Enverus reported this week Occidental Petroleum and Pioneer Natural Resources are leading operators of drilling rigs in Permian Basin.  As of May 10, Occidental led with 23 rigs followed by Pioneer with 21.  Others in the Permian were EOG Resources with 19 rigs, Mewbourne Oil with 18, ConocoPhillips and Devon Energy each with 16, ExxonMobil […]

Houston-based Enbridge said last week it plans to expand Gray Oak crude oil pipeline by up to 120,000 barrels per day.  The 850-mile joint-venture pipeline carries Permian Basin crude oil from Reeves County to destination points at Corpus Christi, Ingleside and Sweeny/Freeport. Enbridge also plans to add 2.5 million barrels of storage at its Ingleside […]

Houston-based Liberty Lift Solutions said recently it will acquire Midland’s WellWorx Energy.  Formed in 2019, WellWorx provides downhole tools and automation solutions to the oil and gas industry.  Liberty Lift, formed in 2012, is an artificial lift company known for premium products, service and customer service. Bobby Evans, CEO of Liberty Lift, told the Midland […]

BPX Energy, which manages BP’s oil and gas operations in lower 48, said recently it will bring online in midyear 2025 another central processing facility in Permian Basin.  Murray Auchincloss, CEO, said it will be the fourth and final processing facility for BPX in Permian Basin. Formed in 2015, BPX recently brought online its second […]

U.S. Energy Information Administration said last week it expects Brent crude oil prices to remain near $90 per barrel for the remainder of 2024 because of “voluntary OPEC+ crude oil production cuts and ongoing geopolitical risks.”  Prices are expected to fall to $85 per barrel in 2025 as global oil production growth increases ($88/b for […]

Counts of active drilling rigs in U.S., Texas and Permian Basin fell last week, according to Houston-based Baker Hughes.  Texas declined by 3 to 289 active rigs – its lowest count since February 2022.  Also, there were 603 rigs in U.S. (down 2 in past week, down 128 in past year) and 314 in Permian […]

Tulsa-based Vital Energy said last week it expects to turn in-line 24 wells in Permian Basin in second quarter and produce an estimated 122,000 to 126,000 boed.  Vital will operate four drilling rigs and run two completions crews.  Capital investment in Q2 will be about $225 million to $250 million before slowing operations in second […]

Houston-based Occidental Petroleum said last week that production in first quarter was 576,000 boed – near the highend of guidance of 551,000 to 571,000 boed.  Oxy attributed Q1 production to “better-than-expected performance from wells not considered top performers.”  Vicki Hollub, president and CEO, said May 8, “Our Delaware teams are achieving impressive performance results by […]

U.S. Department of Energy said Tuesday it will resume purchases of crude oil for the nation’s strategic petroleum reserve (SPR).  After pausing purchases for about a month and canceling solicitations for August and September, DOE will buy up to 3.3 million barrels of oil for delivery in October to the Big Hill SPR storage site […]