With the end of the Texas Legislative session taking place after the writing of this article, I can assure you that PBPA has worked diligently to provide oil and gas operators in the Permian Basin successes that would benefit them. One issue that became a lasting challenge throughout the session was the plain and simple […]
Navigating the AI Revolution
by Chuck Gallagher What is the hottest business topic this year? No, it’s not interest rates or an impending recession; it’s artificial intelligence. A recent survey indicated that 67 percent of IT professionals believe that generative AI will be a priority for their company within the next year and a half, despite ongoing concerns […]
Garrison Energy Holdings, new E&P company, launches in Midland
A new Midland-based exploration and production company has started with a $500 million line of equity financing from an unidentified institutional investor to pursue opportunities in Permian Basin. Garrison Energy Holdings will consider deals in Delaware and Midland basins, central basin platform and northwest shelf. Caleb Weatherl is CEO, and his father Steve is executive […]
U.S. rig count declines for fourth week while Permian, Texas counts increase
U.S. count of active drilling rigs fell for the fourth consecutive week, but the counts in Permian Basin and Texas reversed their three-week declines by adding rigs last week. Baker Hughes said as of May 26 there were 711 rigs in U.S., down 9 in the past week from 720 and down 44 in the […]
New Mexico BLM office conducts lease sale that nets $78.8 million
New Mexico field office of Bureau of Land Management conducted a lease sale last week on 45 parcels of land in Chaves, Eddy and Lea counties in New Mexico and Cheyenne County in Kansas on public lands managed by BLM field offices for Carlsbad, Roswell and Oklahoma. BLM said 37 parcels totaling 8,596.25 acres sold […]
Western Midstream to construct gas processing plant in Loving County
Houston-based Western Midstream Partners said last week it will construct a new cryogenic natural gas processing plant in Loving County in its west Texas gathering, processing and treating complex in Delaware Basin. The proposed plant, expected to be in service by yearend 2024, will have processing capacity of 250 million cfd. Western Midstream said expansion […]
New Mexico Update
By Jesse Mullins As we move deeper into the spring of 2023, oil and gas interests in New Mexico have much to be thankful for. Business is good. It can always be better, of course. But activity is strong. The biggest plus that New Mexico oil and gas can look to this spring is the […]
Next Bridge closes transactions to now own 100 percent interest in Orogrande
Fort Worth-based Next Bridge Hydrocarbons said last week is now owns 100 percent of working interest in the Orogrande project in Hudspeth County in west Texas on about 134,000 contiguous acres. Next Bridge closed a previously announced merger agreement with two companies (22.62 percent working interest), Wolfbone Investments and McCabe Petroleum, owned by its largest […]
Midland Basin operator HighPeak slows development plans, but maintains output
Fort Worth-based HighPeak Energy said recently it is altering its 2023 drilling and completion plans and dropping from four to two rigs next month for the remainder of 2023. HighPeak had already reduced its completion activity from four crews to two “to complete the operational DUC wells generated by the previous six-rig program.” The revised […]
EIA forecasts continued growth in Permian oil production to 5.707 million b/d
Crude oil production in Permian Basin is forecast to grow to 5.707 million barrels per day in June, according to the latest drilling productivity report from U.S. Energy Information Administration. That’s an increase of 15,000 b/d from May production of 5.692 million b/d. In the seven major producing regions, EIA forecasts production to grow by […]