Tulsa-based Argonaut Private Equity said March 22 it acquired assets of Pioneer Well Services, subsidiary of Pioneer Natural Resources. Argonaut rebranded the operation in Permian Basin as American Well Services; it provides well service rigs for workover or completions and wellsite support, including fluid transfer, hot oiling, frac tank rental and wellsite construction. Assets include […]
Reporting for Duty
Greeting and salutations! I hope this month’s edition finds you doing well as we recover from the COVID-19 pandemic and the downturn in the oil and gas business. This month we are tackling an age-old issue—one not limited to our business but certainly a main factor. The issue is reporting incidents, accidents, and near misses. […]
“Never Going Back”
From the drill bit to the back office, information technology’s efficiencies and insights are helping the oil and gas industry survive and even thrive in more and more new ways every day. Case in point: a line on the Erdos Miller website points out that, 10 years ago, the words “technology” and “completions” would not […]
Texas adds 7,400 jobs in oil, gas industry recovery since September
Data from Texas Workforce Commission and Texas Oil and Gas Association show that the state’s oil exploration and production industry added 2,300 jobs in February and 7,400 jobs since September. That brings the total drilling and oil extraction employment in Texas to 164,900 jobs. Houston Chronicle said it’s “a sign that the industry is recovering […]
Evolution Petroleum acquires Barnett Shale assets for $23.25 million
Houston-based Evolution Petroleum said March 30 it agreed to acquire non-operated oil and gas assets in Barnett Shale from TG Barnett Resources, wholly owned subsidiary of Tokyo Gas America, for $23.25 million. The assets include 23,000 net acres held by production in nine counties in north Texas with current net production of 22 MMcfd of […]
Drilling expands at “fastest pace since start of pandemic”
Permian Basin added crude oil and natural gas drilling rigs for the 10th straight week, and U.S. added 13 rigs in the past week for its biggest gain since January 2020, according to the April 1 report from Baker Hughes. Permian has 224 rigs (up 3 in past week), Texas has 209 rigs (up 4 […]
Earthstone Energy acquires 20,300 net acres in Irion County in 2 deals
The Woodlands-based Earthstone Energy said April 1 it agreed to two deals to acquire privately held, operated assets in Midland Basin from Tracker Resource Development and an affiliate and also from affiliates of Sequel Energy Group. Aggregate purchase price is about $126.5 million. Assets include low-cost, stable, producing assets in complementary location to Earthstone operated […]
Pioneer acquires DoublePoint Energy to add 100,000 boed, 97,000 acres
Dallas-based Pioneer Natural Resources said April 1 it agreed to purchase leasehold interests and related assets of Fort Worth-based DoublePoint Energy in a transaction valued at $6.4 billion, including $900 million of debt. Enverus said it’s the largest acquisition of a U.S. exploration and production private company since 2011 and one of the largest private […]
The Legislature: An Appraisal
“Always do right. This will gratify some and astonish the rest.” —Mark Twain What about the 2021 Texas Legislature and your employees? As of February 1, 2021, more than 45 bills have been filed in the Texas Legislature addressing employers and employees’ requirements. There are still no bills relating to non-competition or non-solicitation agreements […]
The Deepest Dip
On April 20, 2020, the benchmark price of oil—WTI—fell to an unprecedented level of -$37.61 for May 2020 futures contracts. While this event was not on the level of the invasion of Normandy or the release of the next iPhone version, its shock waves ripped through oil and gas boardrooms around the world—mostly because it […]
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