Denver-based Centennial Resource Development said Nov. 2 in its quarterly financial report that the completion of Phase II of its electric substation in 2020Q3 in Reeves County enabled it to convert wellsites from generator power to the electric grid, reduce field emissions and lower equipment rental costs. Also during 2020Q3, Centennial completed 5 previously drilled […]

Denver-based QEP Resources said Oct. 28 in its quarterly financial report that it drilled 9 gross horizontal wells in Permian Basin in 2020Q3 with average lateral length of 12,548 feet. Production for the quarter was 4.4 million boe – a decrease of 23 percent from 2019Q3. “The decrease was a result of decreased drilling activity […]

Houston-based Occidental Petroleum said Nov. 9 in its quarterly financial report that it plans to add 2 rigs each in Texas and New Mexico in Permian Basin to bring its total to 7 rigs by yearend. Occidental said in 2020Q4 it expects 360,000 to 380,000 boed to come from Permian sources, which exceeded the high […]

Texas added 6 rigs for the second straight week, and the U.S. count of active oil and gas drilling rigs increased for the ninth straight week as of Nov. 13, according to Baker Hughes. U.S. has 312 rigs (300 previous week), Texas has 154 (147 previous week), Permian Basin has 145 (139 previous week) and […]

The ability of Texas Commission on Environmental Quality to detect airborne pollution has improved after a series of additions and enhancements to its emergency response assets. TCEQ said last week in Houston $1 million from the Texas legislature in 2019 allowed the agency to upgrade two existing mobile air-monitoring vans and purchase a third, enabling […]

Osl0-based research firm Rystad Energy said last week drilling rights in the Permian Basin averaged about $24,000 per acre in recent transactions – down 67 percent from 2018. And across U.S. shale plays, the average price has declined to about $5,000 per acre compared to $17,000 two years ago. Bloomberg said that “the plunge in […]

Denver-based SM Energy said last month it will add a second completions crew in Midland Basin in 2020Q4 as part of its capital expense budget of $203 million to $208 million. Full year expenditures will be $605 million to $610 million. Production for 2020 is forecast at 45.2 million to 46.2 million boe (123,500 to […]

Houston-based Plains All American Pipeline said last week estimated production in Permian Basin will remain flat through 2020Q4 and 2021 and also “warned that other basins could have extended declines,” according to Reuters. Jeremy Goebel, executive vice president, said Nov. 2, “What we’re seeing most producers do is … stabilizing now using drilled and uncompleted […]

Austin-based Parsley Energy, independent crude oil and natural gas company focused on Permian Basin, said last month net oil production for 2020Q3 decreased about 1 percent from 2019Q3, but increased about 21 percent year-over-year to 111,000 barrels per day. Total 2020Q3 net production averaged 183,200 boed. Parsley placed on production 26 gross operated horizontal wells […]