Midland-based Diamondback Energy this week raised 2023 production guidance after outperformance in the third quarter. Production in 3Q was 452,800 boed (up about 3,000 boed from 2Q) and 266,100 b/d of oil – both above high end of guidance. Travis D. Stice, chairman and CEO, said Monday, “We are increasing our full year oil and […]
When Your Company Isn’t a Big Corporation
There are many benefits to working for a small company. There are also many challenges, specifically surrounding hiring and training your safety personnel. We will cover a viewpoint that does not get much attention due to its perhaps small or limited application, but one that, being overlooked, leads frequently to a gap in safety programs. […]
Milestone’s carbon sequestration hubs will “attract new industries” to west Texas
Milestone Environmental Services’ carbon sequestration hubs in Delaware and Midland basins will support reduction in emissions associated with natural gas processing, electricity generation and other industries. Milestone’s announcement Oct. 19 of leasing an additional 22,000 acres in Loving and Midland counties from Texas Pacific Land Corp. added, “It also will contribute to attracting new industries […]
Permian Basin, Texas, U.S. report declining rig counts to reverse three-week gains
Permian Basin, Texas and U.S. each reported a decline in count of active oil and gas drilling rigs to reverse three weeks of gains. Baker Hughes said as of Nov. 3 there were 310 rigs in Permian Basin (down 3 in past week, down 36 in past year), 304 in Texas (down 7 in past […]
Matador reports initial production for two “horseshoe” wells in Loving County
Dallas-based Matador Resources said recently it turned to sales its first two “horseshoe” wells in its Wolf asset area in Loving County in Delaware Basin. Matador said these two wells had 24-hour initial production test results of 2,477 boed (51 percent oil) and 2,166 boed (53 percent oil) in October. Joseph Wm. Forsan, chairman and […]
Milestone Carbon leases 22,000 acres from TPLC in Loving, Midland counties
Houston-based Milestone Carbon, subsidiary of Milestone Environmental Services, said recently it will lease more than 22,000 acres of land and pore space from Texas Pacific Land Corp. in Loving and Midland counties for permanent geologic sequestration of CO2. The acreage will support carbon capture and storage at industrial facilities in west Texas, including natural gas […]
Ready and Steady
On a day when the price for WTI rose to $92 and change, the mood was expansive at the annual meeting of the Permian Basin Petroleum Association, held as always in the sumptuous confines of this city’s Petroleum Club. A slate of speakers and panels addressed issues, ideas, and initiatives affecting the membership of the […]
The New Peak Discussion
It was Marion King Hubbert, a U.S. geoscientist, who first proposed the theory that oil production would reach a “peak,” based on available reserves, after which it would fall precipitously. At a 1956 American Petroleum Institute meeting he presented a paper showing a bell curve of U.S. oil production, with the chart displaying an inflection […]
Franklin’s Rise Drilling Revives Old Wells in Oilfields Near Conroe, Humble
An east Texas man told Houston Chronicle he has revived oilfields in Conroe and Humble that had been shut in for decades. Brent Franklin, 33, owner of Rise Drilling, began producing in Conroe in September for Texas-based Wheeler Resources. Franklin, who attended Conroe High School and served in U.S. Navy, started investing in oil and […]
EOG Resources Still Biggest Customer in U.S. Onshore Oilfield Services
Enverus said Wednesday that Houston-based EOG Resources remains the largest customer in the U.S. onshore oilfield services industry. EOG leads all exploration and production companies in feet drilled, average rig count and wells completed and ranks second in frac fluid pumped during 2023Q2, according to the most recent issue of Oilfield Pulse. EOG held those […]
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