In 1789 after the finalization of the U.S. Constitution establishing a separation of powers between three branches of the federal government, Benjamin Franklin penned a letter to Jean-Baptiste Leroy which included a worry that even with Franklin’s enthusiasm for the document’s permanency “…in this world nothing can be said to be certain, except death and […]
Rig count declines for third straight week in Permian – first in two years
Drilling rig count in Permian Basin continues to decline. Baker Hughes said as of Aug. 19 there were 345 rigs in Permian – down 1 in the previous week but up 98 in previous year. The decline of three straight weeks in Permian rig count is the first since Baker Hughes’ reports of July 31, […]
Phillips 66 interest in DCP Midstream increases, declines in Gray Oak
Houston-based Phillips 66 said Aug. 17 it realigned joint venture midstream assets with Enbridge. Phillips 66 realigned economic and governance interests in DCP Midstream and Gray Oak pipeline through merger of existing JVs with Enbridge. Phillips 66’s economic interest in DCP increased to 43 percent from 28 percent, and it will oversee and manage the […]
EIA: Oil production in Permian to increase to 5.4 million b/d in September
Forecast of oil production in Permian Basin by U.S. Energy Information Administration continues to increase to record levels. In the latest drilling productivity report of Aug. 15, the EIA said production in Permian is expected to reach 5.408 million barrels per day in September – an increase of 79,000 b/d from August. Across the seven […]
Enterprise to expand three assets in Permian Basin
Houston-based Enterprise Products Partners said Aug. 3 it will expand three projects in west Texas to support production growth in Permian Basin. Enterprise will add a third plant at its Mentone cryogenic natural gas processing complex in Loving County by 2024Q1 to increase capacity by 300 million cubic feet per day and allow EPP to […]
Natural gas exports from west Texas to Mexico increase to 1.6 Bcfd in May
U.S. Energy Information Administration said last week pipeline exports from west Texas to Mexico averaged 1.6 billion cubic feet per day during May 2022 – the largest pipeline export from west Texas on record. Compared to 2021, pipeline exports from west Texas January through May 2022 increased by 12 percent to average 1.4 Bcfd. Natural […]
All for the Best
Places in Texas like Odessa, Midland, and Pecos, or places in New Mexico like Hobbs, Carlsbad, or Artesia, have much going for them in terms of quality jobs, high pay, and career opportunities. Those locales also have much going for them in other ways—in being home to great people, strong communities, and good values. Yes, […]
Rig counts decline in Permian Basin, U.S. for second straight week
Rig counts in Permian Basin and U.S. declined for the second straight week, according to Baker Hughes. As of Aug. 12, there were 346 rigs in Permian Basin (347 week ago, 246 year ago), 372 in Texas (373 week ago, 232 year ago), 104 in New Mexico (unchanged in past week, 80 year ago) and […]
Oxy, Pioneer, Diamondback report multi-billion-dollar profits for 2Q
Three additional Permian Basin operators who produce hundreds of thousands of barrels of crude oil have announced multi-billion-dollar profits for 2022Q2. Houston-based Occidental Petroleum reported $3.6 billion in profits for the quarter that ended June 30 compared to a $97 million loss in 2021Q2. Oxy produces about 1.1 million boed globally, including 493,000 boed from […]
Drilling permits issued in July 2022 reach highest in three years
The number of drilling permits issued in July 2022 for Permian Basin hit a three-year high of 1,526, according to Enverus and investment banking advisory firm Evercore. Houston Chronicle said that’s an increase of 22 percent from July 2021. In Texas oilfields, there were 901 approved drilling permits in July – an increase of 16 […]
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