by Paul Wiseman In 1965 Gordon Moore—who accidentally invented Moore’s Law—observed that the number of transistors on a microchip doubled about every two years. That law has sometimes been modified to symbolize the increasingly fast pace of advances in computer speed and capacity in the decades since. Mr. Moore’s law is certainly at home today […]
Chesapeake to focus on Haynesville, Marcellus; says Eagle Ford is non-core
Oklahoma City-based Chesapeake Energy said last week it will focus on its natural gas operations in Haynesville and Marcellus and move its Eagle Ford positions to non-core status. Chesapeake said it will increase capital allocation by 15 percent to Haynesville in second half of 2022 and into 2023 and reduce to 3 rigs in Eagle […]
Rig count down by 4 in past week to 347 in Permian Basin
Count of oil and gas drilling rigs in Permian Basin declined by 4 to 347 last week, according to Baker Hughes. It was the largest decline in Permian since falling by 5 to 117 rigs in August 2020. Also as of Aug. 5, there were 373 rigs in Texas (up 2 in past week), 104 […]
EPA uses helicopter flyovers to detect emissions in Permian Basin
A series of helicopter flyovers in Permian Basin by U.S. Environmental Protection Agency continued this week to survey thousands of oil and gas operations. The flyovers will allow EPA to identify emitters of large amounts of methane and excessive emissions of volatile organic compounds (VOCs). EPA regional administrator Earthea Nance said Aug. 1 the Permian […]
Texas again receives record tax revenue from oil, gas production
State of Texas continues to receive record amounts of sales tax revenue and production taxes from crude oil and natural gas. Texas comptroller Glenn Hegar said Aug. 1 state sales tax revenue totaled $3.88 billion in July – highest monthly collections on record and 14.7 percent more than July 2021. The majority of July sales […]
Targa to build additional gas processing plant in Midland Basin
Houston-based Targa Resources said last week it will construct another cryogenic natural gas processing plant in Midland Basin to further expand its gathering and processing system in Permian Basin. Targa said Aug. 4 it will build and commission by 2023Q4 the new Greenwood plant (275MMcfd) following startup of two Permian plants now under construction in […]
Executive Hiring
Hire right because the penalties of hiring wrong are huge. —Ray Dalio In September of 2021, I cautioned readers to take care in hiring executives. The article was titled Buyer Beware. In that article I pointed out tips for reviewing resumes. I wrote about a specific situation, and it is worth discussing again. I […]
Automation Nation
By Paul Wiseman It’s almost like you can find the words “innovation” and “automation” on the same page of the dictionary today, despite their obvious alphabetical distance. In this economy the efficiency and data insights offered by automation lets the systems pay for themselves quickly in both reduced overhead and increased production. One company that’s […]
Diversified acquires assets in Texas panhandle from ConocoPhillips
Birmingham-based Diversified Energy said July 28 it will acquire upstream assets and related facilities in Texas panhandle and western Oklahoma from ConocoPhillips for $240 million. The assets include about 250,000 net acres and 1,500 producing wells. Diversified will operate 60 percent of the acquisition’s net production of 9,000 boed, which represents a 6 percent increase […]
Exxon, Chevron report record profits with moderated growth in Permian
After announcing record profits for 2022Q2, oil majors Exxon Mobil and Chevron said they will remain disciplined about production in Permian Basin this year with moderated growth. Houston-based Exxon Mobil reported $17.9 billion in profits for 2022Q2, and San Ramon-based Chevron reported $11.6 billion. Factors aiding the companies include increased demand for oil after the […]
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