Sooner or later, oil comes to the surface. It’s true in the world of nature. Any spillage of oil or gasoline on a lake or pond will float above the water. It’s true in the world of subsurface geology. Crude oil wants to rise to the surface of the earth. That’s why “traps” and anticlines […]
Elk Range Royalties acquires 2,600 net royalty acres in Permian Basin
Dallas-based Elk Range Royalties said Oct. 6 it has acquired Permian Basin royalty interests from an undisclosed seller. The assets include about 2,600 core net royalty acres in Delaware and Midland basins – primarily in Loving, Midland, Reeves and Upton counties in Texas and Lea County, N.M. The acreage includes about 250 producing horizontal wells […]
Permian adds rigs for tenth straight week, output reaches 4.8 million b/d
Permian Basin’s streak of consecutive weeks to add drilling rigs reached 10 as of Oct. 15, according to Baker Hughes. There were 267 rigs in Permian Basin (266 week before, 130 year before), 250 rigs in Texas (247 week before, 123 year before), 85 rigs in New Mexico (86 week before, 45 year before) and […]
Texas Petro Index posts first year-over-year increase in two years
Texas Petro Index posted its fifth straight monthly increase in August 2021 and its first year-over-year increase since June 2019. The index from economist Karr Ingham of Texas Alliance of Energy Producers reached 154.1 in August 2021 after 150.5 in July 2021 and 148.9 in August 2020. Ingham explained, “The rig count and industry employment […]
U.S. Energy Corp. to purchase oil, gas assets in west Texas, other regions
Houston-based U.S. Energy Corp. said Oct. 5 it agreed to purchase oil and gas assets from Lubbock Energy Partners, Synergy Offshore and certain entities controlled by Sage Road Capital in a deal valued at $99.5 million. The acquired assets represent a diversified, conventional portfolio of operated, producing, low-decline, oil-weighted assets in west Texas, Eagle Ford, […]
Pinon Midstream commissions Dark Horse sour gas treating plant
Houston-based Pinon Midstream said Oct. 12 that Dark Horse, its greenfield sour gas treating and carbon capture facility, and associated pipelines and infrastructure have been placed into service in Lea County, N.M., in Delaware Basin. Pinon said initial capacity of 85 million cfd is fully subscribed. The facility was built to capture and permanently sequester […]
Odessa’s Saulsbury awarded contract by Pinnacle for Dos Picos plant
Odessa-based Saulsbury Industries said Oct. 12 it has started work after being awarded a construction contract to design and install the Dos Picos cryogenic processing facility in Midland Basin for Houston-based Pinnacle Midstream II. Saulsbury said the facility (capacity 200 million cfd) will be its 60th cryogenic processing facility since 2006, including 22 in west […]
The Shield and the Spear
What happens when an immovable object is met with an irresistible force? Better yet, what happens when that immovable object is also the irresistible force? Well, you get something that is both the shield and the spear. You get Ben Shepperd, president of the Permian Basin Petroleum Association. Often times, the PBPA is a shield […]
Project Canary to monitor emissions for Chisholm in Eddy County
Fort Worth-based Chisholm Energy said Sept. 29 it contracted with Project Canary of Denver to install real-time air emissions monitoring devices on production facilities in Eddy County. Chisholm said it’s the first independent exploration and production company in the New Mexico portion of the Delaware Basin to seek independent TrustWell certification of its operations from […]
Permian, Texas, U.S. add rigs as oil settles above $80 for first time since 2014
Permian Basin and Texas continue to add drilling rigs as the price of a barrel of crude oil settled above $80 this week for the first time in seven years. Baker Hughes said as of Oct. 8 there were 266 rigs in Permian (263 previous week, 130 previous year), 247 rigs in Texas (243 previous […]
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