State of New Mexico is scheduled to receive $25 million in October to clean abandoned oil wells and another $18.7 million later from the U.S. Department of Interior.  Interior is sending $560 million to 24 states to clean orphaned wells.  The state’s Oil and Conservation Division identified about 1,700 abandoned wells in New Mexico, and […]

Texas led a rebound in drilling rig counts in the past week, according to Baker Hughes.  Texas added 5 rigs to reach a count of 364 to reverse a trend of declines in 4 of the past 5 weeks (239 year ago).  Also as of Sept. 16, there were 343 rigs in Permian Basin (340 […]

U.S. Energy Information Administration continues to grow its forecast of oil production from Permian Basin.  In its drilling productivity report of Sept. 12, EIA said production for October 2022 is expected to be 5.413 million barrels per day – up 66,000 b/d from 5.347 million b/d in September.  Across seven major oil producing regions, EIA […]

Arlington-based U.S. Energy Development Corp. said last week it has made three additional acquisitions of assets in Delaware Basin for a total of $60 million.  U.S. Energy will partner with operators in 17 new wells in three counties.  Jordan Jayson, chairman and CEO, said Sept. 13, “We anticipate approximately $100 million of new production to […]

Denver-based Sitio Royalties and Austin-based Brigham Minerals said Sept. 6 they will combine in an all-stock merger with an aggregate enterprise value of about $4.8 billion.  The combination brings together two of the largest public companies in the oil and gas mineral and royalty sector with complementary high-quality assets in Permian Basin and other oil-focused […]

Tulsa-based Williams Field Services Group recently acquired NorTex Midstream, a fully contracted natural gas pipeline and storage company in north Texas, from an affiliate of Tailwater Capital for $423 million.  The assets include 83 miles of natural gas transmission pipelines, 36 Bcf of natural gas storage in Eastland and Jack counties, and Tolar natural gas […]

Baker Hughes’ count of active drilling rigs in Permian Basin continued its retraction in the weekly report of Sept. 9.  There were 340 rigs in Permian – down from 342 the previous week but up from 254 a year ago.  It’s Permian’s sixth decline in the last eight weeks from a 2022 high of 351 […]

Houston-based Palisade Pipeline said recently it will build Rail Runner, produced water pipeline system, in the Watco Railroad right-of-way from Lea County, N.M., to Winkler County, Texas, along SH 18.  Rail Runner will transport produced water from northern Delaware Basin to saltwater disposal well systems in Winkler County.  Palisade said Aug. 30 its infrastructure also […]