Geneva-based Vitol, global energy and commodity trading company, said last week it is selling its U.S. upstream company VTX Energy Partners to Houston-based Verde Operating Co. for an undisclosed sum. VTX was created in 2022 by Vitol and currently produces 60,000 boed in southern Delaware Basin in Pecos and Reeves counties. Gene Shepherd, a member […]
Counts decline last week of drilling rigs in Texas, Permian Basin, U.S.
Rig counts declined in the past week in U.S., Texas and Permian Basin, according to the weekly report of July 24 from Baker Hughes. It was the first decline in Texas after 14 straight weeks of flat or increased rig counts since April 10. There were 258 rigs in Permian (down 1 in the past […]
Kimbell Royalty Partners purchases interests in Permian, Eagle Ford, 2 others
Fort Worth-based Kimbell Royalty Partners recently said it purchased certain oil and gas royalty interests from affiliated sellers for $215.4 million ($74.9 million cash). The transaction includes 2,568 net royalty acres in premier areas of Permian Basin, Eagle Ford, Mid-Con and Appalachia. Production in 3Q is expected to average 2,347 boed. Bob Ravnaas, chairman and […]
Ovintiv increases production forecast for ‘high-return inventory’ in Permian
Fort Worth-based Ovintiv last week increased its forecast for production in Permian Basin and said it will spend about $1.325 billion to $1.375 billion in the play this year. Its assets in Permian averaged 231,000 boed (78 percent liquids) in second quarter with 38 net wells turned in line. Oil and condensate production is expected […]
In Defense of the Fourth Estate
As the United States reaches its 250th anniversary of its birth, many are looking back and looking forward. As for looking forward, if there’s one thing I wish for this country to possess in the years to come, it is a true, functioning news media, respected and heeded by the public. Only with that can […]
Matador reports successful results from first exploratory Woodford well in Lea
Matador Resources announced successful test results from its first exploratory well in the Woodford formation in southeast Lea County, N.M. The Rae’s Creek well recorded initial production rates exceeding 2,200 boed (72 percent oil) during its 24-hour test June 29. Matador said Thursday it’s still producing about 20 percent better than the average production of […]
Energy Transfer, Sunoco, two others announce move to Texas
Four oil and gas companies, including Energy Transfer, recently jointly announced their move from Delaware to Texas. The other three were Sunoco LP, SunocoCorp LLC and USA Compression Partners. The redomiciliations were effective July 6 (July 13 for market purposes). All four are now based in Dallas. Energy Transfer owns and operates one of the […]
TIPRO reports employment increase of 400 jobs in upstream industry in June
Texas Independent Producers and Royalty Owners Association said recently employment in the state’s upstream sector of the oil and gas industry increased by 400 jobs from May to June 2026. Using data from U.S. Bureau of Labor Statistics, TIPRO said service sector jobs increased by 1,300 (to 135,800) and jobs in oil and gas extraction […]
Matador Resources acquires Paloma Permian, Ridge Runner in Delaware
Dallas-based Matador Resources said Thursday it agreed to acquire assets in Delaware Basin from EnCap-backed Paloma Permian and Ridge Runner Resources. The transactions add producing assets, undeveloped acreage and about 300 net drilling locations. The deals increase Matador’s Delaware position to about 240,000 net acres. A subsidiary of Matador will acquire Paloma Permian for $1.275 […]
Reach Out and Up!
Welcome to this month’s edition regarding everyone’s favorite topic in the Oilfield… Safety! I am eager to present this month’s topic, because it’s about feedback. When I say feedback, I am referring to the feedback from the personnel in the field and from corporate as well. How many times do you actually solicit raw feedback […]