New Mexico Legislature Adjourns, Texas Lawmakers Pick up the Pace The first session of New Mexico’s 55th Legislature has adjourned. “What a session it was!” shared Stephen M. Robertson, executive vice president of the Permian Basin Petroleum Association (PBPA). All committees and floor sessions were held virtually. Testifying in committee was made difficult with varying […]
The Specs on SPACs
“SPACs” are all the rage, but acquisition concerns loom. Special purpose acquisition companies (“SPACs”), also known as “blank check companies,” have always been a component of the capital market landscape. Touted for their ability to help private companies go public faster without the costly and rigorous process involved in a traditional initial public offering (IPO), […]
Abbott Opens Texas 100 Percent
Texas Governor Greg Abbott issued an executive order March 2 lifting the mask mandate in Texas and increasing capacity of all businesses and facilities in the state to 100 percent. The Governor made the announcement at Montelongo’s Mexican Restaurant in Lubbock in an address to the Lubbock Chamber of Commerce. Oil and gas industry observers […]
Let’s Dig a Little Deeper
Like the old saying goes, there are only two kinds of people when it comes to digging or doing excavation work. There are (1) those who have hit a line, and (2) those who are going to. I do not know anyone who has not hit a line unless they just started digging for the […]
Apache to add rig in Permian Basin; Cimarex to focus on Delaware Basin
Houston-based Apache Corp. said last month in its quarterly report that it plans to add a second drilling rig in Permian Basin by midyear in a return “to a very modest level of activity in the U.S.” John J. Christman IV, CEO, said Feb. 25 that Apache will boost upstream capital spending in 2021 by […]
Texas nonprofit group proposes to plug orphan oil, gas, water wells
A new Texas-based group is proposing a shift in responsibility for plugging and abandoning orphan wells to the nonprofit sector rather than government agencies. RigZone said earlier this month that the Texas Well Protected Energy Foundation is seeking 501c3 status with U.S. Internal Revenue Service to operate as a nonprofit organization focused on plugging and […]
Bloomberg: Methane emissions in Permian return to pre-pandemic levels
Bloomberg reported this week that methane emissions from the Permian Basin have rebounded. Data came from the Permian methane analysis project of the Environmental Defense Fund. Emissions declined 60 percent in March and April 2020 as producers shut wells because of the pandemic and declining crude oil prices. “But methane emissions are now back at […]
Texas, Montana, 19 other states file suit on Keystone XL pipeline
Attorneys general from Texas and Montana are lead plaintiffs in a suit filed March 17 by 21 states in an attempt to overturn President Joe Biden’s decision to revoke the cross-border permit of TC Energy Corp.’s Keystone XL oil pipeline from Canada to the U.S. The states argued Biden had no legal authority for his […]
Eddy County adds 7 rigs in past week to lead Permian count with 37
Led by Eddy County, New Mexico, the count of active oil and gas drilling rigs in Permian Basin increased for the eighth straight week, according to the March 19 report from Baker Hughes. Eddy County added 7 rigs in the past week for a current total of 37. Permian Basin has 216 rigs (up 4 […]
EIA forecasts modest increase in oil production in Permian Basin in April
Permian Basin is the only one of seven major producing regions in U.S. expected to increase crude oil production next month by U.S. Energy Information Administration. In its latest drilling productivity report, EIA said Permian Basin is forecast to produce 4.292 million barrels of oil in April – up 11,000 b/d from 4.281 million b/d […]
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