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 […]

Houston-based Milestone Environmental Services, largest energy waste sequestration company in U.S., said last week it received approval from Railroad Commission of Texas for its third RCRA-exempt energy waste landfill permit in Permian Basin.  Milestone said Thursday that development plans are in progress for the landfill of about 12.4 million cubic yards.  It will be located […]

Permian Basin, Texas and U.S. reversed their three-week declines in count of active oil and gas drilling rigs.  Baker Hughes reported Friday that as of Oct. 13 there were 311 rigs in Permian Basin (up 2 in past week, down 35 in past year), 301 in Texas (up 4 in past week, down 64 in […]

“Where innovation and technology meet Permian grit” is theme for the 2023 Permian Basin International Oil Show next week at Ector County Coliseum and Fairgrounds in Odessa.  The 39th biennial event is Tuesday, Wednesday and Thursday, Oct. 17-19.  Larry Richards, PBIOS president, told American Oil and Gas Reporter that this year’s event will provide a […]

ProFrac Holding executive chairman Matthew D. Wilks told Enverus its subsidiary Alpine Silica “is now the largest proppant producer in the industry with a multi-basin footprint.”  That follows ProFrac’s acquisitions in 2022 of frac equipment, sand mines and proppant, including west Texas subsidiaries of Signal Peak Silica, Performance Proppants and its Haynesville mines, and the […]

Darren Woods, Exxon chairman and CEO, said Spring-based ExxonMobil and Irving-based Pioneer Natural Resources will be able to use their combined capabilities to drive down emissions and produce lower carbon intensity oil and gas.  The combined company, Woods said, will generate value “well in excess of what either company is capable of doing on a […]

The much-anticipated acquisition of Pioneer Natural Resources by ExxonMobil became official Wednesday when the two companies announced a $64.5 billion stock deal (including debt) that more than doubles Exxon’s footprint in Permian Basin.  The merger, Exxon’s largest since acquiring Mobil for $73.7 billion in 1999, adds Pioneer’s 850,000 net acres in Midland Basin to Exxon’s […]