Rig counts in Permian Basin, Texas and New Mexico remained unchanged in the past week while the U.S. count declined by 6.  Baker Hughes said as of June 7 there were 310 rigs in Permian Basin (346 a year ago), 287 in Texas (347 a year ago) and 107 in New Mexico (108 a year […]

Midland-based joint venture Deep Blue-Midland said last week it has acquired Lagoon Operating-Midland to solidify its position “as a key player in sustainable water management in the core of the Midland Basin.”  Lagoon’s assets are located primarily in Martin County, including 105 miles of large diameter pipeline, 240,000 b/d of disposal capacity, and 544,000 b/d […]

U.S. Energy Information Administration forecast in its latest drilling productivity report that crude oil production will increase by 18,000 barrels per day this month in Permian Basin.  Permian production is expected to grow from 6.169 million b/d in May to 6.187 million b/d in June.  In the seven major regions, production is forecast to grow […]

Occidental Petroleum and Pioneer Natural Resources lead the Permian Basin in active drilling rigs as of May 31, according to Enverus.  Both reported 22 working rigs followed by Mewbourne Oil with 19, EOG Resources with 17, ConocoPhillips and Devon Energy each with 16, and ExxonMobil with 15. Permian Basin remains the leader in frac crews […]

Operators in Permian Basin show the greatest rates of increase in drilling speeds and in drilling efficiencies, according to new research by Enverus Intelligence Research.  The research analyzes which oil and gas plays show the greatest rate of increase in drilling speeds, whether well costs correlate with drilling speeds, and how well designs are affecting […]

San Diego, Calif.-based Royale Energy said last week it is drilling and completing its fifth and sixth wells in its joint venture with Ares Energy in Permian Basin.  The project is a horizontal resource play in the Mississippian interval on 17,000 net acres in Ector County.  Royale and its investors have a 5 percent working […]

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 […]

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 […]