Last week Texas added oil and gas drilling rigs for the first time since May, and the U.S. rig count reversed an eight-week decline, according to the latest weekly report by Houston-based services firm Baker Hughes. As of Sept. 8 there were 320 active rigs in Permian Basin (up 1 in past week, down 20 […]
Peak 10 Energy launches as oil, gas investment company in Permian Basin
Houston-based Peak 10 Energy said recently it launched as an oil and gas investment platform to acquire oil and gas assets in continental U.S. Initial assets consist of non-operated oil and gas properties in Andrews, Dawson, Fisher, Gaines, Reeves and Scurry counties in west Texas, including more than 100 producing wells and a multi-year drilling […]
TXOGA: Texas reaches oil production record of 5.5 million b/d in June, July
Texas Oil and Gas Association recently said that oil production in the state reached a record of 5.5 million barrels per day in June and July. That follows reports of 5.4 million b/d of oil production in Texas for March, April and May (5.494 million b/d) by U.S. Energy Information Administration. TXOGA said natural gas […]
Reality Bites: Lenders Roll with the Changes
By Paul Wiseman In the early shale boom days of 2010 and off-and-on through about 2018, getting financing was relatively easy. Private equity (PE) funds and banks alike saw the drilling and production boom as an opportunity to grow their investments. Funds looked to buy into both operators and oilfield service companies, bankroll a […]
Oxy subsidiary 1PointFive acquires DAC technology firm Carbon Engineering
Occidental Petroleum subsidiary 1PointFive said recently it agreed to acquire all outstanding equity of Carbon Engineering for about $1.1 billion cash (in three annual payments). The deal provides 1PointFive “the opportunity to rapidly advance DAC (direct air capture) technology breakthroughs and accelerate deployment of DAC as a large-scale, cost effective, global carbon removal solution.” Carbon […]
Employment, wages increase in Texas oil, gas industry in past year
Employment and wages in the oil and natural gas industry in Texas grew significantly through 2023Q1, according to an economic analysis by Dr. Dean Foreman, chief economist for Texas Oil and Gas Association. Dr. Foreman said data from the U.S. Census Bureau and Texas Workforce Commission show that direct employment in Texas’ oil and natural […]
Midland’s Viper Energy acquires royalty interests in Midland, Delaware basins
Midland-based Viper Energy Partners said Tuesday it agreed to acquire for about $1 billion in cash and stock certain Permian Basin mineral and royalty interests from affiliates of Warwick Capital Partners and GRP Energy Capital. Viper, subsidiary of Midland’s Diamondback Energy, said it will pay about $750 million in cash plus about nine million Viper […]
Quiet Hiring
In resuming the topic of recruitment from last month, I want to mention the latest buzzword: quiet hiring. Remember quiet quitting and quiet firing? I would be a millionaire if I could be clever enough to come up with these terms. I want to give credit to Gartner’s “future of work” team, who appear frequently […]
Where Next for Natural Gas?
The business of gas has become a bigger factor than most expected when the Shale Revolution reinvigorated the Permian Basin. What’s the latest for this commodity? In 2023, natural gas has been fairly steady, not making the surge some expected, but not going into collapse, either. In the United States, the hot summertime has put […]
Vital Energy plans to maintain production in Delaware, Midland basins in 2024
Tulsa-based Vital Energy said recently after announcing record production in second quarter that in 2024 it expects to maintain fullyear 2023 production levels. Vital Energy said Aug. 8 it expects to operate three drilling rigs and an average of 1.7 completions crews in 2024 across its assets in Delaware and Midland basins. The company expects […]
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