Volatility at the start of the Trump Administration might present the last chance to buy Delaware Basin oil and gas stocks on the cheap, in my opinion. The recent goal of maximizing oil production over gas production seems to be flipping and the investing public is not quite in emotional chase mode yet. That gives […]
Dust, Wind, and More
The month of March is known for wind. Which we’ve experienced plenty of in the last month. And of course April is known for showers. But let me tell you, April is no slouch in the wind department. As you’re probably seeing right now, wherever you stand, in the Permian Basin. As I write these […]
DOE awards contract of $1.4 billion to JV to operate SPR in Texas, Louisiana
U.S. Department of Energy said April 3 it awarded a contract of $1.4 billion to Strategic Storage Partners to manage and operate the four sites of the nation’s Strategic Petroleum Reserve (SPR). Strategic Storage Partners is a joint venture of Aptim Federal Services of Baton Rouge, La., and BWX Technical Services Group of Lynchburg, Va. […]
Unchanged counts of active drilling rigs in Permian Basin, Texas, New Mexico
Baker Hughes reported little new activity among operators in Permian Basin, Texas and New Mexico in its weekly report of drilling rigs for April 17. There were 289 rigs in Permian Basin (289 week ago, 318 year ago), 274 in Texas (274 week ago, 296 year ago) and 100 in New Mexico (100 week ago, […]
Ring Energy grows production after Lime Rock deal; ‘real promise’ in CBP
The Woodlands-based Ring Energy said its acquisition of Lime Rock Resources earlier this year has grown its total production by 12 percent. Paul McKinney, chairman and CEO, said Ring is looking to grow its production in Central Basin Platform both by acquisition and organically as it faces greater competition in the region between more well-known […]
TIPRO reports decline in Texas upstream employment for March
Texas Independent Producers and Royalty Owners Association said April 18 that upstream employment in the Texas oil and gas industry declined in March. Austin-based TIPRO cited data from U.S. Bureau of Labor Statistics show Texas upstream employment for March was 204,400 – a decline of 700 industry positions from February. It represents a decline of […]
Welded Together
As a whole, the oil patch is a tight-knit community, especially in the Permian Basin, where almost everyone is in the business one way or another. And the welding community seems to be particularly close-knit—or more precisely, welded together. Here are stories of two entrepreneuring welders—Daniel Rodriguez of Shadow Welding and Jaron Tuttle of Tuttle’s […]
Growth slows, but U.S. crude oil exports reach record in 2024
U.S. Energy Information Administration said April 10 the nation’s crude oil exports reached a record in 2024. Exports erased the record set in 2023 by exceeding an annual average of 4.1 million barrels per day. But despite the record, growth of crude oil exports year-over-year slowed to 1 percent in 2024 compared with 14 percent […]
Partnership of Midland’s Elevation Resources, IOG to drill in Andrews County
Dallas-based IOG Resources said April 10 it entered a joint development partnership in Permian Basin with Midland’s Elevation Resources. Their 2025 drilling plans include 10 horizontal Barnett wellbores in Andrews County. Elevation Resources is a Permian-focused exploration and production company with operations in the Central Basin platform. It was formed in 2013 with financial backing […]
U.S. Energy Development acquires 20,000 net acres in Reeves, Ward counties
Fort Worth-based U.S. Energy Development Corp. said this week it acquired 20,000 net acres in Reeves and Ward counties in Permian Basin for $390 million from an undisclosed seller. U.S. Energy Development said the deal includes a proved producing component and expands the company’s Permian holdings while increasing its multi-bench, multi-year drilling inventory. The company’s […]
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