Tulsa-based Vital Energy said last week it signed an agreement to buy assets of another Midland Basin driller, Driftwood Energy Operating, for $215.6 million in cash and stock ($127.6 million cash). The deal includes 11,200 net acres (16,500 gross, 91 percent held by production) in Reagan and Upton counties with current production of about 5,400 […]
Life on the Wire
“It’s super competitive.” Those were the first words out of the mouth of Max Killingsworth, a wireline professional working in the Permian Basin, when asked what conditions are like for wireline companies trying to maintain market share in the ever-bustling Basin. Killingsworth is Operations Manager for Unconventional in the Odessa District for KLX Energy Services. […]
EPA delays decision on declaring Permian counties non-attainment areas
U.S. Environmental Protection Agency said last month it has delayed a decision on whether to declare the Permian Basin a non-attainment area for ozone. Houston Chronicle called the announcement “a break for oil and gas drillers that faced potentially severe restrictions on the amount of pollution they release into the air.” EPA said last year […]
Permian down 1, Texas down 6 in rig count year-to-date
Rig counts in Permian Basin and Texas declined for the second straight week, according to Baker Hughes in its weekly report of Feb. 10. Permian Basin’s count fell by 2 in the past week to 352 (353 to start 2023), and the count in Texas was down 7 in the past week to 370 (376 […]
Oil production to grow to 5.682 million b/d in Permian Basin in March
Production of oil and natural gas continues to grow in forecasts from U.S. Energy Information Administration. In its latest drilling productivity report this week, EIA said oil production is expected to grow by 30,000 barrels per day in March to 5.682 million b/d from 5.652 million b/d in February. Overall in seven major producing regions […]
Marathon affiliate MPLX increases 2023 capital spending in Permian Basin
Growth plans for Marathon Petroleum affiliate MPLX include new gas processing plants in Permian Basin and Marcellus. MPLX said Jan. 31 its capital spending in 2023 will be $950 million, including $800 million of growth capital ($712 million last year) and $150 million of maintenance capital ($143 million last year). In the Permian Basin, MPLX […]
Railroad Commission adds requirements for new disposal well permits
Railroad Commission of Texas said last week it will add more requirements to new disposal well permits in Permian Basin to help the agency and industry monitor and respond to injection and reservoir conditions that may induce seismic activity. The new regulations will require certain new disposal wells to be equipped and operated with a […]
Deliver Excitement and Gain Results!
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 […]
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