ExxonMobil is the most active driller in U.S. and Permian Basin, according to Enverus in its report of Oct. 8.  Across the nation, ExxonMobil had 37 rigs followed by Occidental Petroleum and ConocoPhillips with 29 each, EOG Resources and Mewbourne Oil with 24 each, Continental Resources and Devon Energy with 21 each, Chevron with 19 […]

U.S. Energy Information Administration reduced its 2025 forecast for U.S. lower 48 states for crude oil production from last month by 1 percent to 11.3 million b/d.  That reflects a downward revision to EIA’s WTI crude oil price forecast (to average $72/b in 4Q or $6/b lower than forecast last month).  EIA said Oct. 8 […]

U.S. Energy Information Administration recently reduced its forecast for Brent crude oil spot price through the end of next year.  EIA said Oct. 8 it expects the price to average $81 per barrel in 2024 ($83/b in previous forecast) and $78 per barrel in 2025 (down 7.7 percent from $84 per barrel predicted earlier for […]

Texas led major producing states with a gain of 6 drilling rigs in the past week, according to the weekly report of Oct. 11 by Baker Hughes.  Oklahoma was the only other state to add a rig.  There were 304 rigs in Permian Basin (unchanged in past week, down 7 from 311 year ago), 285 […]

Houston-based APA Corp. curtailed about 103 million cubic feet per day of natural gas production in third quarter “in response to weak or negative Waha hub prices.”  APA said Oct. 9 it also curtailed about 10,000 barrels per day of natural gas liquids in 3Q “mostly associated with the voluntary gas curtailments.”  Reuters said APA […]

Testimony at last week’s hearing in Odessa about a proposed carbon dioxide injection site in Ector County included local leaders and executives promising cleaner air and more jobs and environmental activists warning of seismic activity and water contamination.  About 15 people testified at the hearing Oct. 3 in Odessa conducted by U.S. Environmental Protection Agency […]

U.S. Energy Information Administration reported recently that U.S. is the world’s largest exporter of motor gasoline (finished gasoline plus gasoline blending components) by supplying more than 16 percent of total global exports. U.S. motor gasoline exports in 2023 averaged 900,000 barrels per day, equivalent to about 10 percent of domestic consumption – enough to fill […]

Houston-based private equity firm Post Oak Energy Capital said last week it completed an equity commitment to newly formed Ichthys Energy Partners, a Dallas-based exploration and production firm.  Ichthys will seek to execute a growth strategy focused on operated and non-operated leasehold acquisitions and strategic partnerships in Permian Basin. Michael Poynter, CEO of Ichthys, said […]

Dallas-based Producers Midstream II, portfolio company of Tailwater Capital, said last week it is constructing a new gathering, treating and processing system in Lea County, N.M., in the core of the Delaware Basin.  The initial build-out will use existing plant, treating and compression assets owned by the company.  The new system is expected to begin […]