Wow, how did it get to be 2025? The year 2024 was a big one for mergers and acquisitions, and I reviewed many of these a few issues back. With these M&As, lots of people lost their jobs, changed their jobs, and got to put buyout money in their bank accounts. There appear to be […]
Texas adds 1 rig for 285 as Permian and U.S. counts remain unchanged last week
Texas added a drilling rig to start the new year while rig counts for Permian Basin, New Mexico and U.S. remain unchanged last week. In Baker Hughes’ weekly report of Jan. 3, Texas added 1 rig last week to reach 285 (down 23 or 7 percent from 308 a year ago). Also, there were 304 […]
Upstream oil and gas employment in Texas declines in November
Employment in the upstream oil and gas industry in Texas showed a decline in November following five consecutive months of growth, according to data from U.S. Bureau of Labor Statistics. Austin-based Texas Independent Producers and Royalty Owners Association said direct upstream employment in Texas for November totaled 194,400. That’s a decrease of 1,500 jobs from […]
ExxonMobil drills and completes 1,000th horizontal well in NM Delaware
Spring, Texas-based ExxonMobil said recently it drilled and completed its 1,000th horizontal well in the New Mexico portion of the Delaware Basin since 2017. Its recent acquisition of Pioneer Natural Resources more than doubled the company’s Permian footprint and created what Exxon called “an industry-leading U.S. unconventional portfolio.” Scott Buechler, production manager for Exxon’s Delaware […]
Coterra Energy acquires additional royalty acres in Permian Basin
Houston-based Coterra Energy said last week it is acquiring an additional 1,650 net royalty acres in Permian Basin from Sandia Minerals. Purchase price is $43 million to the Denver-based company. Coterra’s newest purchase complements its earlier $3.95 billion deal with Franklin Mountain Energy and Avant Natural Resources. Investing.com said Dec. 28, “The agreement underscores Coterra’s […]
In the Best Basin Tradition
The oilfield legacy of this year’s Permian Basin Petroleum Association Top Hand, Dennis Johnson, looms wide and, as with any oil legacy, deep into the earth. He will be presented the award the evening of January 18 at Midland’s Petroleum Club. Currently Chairman and CEO of Summit Petroleum LLC, he previously had the vision to […]
Summit’s Dennis Johnson to receive 2024 PBPA Top Hand Award
Dennis Johnson of Midland’s Summit Petroleum will receive the 2024 Top Hand Award from Permian Basin Petroleum Association at a dinner Thursday, Jan. 16, 2025, at Petroleum Club of Midland. Johnson is chairman and CEO of Summit, which he co-founded in 2007. A graduate of Texas A&M, he previously was president, COO and partner in […]
Permian Basin reports 304 rigs for fourth week, Texas down 1 to end year at 284
Baker Hughes reported in its final weekly report of 2024 there were 304 active drilling rigs in Permian Basin for the fourth straight week. As of Dec. 27, there were 284 rigs in Texas (down 1 in past week, down 25 in past year), 103 in New Mexico (unchanged in past week, up 6 in […]
Forbes reports record U.S. oil production in 2024 of 13.249 million b/d
Forbes said recently that preliminary data from U.S. Energy Information Administration show U.S. crude oil production reached a record 13.249 million barrels per day by Dec. 13, 2024, and cumulative production this year is estimated at 4.611 billion barrels by that date. That was only 110 million barrels shy of the previous annual record so […]
ProPetro announces its fourth contract for electric hydraulic fracturing services
Midland-based ProPetro Holding said recently it entered another term contract to provide electric hydraulic fracturing services to a large independent oil and gas operator in Permian Basin. Sam Sledge, CEO, said Dec. 19, “We now have four electric fleets on term contracts and continue to experience industry-leading performance from our active fleets that are delivering […]