Houston-based APA Corp. said recently it expects to increase U.S. oil production by 8 percent in third quarter as it grows production in Permian Basin.  John J. Christmann IV, CEO, said Aug. 1, “In the Permian Basin, we had outstanding second quarter oil production performance and are raising our outlook for the back half of […]

Permian Basin has broken its streak of 15 straight weeks without adding oil and gas drilling rigs.  Baker Hughes said as of Aug. 9 there were 304 rigs in Permian Basin (303 previous week, 327 year ago), 276 in Texas (274 previous week, 312 year ago), 107 in New Mexico (108 previous week, 113 year […]

Midland-based Diamondback Energy last week increased fullyear guidance for 2024 production and decreased its forecast for capital expenditures.  Diamondback reported production of 276,100 barrels of oil per day (474,700 boed) during second quarter with 80 gross operated wells drilled (71 in Midland, 9 in Delaware) and 86 wells completed (79 in Midland, 7 in Delaware).  […]

Calgary-based Enverus Intelligence Research said recently that upstream M&A activity (mergers and acquisitions) marked its third straight quarter of heightened value with more than $30 billion transacted.  That brings year-to-date activity as of July 30 to nearly $90 billion and nearly $250 billion transacted in the last 12 months. Andrew Dittmar, principal analyst, said, “M&A […]

Employment numbers in the Texas industry declined in five of the first six months of 2024 even though U.S. oil production is breaking records.  According to Texas Workforce Commission and Texas Oil & Gas Association, upstream oil and gas employment fell again in June by 2,000 jobs compared to May.  Todd Staples, president of TXOGA, […]

Dallas-based Energy Transfer said recently it completed the previously announced acquisition of WTG Midstream Holdings for total consideration of $2.275 billion in cash and about 50.8 million newly issued Energy Transfer common units.  The acquired assets add about 6,000 miles of complementary gas gathering pipelines to extend Energy Transfer’s network in Midland Basin. Energy Transfer […]

Calgary-based Enbridge said last week it will expand its Gray Oak long-haul Texas pipeline that transports light crude from Crane in Permian Basin to Corpus Christi.  Capacity of the 850-mile pipeline will be expanded by 120,000 barrels per day to export volumes to global markets from marine docks on the U.S. Gulf Coast.  “There is […]

U.S. Energy Information Administration said last week the nation’s refining capacity increased in 2023 on expansions at existing facilities.  In its annual Refinery Capacity Report, EIA said July 30 U.S. operable atmospheric crude oil distillation capacity totaled 18.4 million barrels per calendar day at the start of 2024 – a 2 percent increase compared to […]