Greeting and salutations! Here’s hoping that this month brings milder weather, higher oil prices, and good fortune to all in the oil and gas industry. Have you ever seen the movie Ferris Bueller’ Day Off? It was a hit show in 1986 and it had numerous memorable cameos and fun scenes that make the film […]
Lending’s Changing Scene
As ESG (environmental, social and governance) and energy-transition-related concerns have caused most large and midsize banks to exit the oil and gas industry, local lenders like Midland’s Community National Bank and Odessa-based Southwest Bank have benefited by seeing some of those customers come their way. On the borrower side, Northern Oil and Gas has funded […]
Upstream M&A activity in 2022 down in transaction value and volume
Calgary-based Enverus Intelligence Research said recently that upstream M&A (merger and acquisition) activity in 2022 resulted in transaction values down about 20 percent from pre-pandemic averages, and the volume of deals fell to a nearly two-decade low. Activity was driven by large companies targeting the highest quality assets in billion-dollar-plus deals. Andrew Dittman, director at […]
Permian, Texas join U.S. in declining count of active drilling rigs
U.S. count of active oil and gas drilling rigs continues its contraction in 2023. No state added rigs in the past week, according to Baker Hughes in its weekly report of Feb. 3. There were 354 rigs in Permian Basin (down 3 in past week, up 60 in past year), 377 in Texas (down 3 […]
Earthstone to allocate capital expenses to growth areas in Permian Basin
The Woodlands-based Earthstone Energy said recently that 14 of 19 wells brought online in 2022Q3 exceeded 1,000 barrels of oil per day, including the five-well Barnhart pad in Irion County, and Enverus said the company plans to allocate part of its 2023 capital budget to the area after it identified 40 additional locations. Earthstone reached […]
Double Eagle to accelerate acquisition, development in Permian Basin
Increased equity commitments will enable Fort Worth-based Double Eagle Energy Holdings to accelerate its acquisition and development strategy in Permian Basin. Enverus reported recently that EnCap Investments, portfolio company Double Eagle and affiliated mineral company Tumbleweed Royalty IV increased equity funding to $2.3 billion. “We are ramping up our development pace,” co-CEOs Cody Campbell and […]
CEO says BPX Energy will build more facilities like Grand Slam in Permian
David Lawler, CEO of BPX Energy, BP’s onshore oil and gas business, told Houston Chronicle his company will spend $1.3 billion to build three additional facilities in Permian Basin similar to Grand Slam. Located near Orla in Reeves County, Grand Slam is a network of tanks, pipelines and other equipment for gathering, processing and transporting […]
The Workforce of Tomorrow. Success Breeds Success
Jim Collins has written extensively about the concept of turning the flywheel. The idea is simple. Success breeds support and commitment, which breeds even greater success, which breeds more support and commitment… around and around the flywheel goes. People like to support a winner. I have written about leadership quite a few times and have […]
Four of top 5 counties in Permian added rigs last week, Lea leads with 67
U.S. count of active drilling rigs continues down for the year while counts in Permian Basin, Texas and New Mexico increased in the weekly report of Jan. 27 from Baker Hughes. There were 357 rigs in Permian Basin (up 3 in past week), 380 in Texas (unchanged), 105 in New Mexico (up 3) and 771 […]
Texas House Water Caucus includes nine representatives from west Texas
Initial roster of the Texas House Water Caucus includes nine members of the House of Representatives from west Texas. Sarah Schlessinger, CEO of Texas Water Foundation, said Jan. 13 the group will focus on creating a sustainable water system in Texas. She said aging infrastructure and limited investments have left Texas’ water infrastructure fragile. Last […]
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