Rig count in Permian Basin remained 350 as of Dec. 16, according to Baker Hughes, while the count of active drilling rigs in Texas declined for the fourth straight week to 367.  There were 370 in Texas the previous week and 275 a year ago.  Also, there are 107 rigs in New Mexico (106 last […]

San Ramon, Calif.-based Chevron said Dec. 7 its consolidated upstream spending in 2023 is expected to be $11.5 billion, including $8.0 billion in U.S. and $4.0 billion in Permian Basin.  The total is at the high end of 2022-26 guidance and more than 25 percent above 2022 spending. Chairman and CEO Mike Wirth said, “We’re […]

In its Dec. 8 announcement of corporate plans for its next five years, Irving-based ExxonMobil said production in Permian Basin is forecast to grow to more than 800,000 boed by 2027 compared to 560,000 boed in 2022Q3.  Chairman and CEO Darren Woods and CFO Kathy Mikells said Exxon will spend 70 percent of capital investments […]

Railroad Commission of Texas activated personnel after a second earthquake within a month of magnitude 5.4 occurred Dec. 16 in west Texas centered about 14 miles north northwest of Midland in Martin County.  Commission said its inspectors are examining disposal activity at injection wells near the earthquake in Gardendale seismic response area (SRA).  In December […]

The late F. Marie Hall along with Kenneth B. Nolen, Edward E. Runyan and Don L. Sparks have been named to the Petroleum Hall of Fame of the Permian Basin Petroleum Museum.  They will be honored April 30, 2023, at Bush Convention Center in Midland.  Their selections bring the number of members in the Hall […]

Midland-based Permian Resources said last month its average daily crude oil production in 2022Q3 increased to 48,499 barrels (33,529 barrels a year ago) and 92,003 boed (65,121 boed a year ago).  Permian Resources was formed Sept. 1 with the merger of Delaware Basin assets of Centennial Resources and Colgate Energy.  The company operated 8 drilling […]

Steven H. Pruett, president and CEO of Midland’s Elevation Resources, has been named board chairman for the 2022-24 term of Independent Petroleum Association of America (IPAA), a Washington, D.C.-based advocacy firm.  Pruett is former chairman of the Permian Basin Petroleum Association.  A graduate of University of Texas with an MBA from Harvard Business School, he […]

Count of active drilling rigs in U.S. declined for the first time since October, according to Baker Hughes.  In its weekly report of Dec. 9, Baker Hughes said there were 780 rigs in U.S. – down from 784 the previous week but up from 576 a year ago.  Rig count in Permian Basin was unchanged […]

Because of surging oil and gas production, inflation and wage growth, government officials in New Mexico said Monday an estimated $3.6 billion in “new money” – the difference between forecasted revenue and current spending – will be available for the legislature for the next fiscal year that begins in July 2023.  Economists said about two-thirds […]