Dallas-based Axis Energy Services and Brigade Energy Services said recently they are merging to “form the nation’s largest and most innovative well servicing company with the best-trained workforce.” The merger “combines two high-growth organizations that have pioneered new ways to create value for an oil and natural gas industry seeking to become more efficient, agile […]
Kinder Morgan to expand Gulf Coast Express pipeline, add Permian takeaway
Houston-based Kinder Morgan said last week it made final investment decision on its $455 million expansion of Gulf Coast Express pipeline to enable customers to move substantial additional natural gas from Permian Basin. Kim Dang, CEO, said Oct. 16 the expansion “will increase natural gas deliveries by 570 million cubic feet per day from the […]
Life in the Merge Lane
The shale revolution of the previous decade began with mantras of “drill, baby, drill,” interspersed with “spend, baby, spend,” and “buy small, grow fast, sell big, make money!” That didn’t work, as the resulting river of shale oil flooded the market and crashed prices. Only a lucky few made big money on that plan. […]
Chevron focuses on safety, environment in development in Delaware Basin
Houston-based oil and gas major Chevron said Monday its approach to developing the New Mexico side of the Permian Basin to 1 million boed by 2025 aligns with the state’s regulatory emphasis on safety and the environment. The company said it is using electrical compressors where possible rather than natural gas-fired compressors to power its […]
Enverus: M&A activity slows in third quarter of 2024
Calgary-based Enverus Intelligence Research said Wednesday the pace of M&A (mergers and acquisitions) upstream activity in third quarter slowed significantly “following 12 months of heightened consolidation in oil and gas.” The $12 billion in announced deals in 2024Q3 was the lowest quarterly total since the first quarter of 2023. Enverus attributed the decline “to a […]
Chevron aims for production of 1 million boed by 2025 in Permian Basin
Houston-based Chevron said this week it is increasing production in the New Mexico side of the Permian Basin. The oil and gas major aims to produce 1 million boed in the basin by 2025. Duncan Healey, the company’s New Mexico asset manager, said, “We see great potential there… Several factors have made it the place […]
Do Safety Guys Ever Really Retire (or do they just fade away)?
Welcome! Let me start off by saying that the title is just a rhetorical question. If you ask any safety person, they may say they have retired. Then if you do a small job around the house with them you will experience the fact that they do not retire. In that sense, they’re like the […]
ExxonMobil leads U.S., Permian in drilling rigs, Permian leads in frac crews
ExxonMobil is the most active driller in U.S. and Permian Basin, according to Enverus in its report of Oct. 8. Across the nation, ExxonMobil had 37 rigs followed by Occidental Petroleum and ConocoPhillips with 29 each, EOG Resources and Mewbourne Oil with 24 each, Continental Resources and Devon Energy with 21 each, Chevron with 19 […]
EIA reduces forecast for 2025 U.S. oil production to 11.3 million b/d
U.S. Energy Information Administration reduced its 2025 forecast for U.S. lower 48 states for crude oil production from last month by 1 percent to 11.3 million b/d. That reflects a downward revision to EIA’s WTI crude oil price forecast (to average $72/b in 4Q or $6/b lower than forecast last month). EIA said Oct. 8 […]
EIA reduces forecast for Brent crude oil spot price through yearend 2025
U.S. Energy Information Administration recently reduced its forecast for Brent crude oil spot price through the end of next year. EIA said Oct. 8 it expects the price to average $81 per barrel in 2024 ($83/b in previous forecast) and $78 per barrel in 2025 (down 7.7 percent from $84 per barrel predicted earlier for […]
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