“I’m sort of a watch maker more than I am a deal maker.” That’s one way Halliburton President and CEO Jeff Miller describes himself. “I’ve always been fascinated by how we do work and how we control work.” His goal is to create “the least amount of friction” with the most efficiency and safety. Boiling […]
Most oil production in New Mexico comes from wells on federal lands
Officials from Federal Reserve Bank of Dallas said about two-thirds of the record amounts of oil production in New Mexico comes from production on federal land. Oil production in the state comes from lands where private, state, federal or Native American tribes control the mineral rights. Most production on the Permian portion of New Mexico […]
Mentor Capital purchases royalty acres in 71-well project in Permian Basin
Plano-based Mentor Capital said last week it purchased 25.127 net royalty acres in a 71-well producing project in Permian Basin. Mentor said its royalty stream is equivalent to 12.5 percent of oil and gas revenues for its acreage. The average production for Mentor’s portion of the project is 10 barrels of oil per day plus […]
New Mexico ‘becoming energy powerhouse,’ surpasses 2 million b/d in 2024
Officials from Federal Reserve Bank of Dallas said New Mexico “has quietly become an energy powerhouse” and now ranks No. 2 in oil production in the U.S. Production in the state surpassed 2 million barrels per day in 2024 – more than double that of 2019 (about 0.9 million b/d). Exploration in Eddy and Lea […]
Movers and Shakers
Hirings, promotions, and other personnel matters in the nation’s biggest oil patch—or in companies who do business here. Midland-based Diamondback Energy announced on Feb. 20 that Travis D. Stice, who has led Diamondback as Chief Executive Officer since January 2012, will step down as CEO effective as of the Company’s 2025 Annual Meeting of Stockholders. At […]
Rig count down for fourth straight week in Permian, lowest since February 2022
Count of active drilling rigs fell for the fourth straight week in Permian Basin, according to Baker Hughes in its weekly report of March 28. There were 297 rigs in Permian – down from 300 the previous week and down from 316 a year ago. It’s Permian’s lowest count since 294 rigs in February 2022 […]
Elk Range Royalties follows Permian acquisition with 250,000 net acres from Oxy
Dallas-based Elk Range Royalties said recently it closed a deal to acquire 250,000 net royalty acres from affiliates of Occidental Petroleum for $905 million. Elk said the assets in DJ Basin include a mix of current production, near-term activity through DUC wells (drilled but uncompleted) and long-term growth through undeveloped locations. These include assets being […]
Texas produced record volumes of crude oil, natural gas in 2024
Texas produced 2.003 billion barrels of crude oil in 2024 – a record volume, according to Railroad Commission of Texas, and the first time for the state to top 2 billion barrels in one year. The commission said March 26 that Texas produced 2,003,844,281 barrels of oil to better the recent records of 1.99 billion […]
Company Sets Itself to “Reshore” Oilfield Chemicals
Potential tariffs and supply chain instability are forcing oil and gas companies to rethink offshore sourcing and search for reliable, domestic chemical supply. Until recently, few such options have presented themselves. A newly launched (and employee-owned) Houston-based chemicals company now asserts that it is transforming the O&G supply chain with its distribution model. Centrium Energy […]
DUC Hunt: What the 2025 Drawdown Means
Enverus Intelligence Research (EIR), a subsidiary of Enverus, an energy-dedicated SaaS company that leverages generative AI, released on Feb. 12 a report that analyzes recent inventories of drilling uncompleted wells (DUCs) and the implications for 2025 budgets. DUCs provide operators with strategic flexibility, financial benefits, and operational efficiency, making them a crucial aspect of the […]