Houston-based APA Corp. said last week continued strength in its Permian Basin operations drove its U.S. oil volumes above guidance in first quarter – marking the fifth straight quarter of meeting or exceeding guidance. U.S. oil production increased in Q1 by 16 percent over 2023Q1. First quarter reported production was 389,000 boed. John J. Christmann […]
Permian Resources raises 2024 production guidance by 2 percent to 320,000 boed
Midland-based Permian Resources said Tuesday it is raising 2024 production guidance by 2 percent. And two bolt-on acquisitions of $270 million recently signed and completed in Eddy County are adding another 1 percent to production. “The acquired acreage is analogous to our high-quality Parkway position,” co-CEO Will Hickey said. “This area represents one of the […]
Kinetik acquires gas producer Durango Permian in Chaves, Eddy, Lea counties
Kinetik Holdings said Thursday it agreed to acquire Permian Basin natural gas producer Durango Permian for $765 million in cash ($315 million) and stock. The agreement includes $75 million of contingent consideration for the Kings Landing complex under construction (capacity 200 million cfd). The Durango deal expands Kinetik’s operations in Chaves, Eddy and Lea counties […]
Overtime and Bonus Pay for Nonexempt Employees
Several years ago, I wrote on this topic of overtime and bonus pay for nonexempt employees, and I continue to have clients ask about these matters. This is super easy to understand if employers will take the time to review the Department of Labor’s (DOL) webpage, review the easy-to-read Fact Sheets, listen to your Human […]
U.S. rig count falls by 8 to 605 – lowest total of active rigs since January 2022
Houston-based Baker Hughes said the count of U.S. drilling rigs dropped by 8 units last week – its biggest one-week drop since September 2023. The count has declined by 14 the past two weeks to 605 – lowest total since January 2022. Also as of May 3, there were 316 rigs in Permian Basin (317 […]
Civitas enters Permian at scale, Q1 output of 166,604 boed up from 106,004 boed
Denver-based Civitas Resources said last week it divested two non-core asset packages covering 82,400 acres in DJ Basin for $215 million and acquired Vencer Energy in Midland Basin for $2 billion. Oil & Gas Journal said the acquisition “completed a trio of deals that has taken Civitas into the Permian Basin at scale.” Earlier Civitas […]
Chevron reports 406,000 boed gain in Q1 thanks to Permian, DJ basins, PDC deal
San Ramon, Calif.-based Chevron Corp. said recently its U.S. net oil-equivalent production in first quarter was 35 percent higher than the first quarter last year “primarily due to the acquisition of PDC Energy and sustained strong execution in the Permian and Denver-Julesburg basins.” Mike Wirth, chairman and CEO, said April 26, “We had another quarter […]
Defying Expectations
The year 2024 is becoming a year when the prognosticators are being proven wrong. What do we mean by that? Let us count the ways. “World Oil Demand Outpacing Expectations” In a March 22 report from Bloomberg, we are told that the world is using more oil than ever and demand is outpacing […]
New Mexico: Land of Contrasts
The oil and gas industry in New Mexico in 2024 is like a boxer who keeps taking hits, but remains standing. Some hits are glancing blows, and some are near misses. From legislative to legal to development of the southeastern corner of the state, there are challenges—and opportunities in the year ahead for New Mexico’s […]
Report: Power demand in far west Texas to double by 2040
Enverus Intelligence Research said Tuesday it expects power demand in far west Texas to more than double by 2040 because of electrification trends, including potential electrification in the oil and gas industry, and cryptocurrency mining growth. “We believe the far west zone in ERCOT will see enough load growth to support significantly more renewable development […]
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