President Trump is calling on OPEC to increase U.S. crude production, which could easily push crude prices lower into this second quarter of 2025, as supply would likely then outpace demand. Just how low could prices go—or will they fall at all? The answer depends on a confluence of factors, as supply is just one part […]
Oxy Low Carbon Ventures acquires DAC technology from Holocene Climate
Oxy Low Carbon Ventures, subsidiary of Occidental Petroleum, said recently it has acquired Holocene Climate Corp. of Knoxville, Tenn. Holocene owns liquid, low-temperature direct air capture technology that Occidental said is additive to technology acquired through Carbon Engineering in 2023 for about $1.1 billion. Occidental said combining the Carbon Engineering technology with Holocene’s technology “will […]
U.S. oil production grows to 13.2 million b/d in 2024, Permian up to 6.3 million b/d
U.S. crude oil production grew by 270,000 barrels per day in 2024 to average 13.2 million b/d, according to the latest Petroleum Supply Monthly from U.S. Energy Information Administration. EIA said April 16 most of the growth came from Permian Basin. EIA reported, “In 2024 the Permian region … produced more crude oil than any […]
Crescent Energy sells non-operated assets in Reeves County to reduce debt
Houston-based Crescent Energy said Tuesday it closed a deal to sell non-operated assets in Permian Basin for $83 million in cash to reduce debt. The assets in Reeves County projected 2025 production of about 3,000 boed (35 percent oil). CEO David Rockecharlie said the deal is part of the company’s plan for $250 million in […]
Matador Resources to reduce drilling activities and capital spending in 2025
Dallas-based Matador Resources said Wednesday because of lower commodity prices it will reduce its 2025 drilling and completion activities, drop from nine to eight rigs by midyear, and reduce capital spending by $100 million to $1.275 billion. Joe Foran, chairman and CEO, said 2025 production now is forecast at about 200,000 boed – down 5,000 […]
Pounding the Table on PR and CTRA
Volatility at the start of the Trump Administration might present the last chance to buy Delaware Basin oil and gas stocks on the cheap, in my opinion. The recent goal of maximizing oil production over gas production seems to be flipping and the investing public is not quite in emotional chase mode yet. That gives […]
Dust, Wind, and More
The month of March is known for wind. Which we’ve experienced plenty of in the last month. And of course April is known for showers. But let me tell you, April is no slouch in the wind department. As you’re probably seeing right now, wherever you stand, in the Permian Basin. As I write these […]
DOE awards contract of $1.4 billion to JV to operate SPR in Texas, Louisiana
U.S. Department of Energy said April 3 it awarded a contract of $1.4 billion to Strategic Storage Partners to manage and operate the four sites of the nation’s Strategic Petroleum Reserve (SPR). Strategic Storage Partners is a joint venture of Aptim Federal Services of Baton Rouge, La., and BWX Technical Services Group of Lynchburg, Va. […]
Unchanged counts of active drilling rigs in Permian Basin, Texas, New Mexico
Baker Hughes reported little new activity among operators in Permian Basin, Texas and New Mexico in its weekly report of drilling rigs for April 17. There were 289 rigs in Permian Basin (289 week ago, 318 year ago), 274 in Texas (274 week ago, 296 year ago) and 100 in New Mexico (100 week ago, […]
Ring Energy grows production after Lime Rock deal; ‘real promise’ in CBP
The Woodlands-based Ring Energy said its acquisition of Lime Rock Resources earlier this year has grown its total production by 12 percent. Paul McKinney, chairman and CEO, said Ring is looking to grow its production in Central Basin Platform both by acquisition and organically as it faces greater competition in the region between more well-known […]
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