the location of the new plant will […]

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After Public Utility Commission of Texas approved a plan for electric reliability in west Texas, AEP Texas said April 24 it will build one of three 765-kV transmission lines.  The Howard-Solstice transmission line is an integral part of the Permian Basin reliability plan. AEP will develop 300 miles of high voltage transmission line to link […]

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Public Utility Commission of Texas approved a plan to build the first extra high voltage transmission lines in ERCOT to help meet the rapidly growing power needs in Permian Basin.  Commission chair Thomas Gleeson said, “Extra high voltage lines are more effective and strengthen reliability.  Because each line can carry more power, fewer lines are […]

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Oxy Low Carbon Ventures, subsidiary of Occidental Petroleum, said recently it has acquired Holocene Climate Corp. of Knoxville, Tenn.  Holocene owns liquid, low-temperature direct air capture technology that Occidental said is additive to technology acquired through Carbon Engineering in 2023 for about $1.1 billion.  Occidental said combining the Carbon Engineering technology with Holocene’s technology “will […]

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U.S. crude oil production grew by 270,000 barrels per day in 2024 to average 13.2 million b/d, according to the latest Petroleum Supply Monthly from U.S. Energy Information Administration.  EIA said April 16 most of the growth came from Permian Basin.  EIA reported, “In 2024 the Permian region … produced more crude oil than any […]

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Houston-based Crescent Energy said Tuesday it closed a deal to sell non-operated assets in Permian Basin for $83 million in cash to reduce debt.  The assets in Reeves County projected 2025 production of about 3,000 boed (35 percent oil).  CEO David Rockecharlie said the deal is part of the company’s plan for $250 million in […]

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Dallas-based Matador Resources said Wednesday because of lower commodity prices it will reduce its 2025 drilling and completion activities, drop from nine to eight rigs by midyear, and reduce capital spending by $100 million to $1.275 billion.  Joe Foran, chairman and CEO, said 2025 production now is forecast at about 200,000 boed – down 5,000 […]

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U.S. Department of Energy said April 3 it awarded a contract of $1.4 billion to Strategic Storage Partners to manage and operate the four sites of the nation’s Strategic Petroleum Reserve (SPR).  Strategic Storage Partners is a joint venture of Aptim Federal Services of Baton Rouge, La., and BWX Technical Services Group of Lynchburg, Va.  […]

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Baker Hughes reported little new activity among operators in Permian Basin, Texas and New Mexico in its weekly report of drilling rigs for April 17.  There were 289 rigs in Permian Basin (289 week ago, 318 year ago), 274 in Texas (274 week ago, 296 year ago) and 100 in New Mexico (100 week ago, […]

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The Woodlands-based Ring Energy said its acquisition of Lime Rock Resources earlier this year has grown its total production by 12 percent.  Paul McKinney, chairman and CEO, said Ring is looking to grow its production in Central Basin Platform both by acquisition and organically as it faces greater competition in the region between more well-known […]

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Texas Independent Producers and Royalty Owners Association said April 18 that upstream employment in the Texas oil and gas industry declined in March.  Austin-based TIPRO cited data from U.S. Bureau of Labor Statistics show Texas upstream employment for March was 204,400 – a decline of 700 industry positions from February.  It represents a decline of […]

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U.S. Energy Information Administration said April 10 the nation’s crude oil exports reached a record in 2024.  Exports erased the record set in 2023 by exceeding an annual average of 4.1 million barrels per day.  But despite the record, growth of crude oil exports year-over-year slowed to 1 percent in 2024 compared with 14 percent […]

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U.S. Energy Information Administration said April 10 the nation’s crude oil exports reached a record in 2024.  Exports erased the record set in 2023 by exceeding an annual average of 4.1 million barrels per day.  But despite the record, growth of crude oil exports year-over-year slowed to 1 percent in 2024 compared with 14 percent […]

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Dallas-based IOG Resources said April 10 it entered a joint development partnership in Permian Basin with Midland’s Elevation Resources.  Their 2025 drilling plans include 10 horizontal Barnett wellbores in Andrews County.  Elevation Resources is a Permian-focused exploration and production company with operations in the Central Basin platform.  It was formed in 2013 with financial backing […]

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Dallas-based IOG Resources said April 10 it entered a joint development partnership in Permian Basin with Midland’s Elevation Resources.  Their 2025 drilling plans include 10 horizontal Barnett wellbores in Andrews County.  Elevation Resources is a Permian-focused exploration and production company with operations in the Central Basin platform.  It was formed in 2013 with financial backing […]

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Fort Worth-based U.S. Energy Development Corp. said this week it acquired 20,000 net acres in Reeves and Ward counties in Permian Basin for $390 million from an undisclosed seller.  U.S. Energy Development said the deal includes a proved producing component and expands the company’s Permian holdings while increasing its multi-bench, multi-year drilling inventory. The company’s […]

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Fort Worth-based U.S. Energy Development Corp. said this week it acquired 20,000 net acres in Reeves and Ward counties in Permian Basin for $390 million from an undisclosed seller.  U.S. Energy Development said the deal includes a proved producing component and expands the company’s Permian holdings while increasing its multi-bench, multi-year drilling inventory. The company’s […]

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The counts of active oil and gas drilling rigs in Permian Basin, Texas, New Mexico and U.S. all were down in the weekly report of April 11 by Houston-based services firm Baker Hughes.  It was the sixth straight week of decline in Permian Basin, which reported 289 rigs (down 5 from 294 a week earlier, […]

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U.S. Department of Interior said last week it will no longer require environmental impact statements for thousands of oil and gas leases in New Mexico, Colorado and five other states in the western U.S.  Interior department officials told Bureau of Land Management that environmental impact statements no longer will be required for 3,244 oil and […]

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Houston-based Iron Oak Energy Solutions, proppant supplier in North America, said recently it acquired High Roller Sand, which operates a facility in Winkler County in one of the highest-quality sand reserve deposits in the Permian Basin.  The High Roller facility near Kermit enhances Iron Oak Energy’s ability to serve the Delaware and Midland basins.  It […]

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Atlanta-based RPC, oil and gas services company, said recently it acquired Pintail Alternative Energy, which does business as Pintail Completions, for $245 million ($170 million cash).  The Midland company is a leading provider of oilfield wireline services in the Permian Basin.  Pintail operates more than 30 active fleets and maintains relationships with blue chip E&P […]

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Midland-based Diamondback Energy said April 1 it completed its previously announced acquisition of subsidiaries of Double Eagle IV Midco.  The $4.1 billion purchase (cash and equity) covered about 40,000 net acres in Midland Basin with an estimated 407…

The Woodlands-based TETRA Technologies recently announced a pilot project with EOG Resources to use TETRA’s Oasis total desalination solution (TDS) to process produced water in Permian Basin.  After TETRA and Houston-based EOG successfully treated produced water in south Texas, the new Permian Basin project will start in first half 2025, including a rangeland grass growth […]

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RWE Clean Energy, a German energy company, is expanding its renewable energy assets in west Texas to meet rising demand from oilfield electrification and manufacturing and industrial growth.  RWE said March 18 it is partnering with GE Vernova to secure 109 2.82-megawatt wind turbines for two projects near Big Spring that will provide a total […]

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U.S. Environmental Protection Agency approved Class VI permits to sequester carbon dioxide captured from STRATOS when the world’s largest direct air capture facility begins operating in Ector County later this year.  Occidental and subsidiary 1PointFive said Monday the permits “allow Occidental to leverage its expertise managing large quantities of CO2 while advancing technology that strengthens […]

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