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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Texas, NM contribute most growth as U.S. production increases 5.6 percent

May 26, 2023 by PBOG Leave a Comment

U.S. Energy Information Administration said last week Texas and New Mexico contributed the most growth as U.S. crude oil production increased 5.6 percent (0.6 million barrels per day) in 2022 compared to 2021.  U.S. averaged 11.9 million b/d in 2022.  EIA said attribute the growth to the Permian Basin.  Crude oil production grew more in […]

Filed Under: PBOG Newsletter

Bloomberg after PDC sale: ‘U.S. energy patch ripe for takeover boom’

May 26, 2023 by PBOG Leave a Comment

Chevron CEO Mike Wirth told Bloomberg this week that Monday’s announcement of the company’s acquisition of Denver-based PDC Energy “doesn’t preclude our ability to do further transactions, but we don’t have gaps to fill.  We’re always looking, but we’ll stay very disciplined as we have been on a number of transactions we have done over […]

Filed Under: PBOG Newsletter

Strength in Numbers—and in Resolve

May 25, 2023 by PBOG Leave a Comment

Coalition building plays an important role in the power and influence that the Permian Basin Petroleum Association (PBPA) can harness especially when member companies have aligned interest and work together to impact legislative and regulatory policies. Sometimes the PBPA and other oil and gas trade associations work together to benefit all oil and gas producers. […]

Filed Under: Featured Article, From the Chairman

Northern Oil & Gas partners with Vital Energy to acquire Forge Energy

May 23, 2023 by PBOG Leave a Comment

Minneapolis-based oil and gas producer Northern Oil & Gas said last week it is partnering with Vital Energy to acquire EnCap portfolio company Forge Energy II Delaware.  Northern came forward after markets closed May 15 to announce it is acquiring for $162 million 30 percent interest in the Delaware Basin-focused company.  Vital Energy said May […]

Filed Under: PBOG Newsletter

U.S. rig count continues decline to 720, now behind count of year ago (728)

May 23, 2023 by PBOG Leave a Comment

Rig counts in Permian Basin, Texas and U.S. continue their decline, according to the weekly report of May 19 by Baker Hughes.  And for the first time this year the U.S. count of 720 trails the count of a year ago (728) – and down 11 rigs from the previous week’s count of 731.  Last […]

Filed Under: PBOG Newsletter

Zealous Energy acquires Danos roustabout services division

May 23, 2023 by PBOG Leave a Comment

Breaux Bridge, La.-based Zealous Energy and Environmental Services said recently it acquired the roustabout services division of Danos.  Kenneth LeBlanc, CEO of Zealous, said May 2, “The Zealous brand has been around for a decade in the Permian Basin, with over $100 million in completed construction projects, working for some of America’s highest quality energy […]

Filed Under: PBOG Newsletter

Permian Resources says total production in Q1 exceeded guidance

May 23, 2023 by PBOG Leave a Comment

Midland-based Permian Resources said recently it met or exceeded production targets in first quarter and remains on track to achieve full-year production and capital expenditure guidance.  Oil production in Q1 was 78,332 barrels per day (in line with guidance), and total production was 153,822 boed (ahead of guidance) for the independent oil and natural gas […]

Filed Under: PBOG Newsletter

Chevron acquires Permian, DJ Basin assets from PDC Energy

May 23, 2023 by PBOG Leave a Comment

San Ramon-based Chevron said Monday it is acquiring Denver-based PDC Energy in a stock-and-debt transaction valued at $7.6 billion.  Chevron said, “The acquisition of PDC provides Chevron with high-quality assets expected to deliver higher returns in lower carbon intensity basins in the U.S.  PDC brings strong free cash flow, low breakeven production and development opportunities […]

Filed Under: PBOG Newsletter

To Allocate an Asset: Water

May 22, 2023 by PBOG 2 Comments

by Jesse Mullins MIDLAND, TEXAS—Welcoming the usual full-house crowd to the familiar confines of the Horseshoe Arena in this oil-and-gas-savvy town, the Permian Basin Water in Energy Conference (PBWIEC), in its fifth annual iteration, submerged itself in the depths of the ongoing “water in energy” discussion for two days (March 1-2), hosting a full slate […]

Filed Under: Featured Article, Fracking, Frac Sand and Water

DOE to purchase sour crude oil for SPR in Jefferson County, Texas

May 19, 2023 by PBOG

U.S. Department of Energy said Monday it will purchase up to three million barrels of sour crude oil for delivery in August to the Big Hill strategic petroleum reserve in southeast Texas.  The SPR management office in New Orleans said proposals will be accepted by email before May 31 at 10 a.m. CDT for “sour […]

Filed Under: PBOG Newsletter

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