Enverus said Tuesday in its latest Drilldown Report that ExxonMobil continues to be the leading driller in Permian Basin and U.S. Across the U.S. as of Feb. 14, Exxon’s weekly average was 36.3 rigs followed by ConocoPhillips with 32.0, Occidental with 29.6, Continental Resources with 24.0, EOG Resources with 23.4, Mewbourne Oil with 22.7 and […]
Occidental divests non-core assets in Permian Basin to reduce debt
Houston-based Occidental Petroleum said Tuesday it agreed to sell certain upstream assets in non-core Permian Basin and non-operated Rockies for a combined $1.2 billion. The transactions add to Oxy’s debt reduction efforts that hit near-term target of $4.5 billion in 2024Q4. Buyers were not disclosed for the 1Q deals. Production in the two areas is […]
Van’t Hof to replace Stice as CEO of Diamondback Energy
Midland-based Diamondback Energy said Thursday its CEO, Travis D. Stice, will step down as CEO at the company’s 2025 annual meeting and remain as executive chairman through the 2026 annual meeting. Kaes Van’t Hof, president, will become CEO and join the Board of Directors at the 2025 annual meeting. Stice has led Diamondback since 2012 […]
Diamondback, Double Eagle to jointly accelerate development in Midland Basin
Midland-based Diamondback Energy said Tuesday in its announcement of the purchase of certain subsidiaries of Double Eagle IV that the two companies also are forming a JV to accelerate development of Diamondback’s non-core acreage in Midland Basin. Diamondback said, “This acceleration is expected to bring forward net asset value to Diamondback by developing Diamondback’s lower […]
Permian Oil: The Next Four Years
Fourteen years ago, in 2011, I wrote an article for MarketWatch that described how frac’ing for oil and gas would “change everything” for American energy. Among my assertions was the prediction that the United States would be an energy exporter by 2019. The negative comments on the piece were overwhelming. I was told that I was stupid and naive […]
Hiring and Retention: Everyone’s Challenge
While hiring and talent acquisition and retention have long been issues across all sectors of the American economy, perhaps nowhere do those issues pose such unique challenges as are found in the Permian Basin. And yet these are challenges that have been answered with innovation and energy. Considerable effort has been made over the years […]
PBPA’s Spring Swing Scheduled for April 7
Monday, April 7, is the date when the Permian Basin Petroleum Association’s celebrated Spring Swing Golf Tournament takes to the links. This four-man scramble unfolds on the Odessa Country Club’s two magnificent courses, with food, fun, and fellowship available to all who attend. Spring Swing, one of PBPA’s most well-attended events, typically sells out. Anyone hoping to […]
EON reduces debt and acquires additional royalty interests in Eddy County
Houston-based EON Resources said this week it reached agreement with Pogo Royalty to eliminate $40 million in EON debt and add to the company’s interests in Grayburg-Jackson oilfield in Permian Basin. EON called the deal “a balance sheet restructuring.” EON will pay a combination of cash and equity to Pogo which will reduce certain liabilities […]
EIA raises production forecast for U.S. oil output this year to 13.59 million b/d
U.S. Energy Information Administration this week raised its forecast for U.S. oil production this year. The EIA said Tuesday in its short-term energy outlook that it expects production to average 13.59 million barrels per day in 2025 – up from its prior estimate of 13.55 million barrels per day. Brent crude prices are expected to […]
Chevron forecasts growth in Permian production despite less investment
Houston-based Chevron said last week its production in Permian Basin is expected to grow up to 10 percent this year despite less investment. Chevron’s capital spending was $15.8 billion in 2023 and $16.4 billion in 2024, but it is forecast at $14 billion to $16 billion in 2025. The company set oil and gas production […]
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