Texas Petro Index from Texas Alliance of Energy Producers increased for second straight month and third time in five months this year. The index, based on a comprehensive set of economic indicators in the industry, was 143.1 in May – up from 139.7 in April and 138.3 in March. The index prepared by economist Karr […]

Texas was the only major producing state to report a decline in count of active oil and gas drilling rigs in the past week, according to Baker Hughes. As of July 16, there were 222 rigs in Texas (224 week ago, 104 year ago), 238 rigs in Permian Basin (237 week ago, 124 year ago), […]

U.S. Energy Information Administration said another small increase is expected next month in crude oil production in seven major U.S. shale regions – led again by Permian Basin. Permian will grow by 53,000 barrels per day to 4.700 million b/d from 4.647 million b/d. Production in seven regions will grow by 42,000 b/d to 7.907 […]

Houston-based Patterson-UTI said July 6 it has agreed to acquire San Antonio-based Pioneer Energy Services for about $295 million in stock and cash, which includes retirement of all debt of Pioneer. Transaction between the two Permian Basin operators is expected to close in 2021Q4. Patterson-UTI will add 16 super-spec drilling rigs from Pioneer to its […]

Rig counts in the top five U.S. basins were unchanged in the past week, according to the weekly report of July 9 from Baker Hughes. Permian Basin has 237 rigs (125 a year ago), Haynesville has 49 (33 a year ago), Eagle Ford has 32 (9 a year ago), Marcellus has 28 (27 a year […]

Oil companies continue to draw down their inventory of unfinished wells, according to Houston Chronicle, “as they put off new drilling to satisfy investors who want to see financial discipline after the pandemic-driven oil bust.” U.S. Energy Information Administration said as of May 2021 in seven major tight oil and natural gas shale basins there […]

St. Augustine, Fla.-based Maverick Energy, independent oil and gas exploration company, said June 21 it acquired the 167-acre Davis lease in Jones County in west Texas. The all-cash acquisition includes the Bonnie Davis #1 well that was recently drilled, logged and cased to depth of 3,150 feet with three potentially commercially productive zones. Maverick said […]

Houston-based Surge Energy said June 30 it surpassed 100 million gross barrels of oil equivalent produced since the company assumed operation of Moss Creek asset in 2016. Surge also said it has paid more than $900 million in royalty payments to mineral owners and $165 million to the State of Texas and several counties in […]