by Dr. M. Ray Perryman Among the most widely discussed economic phenomena in our post-pandemic world is the so-called “Great Resignation,” a phrase used to describe what seems on the surface to be unusually high numbers of people leaving their jobs after the arrival of COVID-19. It goes without saying that the toll the pandemic […]
Geoprediction Software Gets Update
Ikon Science, a global provider of knowledge management solutions designed to optimize subsurface discovery, announced Sept. 26 the release of RokDoc Version 2022.4., an industry-leading geoprediction software. As global energy demand continues to grow and drilling activities increase to meet this challenge, subsurface teams in E&P companies are challenged to deliver key reservoir insights faster […]
The Future of the Permian Basin Remains Bright
We are so thankful for all of you that joined us in Midland last month to participate in our 60th Annual Meeting. We are so proud that for so many years, our humble Association has worked diligently to support the safe and responsible development of our region’s natural resources and all of your work and […]
Texas, U.S. add rigs in past week, Permian Basin unchanged with 346
Texas and U.S. added oil and gas drilling rigs last week, according to Baker Hughes’ weekly count as of Oct. 21, while Permian Basin was unchanged with 346 rigs (268 year ago). There were 371 rigs in Texas (365 week ago, 249 year ago), 105 in New Mexico (109 week ago, 87 year ago) and […]
Ring Energy reduces fourth quarter capital expenditures
The Woodlands-based Ring Energy said Oct. 13 it reduced 2022Q4 capital guidance by 15 percent and maintained production guidance. The Permian-focused company now estimates 2022Q4 capital expenditures of $42 million to $46 million – down from its previous estimate of $50 million to $54 million. Ring plans to complete and place on production the remaining […]
Laredo Petroleum expects decrease in production in fourth quarter
Tulsa-based Laredo Petroleum said Oct. 18 it expects 2022Q4 production to be 72,500 to 75,500 boed and oil production to be 32,000 to 34,000 b/d – down from third quarter production. Capital expenditures in 2022Q4 will be $135 million to $145 million – in line with 2022Q3. The Permian-focused operator said 2022Q3 production was 79,500 […]
Declining DUC count, gas pipeline constraints may reduce oil production
U.S. Energy Information Administration said this week the nation’s crude oil production could be limited by the declining number of DUC wells (drilled but uncompleted) and natural gas pipeline constraints. More wells were completed than drilled in U.S. from July 2020 through September 2022, and the number of DUC wells fell to 4,333 – fewest […]
Northern Oil and Gas acquires more assets in Midland County
Minneapolis-based Northern Oil and Gas said last week it is acquiring a 36.7 percent interest in the Mascot project of Midland-Petro DC Partners for $330 million. The acquired assets in Midland County are expected to average 4,400 boed in 2023Q1 and 6,450 boed for 2023. NOG said Oct. 19 it also is acquiring an interest […]
East Daley forecasts tight takeaway capacity for gas pipelines from Permian
East Daley Analytics said Sept. 30 falling Permian Basin prices for natural gas put a spotlight on pipeline takeaway capacity. East Daley forecast Permian Basin egress to tighten by late 2022 “yet the steep discounting at Waha suggests takeaway is already tight.” Reduced exports to Mexico also have put pressure on Permian prices, according to […]
U.S. count reaches 2022 high of 769 rigs, 346 in Permian, 365 in Texas
U.S. reached a 2022 high of 769 active drilling rigs in the weekly count from Baker Hughes as of Oct. 14 after gaining 7 in the past week (543 a year ago). Also, Baker Hughes said there were 346 rigs in Permian Basin (up 1 in past week, up 79 in past year), 365 in […]
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