The US land market is vast and complex, with hundreds of operators looking to overcome operational challenges as margins grow ever-tighter. SLB’s Chad Peterson, Managing Director for US Land, and Gbubemi Bafor, Division Manager of Digital & Integration for US Land, explain how Optimized E&P Solutions give independent US operators cost-effective access to powerful workflows […]
Charitable Group Celebrates 20th Year
Oilfield Helping Hands (OHH), a non-profit organization helping oilfield families in financial crisis due to no fault of their own, celebrates 20 years of providing support to industry families. Gene Pate, chairman of the board, OHH, said, “We are so pleased to celebrate 20 years of working together to make a difference across the oilfield. OHH is […]
Polyethylene Growth Expected
The production of fossil fuel-based polyethylene is expected to plateau in the early 2040s, according to the latest findings from the new IHS Markit Circular Plastics Service which provides a comprehensive, scenario-based road map of how the plastics value chain could transition from a linear to a circular economy. By conducting rigorous, scenario-based analyses of global, large-volume polymers, the […]
O&G Contract Values Climb
The COVID-19 pandemic has had a significant impact on the oil and gas industry, leading to a decline in demand and a drop in oil prices. However, the industry has been recovering since then, with oil prices gradually increasing and demand for energy returning to pre-pandemic levels. Consequently, the overall oil and gas industry contract […]
Riley Permian Announces NM Acquisition
Riley Exploration Permian, Inc., announced Feb. 28 that it has entered into a definitive purchase agreement to acquire oil and gas assets from Pecos Oil & Gas, LLC, an affiliate of Cibolo Energy Partners LLC, for cash consideration of $330 million. The acquisition will be funded through a combination of borrowings under the Company’s revolving credit […]
RRC: Some Federal Funds Possibly Not Forthcoming
The Railroad Commission of Texas announced Feb. 27 it had comments on draft guidance issued by the U.S. Department of the Interior (DOI) for utilizing formula grants to plug orphaned oil and gas wells. Several aspects of the draft guidance have caused concern for the RRC because it could hinder the state’s efforts to use […]
Donation Benefits Petroleum Museum
ValTek, LLC, an Odessa-based manufacturer of high-performance hydraulic fracturing pumps, parts, and expendables, donated $50,000 on Feb. 23 to the Permian Basin Petroleum Museum, the nation’s largest museum dedicated to the petroleum industry. ValTek was awarded $50,000 at the Daniel Energy Partners BBQ Cook-Off in September after being named Grand Champion of the event. The […]
Legislative Updates
New Mexico Gavels Out The New Mexico Legislature adjourned sine die on March 18, closing out the 60-day 56th Session during which industry advocates spent most of their time playing defense. “A number of highly troubling bills were introduced that could have greatly impacted oil and natural gas operations in the Land of Enchantment,” reported […]
Ring Energy improves production, proved reserves after Stronghold transaction
The Woodlands-based Ring Energy said in its recent 4Q earnings report that proved reserves increased 78 percent in the past year from 77.8 million boe at yearend 2021 to 138.1 million boe at yearend 2022 in Permian Basin. Capital expenditures in 2023 are forecast at $135 million-to-$170 million after $140.1 million in 2022. Drilling and […]
HighPeak increases production in Borden, Howard counties in Midland Basin
Fort Worth-based HighPeak Energy said in its recent earnings report that production in 2022Q4 increased to 37,348 boed (85 percent oil) – up 42 percent from 3Q. Forecast for 2023 production is 47,000 boed-to-53,000 boed with capital expenses of $1.15 billion-to-$1.26 billion ($321.6 million in 4Q). “HighPeak’s well performance in 2022 outpaced prior years, and […]
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