In the first of two multi-billion-dollar transactions this week, Houston-based ConocoPhillips and Midland-based Concho Resources said Monday they agreed to combine in an all-stock transaction valued at $9.7 billion, not including Concho’s net debt of $3.9 billion. The combined company will be the nation’s largest independent oil and gas company with production of more than […]
Changing Students’ Lives
The always-busy Petroleum Museum is at its busiest this fall as the institution pushes into the last stages of obtaining funding for a prized project. Already showing itself to be an innovator and leader in education of children, the Museum now seeks to build a new STEM Education Center on the Museum’s grounds. (STEM stands […]
Taking Flight
As a cash-strapped oil patch wrestles with the competing issues of staffing and funding, more and more companies turn to various forms of automation/artificial intelligence and robotics in order to do more work with fewer people. In that scenario, drones have flown to the forefront as they’ve become more powerful and versatile. Advances in recording […]
Diamondback expects to maintain production in 2021 with less budget
Midland-based Diamondback Energy said Tuesday it expects to maintain 2020Q4 oil production through 2021 with a capital budget 25-to-35 percent less than 2020 capex. Average oil production in 2020Q3 was 170,000 b/d (287,300 boed); the company operated 32 gross horizontal wells and turned 41 wells to production in 2020Q3. Production forecast for 2020Q4 is 170,000 […]
Texas adds rigs for third straight week, U.S. gains for fourth straight week
Count of active oil and gas drilling rigs increased for the fourth straight week in U.S. and third straight week in Permian Basin as of Oct. 9, according to Baker Hughes. There were 130 rigs in Permian Basin (129 previous week, low this year of 117 Aug. 14) and 269 rigs in U.S. (266 previous […]
Breakwater Energy constructs largest recycling plant in Permian Basin
Houston-based Breakwater Energy Partners said Oct. 5 it constructed the largest recycling facility in Permian Basin for produced water from oilfield operations. Big Spring Recycling System, 80-acre facility in Howard and Martin counties, has throughput capacity of 250,000 barrels per day of recycled produced water. BSRS also owns or has access to disposal capacity of […]
Augustus pipeline by Centurion to begin service Dec. 1
Houston-based Centurion Pipeline said Oct. 6 its Augustus pipeline is on schedule and expected to begin service Dec. 1. Augustus will transport WTI, west Texas light and west Texas sour crude from Centurion’s terminal in Midland (storage capacity of 2 million barrels) to multiple long-haul pipelines originating in Crane. The 30-mile pipeline has capacity to […]
PBPA’s Annual Meeting: Charting our Course
With the autumnal shift in our weather and the beginning of fall across the Permian Basin, October brings a new start to the Permian Basin Petroleum Association’s year. This year we will kick off our new year as we do every year with our Annual Meeting. This year, at our 58th Annual Meeting, we will […]
Water Midstream Enters a New Phase
“The sub-industry of water handling and water midstream has evolved pretty dramatically over the last three or four years,” said Bill Zartler, CEO of Solaris Midstream Holdings. Solaris designs, owns, and operates water midstream systems in the Permian Basin. Solaris itself has grown exponentially since starting from scratch in 2016. They bought a small company […]
Texas Petro Index declines for 18th straight month to 150.4
Texas Petro Index from Texas Alliance of Energy Producers posted its 18th straight monthly decline to 150.4 in August 2020 from 154.5 in July 2020 and 213.2 in February 2019 before current streak began. The index by economist Karr Ingham has lost about 30 percent of its value during this 18-month decline. The rig count […]
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