Two laterals completed in December 2021 by ConocoPhillips in Upton County delivered a cumulative average of 170,821 boe (1,898 boed) per well in their first three months – Conoco’s highest in Upton County.  The two wells averaged 15,596 feet.  During a 24-hour test the wells delivered an average of 3,631 boed (85 percent oil).  Enverus […]

Crude oil production in Permian Basin continues to grow in forecasts by U.S. Energy Information Administration.  EIA said in its drilling productivity report of April 18 that production in May in Permian Basin is expected to reach 5.137 million barrels per day – 82,000 above April production of 5.055 million b/d.  Across the seven major […]

U.S. Department of Energy said last week it awarded contracts to 12 companies for 30 million barrels from the nation’s strategic petroleum reserve.  The emergency sale was conducted to support American consumers and the global economy in response to the war in Ukraine.  President Joe Biden authorized the release of one million b/d from the […]

Austin-based Infinity Water Solutions said last week it started construction of Mills Ranch #1, a commercial recycling facility in central Eddy County in northern Delaware Basin.  It’s Infinity’s second New Mexico-based, commercially permitted facility for receipt, storage, handling, treatment and recycling of nonhazardous produced water from oil and gas production.  Mills Ranch #1 will introduce […]

U.S. Department of Interior and leasing agent Bureau of Land Management said Monday the Biden administration is reducing the acreage offered in the next round of sales of new oil and gas leases for onshore federal lands by 80 percent and increasing the royalty rate to 18.75 percent from the current 12.5 percent.  Auctions are […]

Baker Hughes’ counts of active oil and gas drilling rigs continue to grow in Permian Basin, Texas and U.S.  As of April 14, there were 334 rigs in Permian (up 2 in past week, up 107 in past year), 346 in Texas (up 4 in past week, up 132 in past year) and 693 in […]

DKL Delaware Gathering, newly formed subsidiary of Brentwood, Tenn.-based Delek Logistics Partners, agreed to acquire 3Bear Delaware Holding-NM, subsidiary of 3Bear Energy with crude oil and gas gathering, processing and transportation businesses in Lea County in northern Delaware Basin.  The cash deal of $624.7 million, which marks Delek’s entry into Delaware Basin, also includes water […]

Research firm Rystad Energy said last week that horizontal drilling permits in Permian Basin reached an all-time high of 904 in March.  The four-week average increased to 210 for the week that ended April 4 – a record for horizontal permit approvals in the U.S. shale play over four weeks.  The Delaware and Midland portions […]