San Ramon-based oil and gas major Chevron said last week it will reduce spending for Permian Basin in 2025. The company’s announcement said, “The Permian Basin spend ($4.5 to $5 billion for 2025) is lower than the 2024 budget … as production growth is reduced in favor of free cash flow.” Mike Wirth, chairman and […]
Matador contributes subsidiary Pronto Midstream to JV San Mateo Midstream
Dallas-based Matador Resources said last week it agreed to sell its wholly owned subsidiary Pronto Midstream to San Mateo Midstream, a joint venture of Matador with private equity firm Five Point Energy. The deal values Pronto at $600 million; Matador will receive an upfront cash payment of about $220 million. Joseph Wm. Foran, chairman and […]
The Art of the Frac
It may seem hard to believe, but in the history of energy production in America we find ourselves but two decades short of the centenary of hydraulic fracturing. This process, commonly referred to as frac’ing, had its origins in the 1940s but has evolved into a major technology used in the oil and gas industry […]
Deposit of $2.74 billion into ‘Rainy Day Fund’ for FY2025 ranks as third largest
The recent deposit of $2.74 billion from oil and gas production tax revenue into the state’s Economic Stabilization Fund was the third largest deposit ever made into the fund. The deposits comprise the major portion of funds into the state’s “rainy day” fund each fiscal year. The only larger deposits were $3.64 billion in FY2023 […]
TXOGA says Texas production of oil and gas continues to achieve records
Texas’ energy exports and production of crude oil, natural gas and NGLs again achieved record levels in October, according to Texas Oil & Gas Association. Marketed natural gas production achieved record high of 33.8 billion cubic feet per day in October, according to TXOGA estimates, along with 5.7 million barrels per day of oil. For […]
EON Resources to use Enstream funding to develop 45 wells in Eddy County
Houston-based EON Resources said this week it reached agreement with Enstream Capital Management for $22.5 million in well completion funding. EON anticipates using the funds to develop 45 wells using low-cost workovers on the company’s 13,700 leasehold acres in Eddy County in southeast New Mexico in Permian Basin. And the company also plans to use […]
Report says decline in oil prices could reduce drilling rigs in Permian
A report this week from Enverus Intelligence Research says the decline in oil prices could encourage companies to reconsider spending plans for 2025 and reduce the number of drilling rigs. The report said, “Holding the Permian Basin’s crude oil production at the current level of 6.4 million barrels per day requires companies to pare the […]
Permian People December 2024
December 2024: Hirings, promotions, and other personnel matters in the nation’s biggest oil patch—or in companies who do business here. SM Energy Company announced Sept. 9 that Beth McDonald had been appointed as its Executive Vice President and Chief Operating Officer. President and Chief Executive Officer Herb Vogel commented: “We are delighted to welcome Beth to our […]
The 4-Day Work Week in the Oil Patch
I once heard a quote that sums up the oilfield work week: “It’s only two more workdays til Monday.” Unless the world is planning to change, work does not stop in the Oil Patch on Friday, much less on Saturday or Sunday. For families in the Permian Basin, where both parents work, what would […]
Rig counts unchanged with 303 in Permian, 281 in Texas, 102 in New Mexico
Baker Hughes’ rig counts in Permian Basin, Texas and New Mexico remained unchanged in the report of Nov. 27 for a week abbreviated by Thanksgiving holiday. There were 303 rigs in Permian Basin (314 year ago), 281 in Texas (306 year ago), 102 in New Mexico (106 year ago) and 582 in U.S. (down 1 […]
- « Previous Page
- 1
- …
- 27
- 28
- 29
- 30
- 31
- …
- 368
- Next Page »