Midland-based ProPetro Holding said Monday it acquired Aqua Prop, Midland-based provider of wet sand solutions. The all-cash acquisition, valued initially at $35.6 million, advances ProPetro’s commitment to delivering more integrated industrial solutions. Sam Sledge, CEO, said, “The acquisition of Aqua Prop aligns seamlessly with our strategy of pursuing more innovation and integration for our disciplined […]
Taking Our Story to the Capitol
Another trip to Washington D.C. is in the books. Several Permian Basin Petroleum Association members, along with Ben Sheppard and Stephen Robertson, made the trek to D.C. back in early April. PBPA staff and our new federal consultant, Mr. Glenn LeMunyon, arranged for the group to meet with several members of Congress on Capitol Hill. […]
Conoco’s deal for Marathon could make it third largest producer in lower 48
Analysts at Wood Mackenzie said last week the $22.5 billion recently-announced acquisition of Marathon Oil by ConocoPhillips could make the company the third largest producer in the U.S. lower 48 behind ExxonMobil and Chevron/Hess. Alex Beeker, research director, said May 30, “The addition of Marathon further solidifies ConocoPhillips in a league of its own with […]
Future Technologies to open Permian office to build communications networks
Suwanee, Ga.-based Future Technologies Venture said recently it will open an office in Midland in 2Q to serve the oil and gas industry in Permian Basin. “This is a dynamic industry in a dynamic environment,” Valerie Sciortino, head of site development for Future Technologies, said. “Having more immediate access to our clients and their real […]
Permian, Texas, U.S. report declining rig counts for month of May
Permian Basin, Texas and U.S. each declined in count of active drilling rigs during May, according to weekly reports from Baker Hughes. As of May 31, Permian Basin reported 310 rigs (down from 312 the previous week, 348 the previous year and 317 to start the month), Texas reported 287 (unchanged from the previous week, […]
Select Water Solutions, Oxy recycle 50 million barrels of produced water
Houston-based Select Water Solutions said recently its collaboration with Occidental Petroleum in Midland Basin has treated and recycled 50 million barrels of produced water. The South Curtis Ranch treatment facility has been operating since March 2021. John Schmitz, chairman, president and CEO of Select, said May 20, “Reaching this milestone at one of our flagship […]
Bucking the 80-20
Some business coaches cite the 80-20 rule—which says 80 percent of a company’s productivity comes from 20 percent of its product lines—to recommend identifying and eliminating the less productive offerings in order to increase profits. That works great in a static business sector, where your main product or service line can be predicted. But in […]
Pioneer Expresses Disagreement With FTC Over Merger Condition
(BUSINESS WIRE)—Pioneer Natural Resources Company issued on May 2 the following statement in response to the decision by the U.S. Federal Trade Commission (FTC) to clear the proposed merger with Exxon Mobil Corporation subject to a consent order based on allegations in a settlement complaint directed at Scott Sheffield, former CEO of Pioneer: We disagree […]
Christian Blasts Biden’s LNG Attack
Railroad Commissioner Wayne Christian testified on May 2 before the House Select Committee on Protecting Texas Liquified Natural Gas (LNG) Exports. Earlier this year, the Biden Administration announced it was pausing approval for pending and future applications to export LNG. Texas ships out about half of the nation’s LNG. In 2023, Texas increased its LNG exports […]
Geothermal Project Completed For Urban Mixed-Use Property
Bedrock Energy, an early-stage technology company that designs and constructs geothermal heating and cooling systems, announced April 17 the completion of its inaugural geothermal project with real estate and infrastructure owner, operator, lender, and developer CIM Group. Bedrock successfully installed a geothermal borefield and heating and cooling system at Building D of the Penn Field […]
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