U.S. bank Goldman Sachs told Argus Media that Parsley Energy, Pioneer Natural Resources, EOG Resources, Concho and Diamondback Energy are among upstream independents “best positioned for a recovery given their favorable supply costs, well inventories and balance sheets.” Argus said June 15 that EOG is focusing on developing its position in Delaware Basin. The firm […]
Matador completes wells in Eddy, Lea counties in Delaware Basin
Dallas-based Matador Resources said June 18 that five Ray State wells in eastern portion of Rustler Breaks in Eddy County and six Rodney Robinson wells in western portion of Antelope Ridge in Lea County have been completed and turned into sales. The company also said it is concluding completion operations on five Leatherneck wells in […]
ExxonMobil, New Mexico State study wastewater from oil, gas industry
New Mexico State University and ExxonMobil said this week they are collaborating on a research project on wastewater produced by the oil and gas industry. Chancellor Dan Arvizu said Monday the agreement “illustrates NMSU’s strength in water and environmental engineering research.” Professor Pei Xu is leading NMSU’s participation “to develop cutting-edge technologies for produced water […]
Ingham’s Texas Petro Index posts second largest decline since 1995
Texas Petro Index from Texas Alliance of Energy Producers declined sharply in April from the previous month “as the state’s oil and gas economy began to register the full effects of covid-19, the Saudi-Russian price war and the resulting economic shutdown.” The index fell to 171.0 in April from 181.9 in March; the 10.9 drop […]
Baker Hughes: First time since March for Texas to not lead rig losses
The pace of the declining rig count slowed across Permian Basin, Texas and U.S. in Baker Hughes’ weekly report of June 12. But the count fell for the 14th straight week in U.S. and 13th in Permian and Texas. As of June 12 there were 137 active oil and gas rigs in Permian (141 week […]
Permian crude oil production expected to decline in July to 4.263 million b/d
Production of crude oil and natural gas in each of the seven major regions in the U.S. is forecast to decline in July, according to the latest drilling productivity report from U.S. Energy Information Administration. The June 15 report said oil production in Permian Basin is expected to fall by 7,000 b/d to 4.263 million […]
Global 2020 spending to decline led by lower forecast for shale investments
A new report from Oslo-based research firm Rystad Energy released last week said global spending this year on oil and gas drilling is forecast to fall to its lowest level in 15 years – with shale investments expected “to take the biggest hit.” Rystad said shale spending will fall by more than 50 percent to […]
Bloomberg: ExxonMobil to delay startup of refinery in Beaumont
Bloomberg reported last week that ExxonMobil will delay startup of its refinery expansion in Beaumont by a year to 2023 “as the oil giant weathers low demand for petroleum products and seeks to save cash amid the covid-19 pandemic.” The project will make the Beaumont refinery the largest in the world, according to Bloomberg. Jeremy […]
Chronicle: “Drilling revival may soon be underway in Permian Basin”
Drilling permits filed in Texas in the first week of June were more than double the previous week, according to Houston Chronicle, as activity returns to the state’s oilfields. For the week of June 3-9, 42 companies filed for 109 permits with the Railroad Commission of Texas – compared to 53 permits the previous week. […]
Rollin’
Bumper stickers touting “If you have it, a truck brought it” have never been more on point than during a worldwide lockdown. This is always true in the oilfield, where tons of pipe and machinery share lanes with millions of barrels of water, drilling mud, and other supplies every hour of every day. As drilling […]
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