After a record $192 billion in U.S. upstream consolidation last year, according to Enverus Intelligence Research, M&A activity in 2024Q1 appeared to be headed to another record with $51 billion in announced deals. But Enverus said it is “pumping the brakes on another record-setting year as deal activity slowed significantly in March, and Q2 appears […]

Texas Water Development Board is accepting public input for another week before it implements the Texas Water Fund, a special fund in the state treasury outside the general revenue fund to be administered by TWDB.  Voters in November approved $1 billion to address the state’s water supply issues and infrastructure as climate change and a […]

Crude oil production in seven major regions of U.S. is forecast to be up by 16,000 barrels per day in May to 9.863 million barrels per day, according to the latest drilling productivity report from U.S. Energy Information Administration.  EIA expects production in Permian Basin to increase by 12,000 barrels per day in May to […]

U.S., Texas and Permian Basin added drilling rigs in the past week, according to the latest weekly report from Baker Hughes.  As of April 19, there were 619 rigs in U.S. (up 2 in past week, down 134 in past year), 296 in Texas (up 2 in past week, down 81 in past year) and […]

U.S. Energy Information Administration said in its latest short-term energy outlook that it expects average Brent crude oil spot price will increase to $89 per barrel for 2024 after $82 per barrel in 2023.  Forecast average for 2024Q2 is $90 per barrel.  EIA said, “This increase reflects our expectation of strong global oil inventory draws […]

Several analysts told The Telegraph last week they expect the price of a barrel of crude oil could reach $100 by June as Saudi Arabia extends supply cuts and geopolitical tensions continue to rise.  Bjarne Schieldrop of SEB Bank said, “Towards the end of second quarter, I think it’s natural to assume that we’ll see […]

Bureau of Land Management in U.S. Department of Interior issued new rules last week that will result in producers paying more to develop and produce crude oil and natural gas on federal lands.  Oil & Gas Journal said the rules for fluid mineral leases and leasing process are BLM’s first comprehensive updates to the federal […]

Railroad Commission of Texas said last week production of both crude oil and natural gas in the state reached record numbers in 2023.  Oil production was about 1.92 million barrels, which was about 51 million barrels ahead of the previous record of about 1.86 million barrels in 2019.  Natural gas production was 12.01 trillion cubic […]