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 […]

Houston-based APA Corp. said last week continued strength in its Permian Basin operations drove its U.S. oil volumes above guidance in first quarter – marking the fifth straight quarter of meeting or exceeding guidance. U.S. oil production increased in Q1 by 16 percent over 2023Q1.  First quarter reported production was 389,000 boed. John J. Christmann […]

Midland-based Permian Resources said Tuesday it is raising 2024 production guidance by 2 percent.  And two bolt-on acquisitions of $270 million recently signed and completed in Eddy County are adding another 1 percent to production.  “The acquired acreage is analogous to our high-quality Parkway position,” co-CEO Will Hickey said.  “This area represents one of the […]

Kinetik Holdings said Thursday it agreed to acquire Permian Basin natural gas producer Durango Permian for $765 million in cash ($315 million) and stock.  The agreement includes $75 million of contingent consideration for the Kings Landing complex under construction (capacity 200 million cfd).  The Durango deal expands Kinetik’s operations in Chaves, Eddy and Lea counties […]