Permian Basin, Texas, New Mexico and U.S. each reported an increase in count of active oil and gas drilling rigs in the past week. Baker Hughes said as of Feb. 23 there were 314 rigs in Permian (312 previous week, 353 year ago), 301 in Texas (299 previous week, 370 year ago) and 102 in […]
Oxy production in Permian to be flat in 2024 after 14 percent increase in 2023
Houston-based Occidental Petroleum said recently its 2024 production in Permian Basin will be flat after a 14 percent increase last year. Total production this year is forecast at 1.22 million-to-1.28 million boed (midpoint would be an increase of 2.2 percent from 2023). In 2023Q4 Occidental’s total production was 1.23 million boed, including 588,000 boed from […]
Targa reports record Permian volumes, startup of Wildcat II gas plant
Houston-based Targa Resources reported recently Permian record volumes for fullyear 2023 and 2023Q4 and said it completed and commissioned in late 4Q the Wildcat II gas plant in Winkler County in Delaware Basin. Wildcat II capacity is 275 million cfd. Targa produced record Permian, NGL transportation, fractionation and LPG export volumes for 2023 fullyear and […]
PBPA: Making 2024 The Year to Be Seen and Heard
The PBPA Top Hand Award Banquet was a wonderful evening honoring Mr. Dick Sivalls just a few days ago. Thank you to all those that participated in the honoring of another incredibly worthy recipient this year. The Top Hand Dinner has become one of my favorite events of the year. Each and every time I […]
One seat on Railroad Commission included in Texas primary elections March 5
Election day is Tuesday, March 5, for Texas’ primary elections for federal, state and local offices. Included is an election for one of three seats on the Railroad Commission of Texas, the agency that regulates the state’s oil and gas industry. Candidates on the Republican ballot are incumbent Christi Craddick of Midland, current chair of […]
EIA forecasts Permian oil production to increase to 6.085 million b/d in March
Permian Basin is one of four major producing regions expected to increase production of crude oil next month. In the latest drilling productivity report Feb. 12 from U.S. Energy Information Administration, crude oil in Permian Basin is forecast at 6.085 million barrels per day for March – an increase of 14,000 b/d from 6.071 million […]
Diamondback subsidiary, Verde agree on natural gas-to-gasoline project
Houston-based Verde Clean Fuels said last week it executed a joint agreement with Cottonmouth Ventures for the proposed development, construction and operation of a facility in Martin County to produce commodity-grade gasoline using associated natural gas from Diamondback Energy in Permian Basin. Cottonmouth is a subsidiarity of Midland’s Diamondback. The agreement provides “a pathway forward […]
Mergers and Acquisitions: What happens to the HR Staff?
One of the first departments to go with mergers or acquisitions is the human resource (HR) department. With that departure, the acquiring firm, or the more powerful merged firm, loses institutional knowledge when the HR staff departs. Instead of getting rid of the acquired HR staff, keep them. The HR staff departs for several reasons. […]
State sales tax revenue, including from oil and gas industry, declines in January
Texas comptroller Glenn Hegar recently said state sales tax revenue in January 2024 totaled $4.02 billion – 2 percent less than January 2023. The majority of January sales tax revenue is based on sales made in December and remitted to the agency in January. Hegar said Feb. 3, “For the second time since pandemic restrictions […]
Texas falls below 300 drilling rigs for first time since October 2023
Texas dropped 2 rigs in the past week to fall below 300 active drilling rigs for the first time since October 2023. Baker Hughes reported as of Feb. 16 there were 299 rigs in Texas (301 previous week, 370 year ago), 312 in Permian Basin (313 previous week, 352 year ago), 101 in New Mexico […]
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