Houston-based Callon Petroleum said recently it expanded its development area in third Bone Spring shale following a recent successful well in Ward County.  The well is outperforming expectations and is Callon’s highest-performing completion in the formation, according to Joseph Gatto, president and CEO.  The well was completed with a lateral of 9,721 feet and delivered […]

Tulsa-based Vital Energy said last week it agreed to expand its position in Permian Basin with three transactions totaling about $1.165 billion.  Vital will acquire assets from affiliates of Henry Energy and Henry Resources, Tall City Property Holdings and Maple Energy Holdings.  Each deal is expected to close in 2023Q4, and they will add about […]

Enverus Intelligence Research this week reaffirmed its forecast that Brent prices will reach $100 per barrel of oil by the end of 2023.  Al Salazar, senior vice president, said Wednesday, “Fundamental data released prior to our deadline of Aug. 31 has been mixed.  However, we are reaffirming our call that Brent prices will reach $100 […]

U.S. Fish and Wildlife Service extended the public comment period for its consideration of listing the dunes sagebrush lizard as an endangered species to Oct. 2, 2023, from Sept. 1, 2023, to allow 90 days of comments.  Permian Basin Petroleum Association had requested the extension to allow the association additional time to develop its response.

According to a report from Texas Oil and Gas Association, 99 percent of oil and natural gas royalties paid by Texas companies last year went to the state’s permanent school fund and permanent university fund – both support public education in Texas.  About $2.1 billion was contributed to the two funds – bringing the total […]

U.S. exported more liquefied natural gas than any other country in the first half 2023, according to U.S. Energy Information Administration.  According to data from International Association for Natural Gas, LNG exports from U.S. averaged 11.6 billion cubic feet per day in first half of 2023 – 4.0 percent more than in first half 2022.  […]

Midland’s Diamondback Energy said Monday it formed a joint venture with Houston-based Five Point Energy to create the largest independent water infrastructure platform in Midland Basin.  Deep Blue Midland Basin, with headquarters in Midland and Houston, is an integrated midstream water infrastructure network with 800 miles of pipelines for gathering, transport, disposal and reuse.  Deep […]

Midland-based Permian Resources said recently it increased its daily drilled footage by 13 percent in 2023Q2 from 2022Q3 (the quarter during which it started).  It attributed the improvement to “high-grading its drilling fleet and optimizing drilling practices such as reducing flat time through bottom-hole assemblies.”  Permian Resources, which started from a merger of Centennial Resource […]