The counts of active drilling rigs in U.S. as of June 16 fell for the seventh consecutive week and for the sixth time in the last seven weeks in Permian Basin.  Baker Hughes said there are 342 rigs in Permian Basin (down 4 in past week, down 3 in past year), 347 in Texas (unchanged […]

Seven major U.S. shale regions continue to produce record amounts of oil, according to U.S. Energy Information Administration, although July’s forecast is only 8,000 barrels per day higher than June.  That’s the smallest increase since December 2022.  EIA said June 12 in its latest drilling productivity report seven regions are expected to produce 9.375 million […]

U.S. Department of Labor said recently average hourly earnings for front-line oil and gas workers rose 0.7 percent in April from the previous month to $43.28 to climb above $43 an hour for the first time.  Compared to a year ago, pay is up 12 percent.  Bloomberg reported June 2, “The relative strength in shale […]

After the recent decision by OPEC+ to extend crude oil production cuts through 2024, U.S. Energy Information Administration now forecasts global oil inventories to decline slightly in each of the next five quarters to put upward pressure on crude oil prices.  EIA forecasts Brent spot prices to average $79.54 in 2023 and $83.51 in 2024 […]

Midland-based BCP Resources said last week it acquired assets from a wholly owned subsidiary of Chord Energy that span 16 fields on the central basin platform in Permian Basin.  BCP Resources is focused on conventional growth, and the assets are “a strategic fit, delivering stable cash flow and low decline rate production from proven reservoirs […]

The Woodlands-based Earthstone Energy said Thursday it agreed to acquire Novo Oil & Gas Holdings, privately held E&P company focused in Delaware Basin and backed by EnCap Investments, for $1.5 billion.  And Northern Oil and Gas said it will acquire one-third working interest in Novo oil and gas assets from Earthstone for $500 million.  Earthstone […]

Houston-based Permian operators Patterson-UTI and NexTier said Thursday they will merge in an all-stock transaction creating a $5.4 billion oilfield services firm.  The deal combines Patterson-UTI’s land drilling business with NexTier’s well completion operations.  Analysts told Reuters the company, to be called Patterson-UTI Energy, will be the largest pressure pumper by capacity in North America […]

A new report from consulting firm East Daley Analytics and Validere, measurement, reporting and verification firm, said natural gas flaring in Permian Basin could increase next year as the region’s production exceeds available pipeline capacity.  Reuters reported that increased flaring “could reduce shale oil production in the region as major oil-producing companies seek to limit […]