The COVID-19 pandemic has had a significant impact on the oil and gas industry, leading to a decline in demand and a drop in oil prices. However, the industry has been recovering since then, with oil prices gradually increasing and demand for energy returning to pre-pandemic levels. Consequently, the overall oil and gas industry contract […]
Riley Permian Announces NM Acquisition
Riley Exploration Permian, Inc., announced Feb. 28 that it has entered into a definitive purchase agreement to acquire oil and gas assets from Pecos Oil & Gas, LLC, an affiliate of Cibolo Energy Partners LLC, for cash consideration of $330 million. The acquisition will be funded through a combination of borrowings under the Company’s revolving credit […]
RRC: Some Federal Funds Possibly Not Forthcoming
The Railroad Commission of Texas announced Feb. 27 it had comments on draft guidance issued by the U.S. Department of the Interior (DOI) for utilizing formula grants to plug orphaned oil and gas wells. Several aspects of the draft guidance have caused concern for the RRC because it could hinder the state’s efforts to use […]
Donation Benefits Petroleum Museum
ValTek, LLC, an Odessa-based manufacturer of high-performance hydraulic fracturing pumps, parts, and expendables, donated $50,000 on Feb. 23 to the Permian Basin Petroleum Museum, the nation’s largest museum dedicated to the petroleum industry. ValTek was awarded $50,000 at the Daniel Energy Partners BBQ Cook-Off in September after being named Grand Champion of the event. The […]
Legislative Updates
New Mexico Gavels Out The New Mexico Legislature adjourned sine die on March 18, closing out the 60-day 56th Session during which industry advocates spent most of their time playing defense. “A number of highly troubling bills were introduced that could have greatly impacted oil and natural gas operations in the Land of Enchantment,” reported […]
Ring Energy improves production, proved reserves after Stronghold transaction
The Woodlands-based Ring Energy said in its recent 4Q earnings report that proved reserves increased 78 percent in the past year from 77.8 million boe at yearend 2021 to 138.1 million boe at yearend 2022 in Permian Basin. Capital expenditures in 2023 are forecast at $135 million-to-$170 million after $140.1 million in 2022. Drilling and […]
HighPeak increases production in Borden, Howard counties in Midland Basin
Fort Worth-based HighPeak Energy said in its recent earnings report that production in 2022Q4 increased to 37,348 boed (85 percent oil) – up 42 percent from 3Q. Forecast for 2023 production is 47,000 boed-to-53,000 boed with capital expenses of $1.15 billion-to-$1.26 billion ($321.6 million in 4Q). “HighPeak’s well performance in 2022 outpaced prior years, and […]
Report: Texas adds 58,200 jobs, oil and gas grows 10.4 percent in past year
Texas Workforce Commission said last week that Texas added 58,200 positions in February to lead the nation in jobs added in the past month. And TWC said February marks two years of uninterrupted monthly job growth in the state. Since February 2022 Texas has added 611,400 jobs. Bryan Daniel, TWC chairman, said March 24, “The […]
Hi-Crush to deploy mobile unit to supply frac sand for Pioneer in Midland Basin
Houston-based Hi-Crush said last week it reached agreement with Pioneer Natural Resources to deploy Hi-Crush’s sixth OnCore mobile mining unit in Midland Basin to supply frac sand for Pioneer well completions. It will be Hi-Crush’s second OnCore deployment for Pioneer and its fifth deployment in Midland Basin. Dirk Hallen, Hi-Crush CEO, said March 21 the […]
Report: U.S. to remain net exporter of petroleum products through 2050
U.S. Energy Information Administration said recently in its 2023 Annual Energy Outlook that U.S. will remain a net exporter of petroleum products through 2050. Although domestic consumption of petroleum and other liquids is not expected to increase through 2040, according to the EIA report issued March 16, forecasts of U.S. petroleum and other liquids production […]
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