Modest growth in rig count resumed in Permian Basin last week, according to Baker Hughes, after it was unchanged overall the previous four weeks at 349. As of July 29, there were 351 rigs in Permian (243 year ago), 371 in Texas (365 week ago, 230 year ago), 110 in New Mexico (109 week ago, […]
Matador reports quarterly production of 100,000 boed for first time
Dallas-based Matador Resources said July 26 it achieved quarterly production of at least 100,000 boed for the first time in 2022Q2 with 110,750 (58 percent oil). That is 3.5 percent higher than guidance of 106,000 to 108,000 because of higher-than-expected production in Delaware Basin from the most recent 11 Voni wells and the most recent […]
Railroad Commission exceeds 2022 goal of plugging 1,000 orphaned wells
The state-managed plugging program of Railroad Commission of Texas exceeded its goal of plugging orphaned oil and gas wells for the sixth straight year. The commission said as of July 13 its staff had plugged 1,057 wells – above the goal of 1,000 wells by the end of the fiscal year August 31. “The plugging […]
Firm Identifies Key Areas of Interest for Merger and Acquisition Activity
The ESG sector (Environmental, Social, and Governance considerations) has been identified as a key area of interest for merger and acquisition (M&A) activity, according to analysis of GlobalData’s Job Analytics Database. The data and analytics company reveals that there were more than 60,000 job postings in Q1 2022 that had “deal making” keywords (including M&A) […]
Golf Fundraiser Nets $150,000 For West Texas First Responders
The first-annual golf tournament hosted by Kinetik on June 28 raised more than $150,000 for 17 West Texas police and fire departments and emergency medical services across West Texas, including Midland and Pecos. Dubbed the “Holes for Heroes” tournament, the event at Ranchland Hills Golf Club in Midland attracted more than140 golfers along with fire […]
The Confidence Factor
by Dr. M. Ray Perryman The latest surveys of consumers indicate that, as a whole, we are becoming a less optimistic lot. Because our spending on goods and services normally represents around 70 percent of the economy, that is a source of some concern (although, strangely, our confidence level and our outlays have not […]
Gravity Commits to Water Deal
Gravity, a growth-oriented water and power infrastructure company backed by affiliates of Clearlake Capital Group, L.P., announced in late June it had signed a multi-year minimum volume commitment produced water gathering agreement with an independent producer in the Midland Basin. Gravity owns and manages more than 50 active saltwater disposal wells with more than 1.5 million barrels […]
Refineries: The Economics of Reliability
Pinnacle, a reliability data analytics company, released on June 16 its “Economics of Reliability” report for the refining industry. The report analyzes the impact that reliability has on the refining industry. “U.S. refiners are reporting record profits and are also running at well above average utilization levels,” said Jeff Krimmel, Chief Strategy Officer at Pinnacle. […]
Compensation Survey To Poll Permian Basin
Whitney Smith Company’s annual compensation survey of the oil and gas industry in the Permian Basin has begun, and members of the Permian Basin Petroleum Association, as well as area O&G interests of all kinds, are encouraged to participate in the study to help generate good data to be released later this year, according to […]
Green Light, Red Light
All across the United States, Americans are suffering from a missing energy and economic policy—a hindrance that has wrought havoc for families and their budgets over the last six months—and the only thing the Biden Administration is providing are mixed messages. This is most effectively illustrated by the Administration saying they are green lighting oil […]
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