Denver-based Ovintiv said April 28 its focus on operational efficiency and supply chain management led to 2021Q1 well costs at or below 2021 guidance. Ovintiv drilled 22 net wells and turned 24 net to sales in Permian Basin in 2021Q1. Drilling and completion costs averaged $480 per foot in 2021Q1 – down 11 percent from […]
Vencer Energy acquires Midland Basin assets of Hunt Oil Co.
Houston-based Vencer Energy, U.S. upstream unit of oil trader Vitol, said April 30 it agreed to purchase Midland Basin assets of Hunt Oil Co. Vencer is acquiring 44,000 acres in five counties with current production of 40,000 boed. Purchase price was not announced. The acquisition is the first for Vencer, which began last year. Ben […]
Be Prepared
In view of recent events of snow-mageddon that we all recently experienced in Texas, there arises the issue of being continually prepared. Any safety person worth their weight should play the “what if” game continually, as should anyone in any other position in the petroleum gas industry. When it comes to operations, safety, accounting, investments, […]
A Woman’s Prerogative
Over many decades, the Permian Basin’s Good Old Boy network found a lot of oil, pioneered a lot of recovery techniques, and made the Scharbauer Hotel the stuff of legend. Today’s networks are more inclusive, with women increasingly taking roles in field work, in skilled positions, in management, in corporate leadership, and in jobs up […]
State of Play: Where Are We Going?
We share below the full transcript of James Wicklund’s talk given at the April 1 membership luncheon of the Permian Basin Petroleum Association, held at the Midland Petroleum Club. We apologize that in a few spots there was a word or phrase that we were unable to transcribe, and if you will check back in […]
87th Texas Legislature: Capitol Update
During the 2021 Texas Legislative Session, representatives and senators are required by law to pass a balanced budget and address redistricting, the decennial redrawing of maps for the state’s congressional, legislative, and State Board of Education boundaries. The pandemic delayed the release of the updated U.S. Census, meaning redistricting will most likely be handled in […]
Platts says U.S. natural gas exports to Mexico could hit record levels
S&P Global Platts said Monday that U.S. natural gas exports to Mexico could hit record highs over the next two weeks – fueled by rising temperatures in Mexico and increased capacity of cross-border and downstream pipelines. In April exports to Mexico hit record levels of nearly 7 Bcfd accompanied by above-normal temperatures and a spike […]
Baker Hughes: New Mexico only state to add drilling rig last week
New Mexico was the only major producing state to add at least one active drilling rig in the past week, according to the April 23 report from Baker Hughes. New Mexico has 71 rigs (70 last week, 70 a year ago). Also, Permian Basin has 226 rigs (227 a week ago, 246 a year ago), […]
Energy department cancels oil, gas lease sales in New Mexico, 5 other states
Associated Press reported that officials of U.S. Department of Energy said April 21 oil and gas lease sales from public lands will be canceled through June amid the ongoing review of how the program contributes to climate change. The action does not affect existing leases, and the agency continues to issue new drilling permits during […]
Vortus, Stateline Operating partner to develop assets in Eddy County
Fort Worth-based private equity firm Vortus Investment Advisors said April 19 it will partner with newly formed Stateline Operating to develop assets in Eddy County, N.M. Fort Worth-based Stateline, a joint venture of Vortus and Flat Creek Resources, will be managed by Flat Creek with initial focus on existing oil-rich assets in Delaware Basin. Mike […]
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