U.S. Department of Energy said this week it has awarded contracts to three companies for a total of 2,993,692 barrels of U.S.-produced crude oil for the Strategic Petroleum Reserve at an average cost of $77.31 per barrel. DOE has now purchased 13.83 million barrels of oil this year for the SPR at an average price […]
Dick Sivalls to receive PBPA Top Hand Award Jan. 18 in Midland
C. Richard (Dick) Sivalls, president and CEO of Odessa-based Sivalls, Inc., has been named winner of the 2023 Top Hand Award from the Permian Basin Petroleum Association. The award will be presented Thursday, Jan. 18, 2024, at the Petroleum Club of Midland. The Top Hand award is presented each year to “an energy professional who […]
EIA reduces forecast for Brent crude oil price in 2024
U.S. Energy Information Administration recently reduced its forecast price for Brent crude oil for next year. EIA said Dec. 12 it expects the Brent price to be $83 per barrel next year – down from last month’s estimate of $93 per barrel. EIA said it expects the Brent crude oil price in first half 2024 […]
Apache enters partnership to study well-pad restoration in Permian Basin
Houston-based Apache Corp. recently announced a partnership with Borderlands Research Institute at Sul Ross State University in Alpine for a well-pad restoration research project. Researchers at BRI and Texas Native Seeds, a project of the Caesar Kleberg Wildlife Institute at Texas A&M-Kingsville, will investigate methods to improve habitat restoration in Permian Basin. The partnership plans […]
Marathon reports more production in 3Q, including 22,000 b/d of oil in Permian
Houston-based Marathon Oil recently said its production in 2023 third quarter in Permian Basin averaged 42,000 boed, including 22,000 barrels of oil per day. Two company-operated wells in Permian were turned to sales in 3Q. Marathon’s U.S. production averaged 369,000 boed in 3Q – an increase from 356,000 boed in 2Q. Oil production averaged 189,000 […]
To Make One’s Own Way
With Permian merger and acquisition activity on steroids in Q4 2023, consolidation of resources is becoming a necessary tool for staying on top of the game for E&P companies. In response, service companies are making changes of their own. For J&S Oilfield, the decision was to join forces with Fife Services, a company with which […]
Doing the Math on Double Fractions
The Texas Supreme Court recently accepted and quickly disposed of a petition for review from the Fourth Court of Appeals in San Antonio, titled Thomson v. Hoffman, by vacating the appellate court’s order and remanding the case. The issue involved yet another older (specifically, 1956) deed. The main question centered on whether the language of […]
Rig counts decline in U.S., Texas, New Mexico and Permian Basin
Count of active oil and gas drilling rigs declined in the past week in U.S., Texas, New Mexico and Permian Basin as of Dec. 21, according to Baker Hughes. There are 620 rigs in U.S. (623 previous week, 779 year ago), 306 in Texas (308 previous week, 374 year ago), 98 in New Mexico (100 […]
Fury Resources to acquire Battalion Oil assets in Delaware Basin
Medicine Hat, Alberta-based Fury Resources said Dec. 15 it agreed to acquire Houston-based Battalion Oil in a deal valued at $450 million. Avi Mirman, executive chairman, said the transaction represents a return to the Delaware Basin for Fury Resources. “We are well positioned to drive value growth for our investors as we return the asset […]
Oil output in Permian forecast to grow in January as 5 of 6 other regions decline
Crude oil production in Permian Basin is projected to grow by 5,000 barrels per day in January 2024 to 5.986 million b/d from 5.981 million b/d in December. In the latest drilling productivity report Dec. 18 from U.S. Energy Information Administration, overall production in seven major plays is forecast to fall slightly by 1,000 b/d […]
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