Permian Basin extended its losing streak to five weeks in Baker Hughes’ latest weekly drilling rig report.  As of April 4, there were 294 active rigs in Permian Basin (down 3 from 297 previous week, down 23 from 317 year ago).  The high count for Permian this year was 305 as of Feb. 28 after […]

Houston-based Phillips 66 said last week it completed the previously announced acquisition of EPIC Y-Grade GP and EPIC Y-Grade for $2.2 billion.  The EPIC NGL assets include two fractionators in Corpus Christi with a combined capacity of 170,000 b/d, 350 miles of purity distribution pipelines, and an 885-mile NGL pipeline with capacity of 175,000 b/d […]

Four new members will be added to the Petroleum Hall of Fame Thursday at Bush Convention Center in Midland.  W.E. Connell, Jack D. Hightower, Autry C. Stephens and Peggy C. Worthington were selected by the board of the Permian Basin Petroleum Museum.  Since Frank T. Pickrell of El Paso was first inducted in 1968, there […]

Officials from Federal Reserve Bank of Dallas said about two-thirds of the record amounts of oil production in New Mexico comes from production on federal land.  Oil production in the state comes from lands where private, state, federal or Native American tribes control the mineral rights.  Most production on the Permian portion of New Mexico […]

Plano-based Mentor Capital said last week it purchased 25.127 net royalty acres in a 71-well producing project in Permian Basin.  Mentor said its royalty stream is equivalent to 12.5 percent of oil and gas revenues for its acreage.  The average production for Mentor’s portion of the project is 10 barrels of oil per day plus […]

Officials from Federal Reserve Bank of Dallas said New Mexico “has quietly become an energy powerhouse” and now ranks No. 2 in oil production in the U.S.  Production in the state surpassed 2 million barrels per day in 2024 – more than double that of 2019 (about 0.9 million b/d).  Exploration in Eddy and Lea […]

Count of active drilling rigs fell for the fourth straight week in Permian Basin, according to Baker Hughes in its weekly report of March 28.  There were 297 rigs in Permian – down from 300 the previous week and down from 316 a year ago.  It’s Permian’s lowest count since 294 rigs in February 2022 […]

Dallas-based Elk Range Royalties said recently it closed a deal to acquire 250,000 net royalty acres from affiliates of Occidental Petroleum for $905 million.  Elk said the assets in DJ Basin include a mix of current production, near-term activity through DUC wells (drilled but uncompleted) and long-term growth through undeveloped locations.  These include assets being […]