The speed at which new rigs are put to new developments is considerably less than in previous price cycles. Most U.S. shale producers are being conservative in their production and capital guidance, as priorities remain fixed on protecting balance sheets and generating free cash flow. For many operators, this has led to a drawdown of […]
Is the Electric Vehicle Game About to Change?
By Steve Hendrickson, president of Ralph E. Davis Associates Electric vehicles (EVs) and their hybrid cousins have been a long time coming. It seems all of the automakers have dabbled in them at one time or another, and to varying degrees, but most had small production numbers and failed to generate a profit. Tesla finally […]
Diamondback, affiliate Viper increase forecast for oil production in 2021
Midland-based Diamondback Energy said Aug. 2 it increased 2021 oil guidance to 219,000-to-222,000 barrels per day (up from 212,000-to-216,000 b/d forecast earlier) and lowered full-year 2021 cash capital expense guidance to $1.525 billion-to-$1.625 billion – down 6 percent at midpoint from $1.60 billion-to-$1.75 billion. Oil production in Permian Basin in 3Q is forecast to be […]
New Mexico reports 80 drilling rigs for first time since April 2020
New Mexico added another drilling rig in the past week, according to Baker Hughes, to reach 80 active oil and gas rigs for the first time since April 2020. There were 47 rigs in New Mexico a year ago. Baker Hughes said as of Aug. 20 also there were 231 rigs in Texas (232 week […]
Oil production in Permian to increase to 4.805 million b/d in September
U.S. oil production from seven major shale formations is forecast to grow by 49,000 barrels per day in September, according to drilling productivity report of Aug. 16 from U.S. Energy Information Administration. That growth is led by Permian Basin, which is expected to increase by 49,000 b/d from 4.756 million b/d in August to 4.805 […]
Halliburton executes SmartFleet fracturing system in Permian Basin
Houston-based Halliburton Co. said Aug. 19 it successfully executed its SmartFleet intelligent fracturing system with a major operator in Permian Basin. Aaron Hunter, vice president-Midland Basin for ConocoPhillips, described SmartFleet as “a tool that provides valuable insights into subsurface fracture placement. These insights lead to informed decisions that improve fracture performance.” Halliburton vice president Michael […]
Targa to build Legacy plant in Midland Basin, relocates Heim plant
Houston-based Targa Resources said Aug. 5 it will construct a cryogenic processing plant, Legacy (250 million cubic feet per day), in Midland Basin, and it completed relocation of another processing plant (200 MMcfd) to Midland Basin from north Texas. The $70 million Legacy plant is expected to begin commercial operations in 2022Q4. The Longhorn plant […]
De Nora finishes Phase I of wastewater recycling project in Delaware Basin
Milan, Italy-based De Nora, global provider of water and wastewater treatment solutions with a water technologies office in Sugar Land, said Aug. 11 it completed Phase I of a large wastewater recycling project in Delaware Basin. De Nora said it achieved produced water rates exceeding 140,000 barrels a day or more than five million barrels […]
Facing the Challenges
The interim for the Texas Legislature lasted a brief 38 days as Texas Governor Greg Abbott called on the legislature to return to the Texas Capitol and continue working on at least 11 items of importance. The 87th Regular Legislative Session did prove beneficial to so many Texas energy communities and the state adopted a […]
Patterson chief: Increased activity could leave rig customers “scrambling”
CEO of Permian Basin driller Patterson-UTI said recently that Q3 will produce a higher growth in rig count that might leave some customers scrambling for rigs. Andy Hendricks told reporters July 29 that Patterson-UTI already has signed contracts to operate an average of 24 rigs through 2022Q2 – including an international E&P company that will […]
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