Dallas-based Saxum Energy Partners recently said it fully invested inaugural partnership Saxum Energy I with $435 million for a premium mineral position in Permian Basin from Luxe Minerals as well as its previous acquisitions in the Haynesville Shale.  Saxum launched the partnership in 2022 and acquired assets in the core of Permian Basin operated by […]

James C. (Jim) Henry, 89, former chairman of Petroleum Basin Petroleum Association and recipient of its Top Hand Award, died Oct. 17.  A graduate of University of Oklahoma and U.S. Air Force veteran, he started his career in the oil and gas industry in the 1950s with Humble Oil and Refining in Texas and Skelly […]

Railroad Commission of Texas said last week that for the seventh consecutive year it exceeded targets for plugging orphan wells in fiscal year 2023.  The Texas legislature set a goal of 1,000 orphaned wells to be plugged in FY 2023, and the commission said its oil and gas division plugged 1,750 wells last year.  That […]

New York-based private investment firm SK Capital Partners said recently its affiliates completed acquisition of Milestone Environmental Services, a leading environmental services, waste management and carbon management company with operations in Permian Basin, from Amberjack Capital Partners.  SK Capital acquired a controlling stake in Houston-based Milestone in partnership with Gabriel Rio, president, CEO and founder. […]

Tulsa-based Vital Energy said last week in its announcement of preliminary third quarter operating results that it produced crude oil above guidance.  Vital said total production in 3Q averaged 101,300 boed – above guidance of 94,000-to-98,000 boed – and 48,700 b/d of crude oil – above guidance of 45,500-to-48,500 b/d.  Production results primarily were driven […]

International Energy Agency said in the October edition of its Oil Market Report that U.S. gasoline consumption fell again in September to its lowest level in two decades.  IEA said preliminary data indicate falling demand for gasoline in U.S. Phillips 66 CEO Mark Lashier said last week in Houston at Baker Institute for Public Policy […]

U.S. Energy Information Administration said last week U.S. crude oil production surged to a record of 13.2 million barrels a day for the week of Oct. 6.  That eclipsed the previous record of 13.1 million b/d in February 2020 before the covid19 global pandemic slowed the economy.  The record production comes as oil prices have […]

U.S. Energy Information Administration last week increased its forecast for annual average Brent crude oil spot price for 2024 to $94.91 per barrel – up 7.6 percent from its previous forecast Sept. 12 of $88.22.  Oil prices increased in September to an average of $94 per barrel – $8 higher than in August and $19 […]