Houston-based oil and gas major Chevron said Monday its approach to developing the New Mexico side of the Permian Basin to 1 million boed by 2025 aligns with the state’s regulatory emphasis on safety and the environment.  The company said it is using electrical compressors where possible rather than natural gas-fired compressors to power its […]

Calgary-based Enverus Intelligence Research said Wednesday the pace of M&A (mergers and acquisitions) upstream activity in third quarter slowed significantly “following 12 months of heightened consolidation in oil and gas.”  The $12 billion in announced deals in 2024Q3 was the lowest quarterly total since the first quarter of 2023.  Enverus attributed the decline “to a […]

Houston-based Chevron said this week it is increasing production in the New Mexico side of the Permian Basin.  The oil and gas major aims to produce 1 million boed in the basin by 2025.  Duncan Healey, the company’s New Mexico asset manager, said, “We see great potential there… Several factors have made it the place […]

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 […]