Houston-based Chevron Corp., in a report to the Texas Workforce Commission May 16, said it plans to reduce its workforce on its campus in Midland this year by about 200 employees.  Catie Matthews of Chevron told Midland Reporter Telegram, “Chevron aims to place as many employees as possible in other roles and is offering severance […]

Oil majors ExxonMobil and Occidental Petroleum are the top operators in Permian Basin, according to a report May 27 from Enverus.  The report said as of May 23 the latest weekly averages of active drilling rigs were 35.0 for ExxonMobil and 22.1 for Occidental.  Other leading operators in Permian are Mewbourne Oil with 15.9, EOG […]

Denver-based Civitas Resources said recently it is maintaining its full-year production while reducing 2025 capital spending by about 8 percent.  Civitas said May 8 that production guidelines this year remain at 330,000 boed and 152,500 barrels per day of crude oil.  First quarter production was 311,000 boed (down 14 percent from 4Q) and 141,000 b/d […]

Officials from Texas Department of Public Safety told the Houston Chronicle there has been a surge in activity in oilfield theft the past two years in Permian Basin. The increased incidents of oilfield theft attracted the attention of lawmakers in Texas and Washington who are considering whether to increase funding for law enforcement and to […]

Permian Basin is following trends in Texas, New Mexico and U.S. with declining counts of active oil and gas drilling rigs. Baker Hughes said in its report of May 23 there were 279 rigs in Permian Basin – down 3 from 282 in the past week and down 33 or 11 percent from 312 a […]

Brentwood, Tenn.-based Delek Logistics Partners said recently commissioning of its new Libby II plant started to provide a “much needed processing capacity expansion” in Lea County, N.M. Delek plans to fill it to capacity in 2025 second half by adding 100 million to 120 million cfd of processing. Avigal Soreq, president, said May 7, “Delek […]

S&P Global said recently it expects an annual decline in U.S. crude oil production next year.  A combination of slowing global oil demand fueled by uncertainty over U.S. trade and a coming supply surplus will curtail U.S. oil production later this year and could lead to an annual decline next year.  U.S. total production for […]

Retail price for regular-grade gasoline in the U.S. on May 19, the Monday before Memorial Day weekend, averaged $3.17 per gallon – 11 percent (or 41 cents/gal) lower than a year ago. After adjusting for inflation, average U.S. retail gasoline prices going into Memorial Day weekend are 14 percent lower than last year primarily because […]

Houston-based ConocoPhillips said recently its first quarter production in lower 48 of 1.46 billion boed included 816,000 boed from Permian Basin.  Total production in 1Q, which was the first quarter that included the operations of Marathon, which the company acquired late last year, averaged nearly 2.39 million boed.  Chairman and CEO Ryan Lance said the […]