Occidental Petroleum and Pioneer Natural Resources are the most active operators in Permian Basin.  Enverus said as of June 7 each had 22 working rigs in the basin.  Other Permian leaders include Mewbourne Oil with 19, EOG Resources with 17, Devon Energy with 16, and ConocoPhillips and ExxonMobil each with 15. Permian is a decisive […]

Rig counts in Permian Basin, Texas and U.S. continue their declines, according to Baker Hughes.  The last time Permian added rigs was April 19 (up 2 to 318).  Baker Hughes said as of June 14 there were 309 wells in Permian (310 previous week, 342 year ago), 285 in Texas (287 previous week, 347 year […]

The administration of President Biden said recently it has increased the purchases of crude oil to replenish the nation’s strategic petroleum reserve.  Department of Energy on June 7 issued two solicitations to buy a total of 6 million barrels of crude for delivery to the Bayou Choctaw SPR site in Louisiana from September to December.  […]

Tulsa-based Vital Energy said recently the execution of its business plan and successful integration of acquired properties led to record production and higher-than-expected cash flow in first quarter.  Total and oil production in 1Q exceeded the high-end of guidance with 124,700 boed and 58,500 b/d of oil.  A 20-well package of long laterals in Glasscock […]

Dallas-based Element Fuels Holdings said last week it has launched its plan to build the first all-new oil refinery in the U.S. in nearly 50 years.  Element Fuels is raising funds for Phase I in south Texas that will allow the refinery to process 50,000 to 55,000 barrels per day of naphtha feedstock into gasoline.  […]

Based on the strength of its first quarter results, Oklahoma City-based Devon Energy said last month it is increasing its fullyear 2024 production forecast by 2 percent to a range of 655,000 to 675,000 boed.  Production averaged 664,000 boed in Q1 to exceed the company’s guidance by 4 percent.  Devon said that “results were driven […]

Houston-based Verde Clean Fuels said last week it awarded a FEED contract (front end engineering and design) to Chemex Global for the operator’s proposed development, construction and operation of a first-of-its-kind gas-to-gasoline plant in Martin County in Midland Basin.  It’s another step in Verde’s plan with Cottonmouth Ventures, subsidiary of Midland-based Diamondback Energy, for joint […]

A subsidiary of Dallas-based Matador Resources said this week it has agreed to acquire a subsidiary of Ameredev II Parent and its oil and gas producing properties and undeveloped acreage in Loving and Winkler counties in Texas and Lea County, N.M.  The deal includes 19 percent interest in Pinon Midstream and its assets in southern […]