Texas comptroller Glenn Hegar recently said oil production tax revenue in Texas totaled $586 million in October – up 8 percent from October 2022 – but overall state sales tax receipts were down 0.3 percent from a year ago. State sales tax revenue in October of $3.81 billion is based on sales made in September […]
Report: U.S. drilling day rates flatten after four months of losses
The decline in U.S. drilling day rates slowed to a near standstill in October, according to Enverus, as the U.S. composite rate declined to $23,621. That’s down only $2 from $23,623 in September after falling $838 in the previous four months, according to the Enverus Day Rate Survey. Three of the survey’s seven regions rose, […]
Labor department data show wages for U.S. oil workers climbed in September
Bloomberg recently reported wages for U.S. oilfield workers climbed in September for the third straight month “as paychecks prove resilient amid slowing shale activity.” Average hourly earnings for frontline oil and natural gas workers rose 0.9 percent in September from the previous month to $43.63, according to a report released Nov. 3 by the U.S. […]
Permian Basin, U.S. add active drilling rigs in past week
Permian Basin and U.S. each added drilling rigs for the first time in three weeks, according to the weekly report of Nov. 17 from Baker Hughes. There were 311 active rigs in Permian Basin (310 previous week, 349 year ago) and 618 in U.S. (616 week ago, 782 year ago). Also as of Nov. 17 […]
Durango Midstream receives financing for Kings Landing in Eddy County
The Woodlands-based Durango Midstream said recently it received commitments from commercial banks – led by Wells Fargo Bank National Association – to support expansion of Kings Landing gas gathering and processing facility in Eddy County, N.M. Phase I of the project is expected to be placed into service in 2024Q4 and includes 200 million cfd […]
The Ability to Drill a Crooked Hole on Purpose
The horizontal drilling techniques of today’s oil patch are the culmination of a long series of technological advances begun in the earliest days of the oil and gas industry. Originally, directional drilling—or sidetracking—using a variety of deflection drilling devices was developed to solve a number of problems associated with well drilling. In those very first […]
DOE to purchase 1.2 million barrels of oil for SPR at average price of $77.57
U.S. Department of Energy said Monday it will purchase 1.2 million barrels of oil to help replenish the nation’s strategic petroleum reserve. The purchases will be made at an average price of $77.57 per barrel from two companies after 18 bids were submitted. Reuters reported, “The administration of President Joe Biden last year conducted the […]
MPLX reports completion of Whistler pipeline expansion
Findlay-based MPLX recently said expansion of the Whistler pipeline was completed at the end of the third quarter. The 450-mile pipeline (42 inches) moves natural gas from Waha in Permian Basin to Agua Dulce in south Texas. It was increased from 2.0 Bcfd to 2.5 Bcfd through the installation of three new compressor stations. MPLX […]
BlackRock invests $550 million with Oxy to develop DAC plant in Ector County
Houston-based Occidental Petroleum said recently private equity firm BlackRock will invest $550 million on behalf of its clients in development of Stratos, the world’s largest direct air capture facility in Ector County. Oxy said Nov. 7 BlackRock signed an agreement to form a joint venture with Occidental through its subsidiary 1PointFive, which will own Stratos. […]
Ovintiv increases 2023 production guidance after integration of Permian assets
Denver-based Ovintiv reported last week production in Permian Basin in third quarter of 194,000 boed (83 percent liquids). The company is increasing fullyear 2023 production guidance to 550,000 boed to 560,000 boed on strong well productivity and faster-than-expected integration of Permian assets acquired in multi-billion dollar deals earlier this year. Fullyear capital investment is now […]