Baker Hughes reported in its final weekly report of 2024 there were 304 active drilling rigs in Permian Basin for the fourth straight week. As of Dec. 27, there were 284 rigs in Texas (down 1 in past week, down 25 in past year), 103 in New Mexico (unchanged in past week, up 6 in […]
Forbes reports record U.S. oil production in 2024 of 13.249 million b/d
Forbes said recently that preliminary data from U.S. Energy Information Administration show U.S. crude oil production reached a record 13.249 million barrels per day by Dec. 13, 2024, and cumulative production this year is estimated at 4.611 billion barrels by that date. That was only 110 million barrels shy of the previous annual record so […]
ProPetro announces its fourth contract for electric hydraulic fracturing services
Midland-based ProPetro Holding said recently it entered another term contract to provide electric hydraulic fracturing services to a large independent oil and gas operator in Permian Basin. Sam Sledge, CEO, said Dec. 19, “We now have four electric fleets on term contracts and continue to experience industry-leading performance from our active fleets that are delivering […]
Permian People January 2025
January 2025 hirings, promotions, and other personnel matters in the nation’s biggest oil patch—or in companies who do business here. Ring Energy, Inc., announced Nov. 5 the addition of a new senior technical executive. James J. Parr joins Ring as Executive Vice President / Exploration and Geosciences. Parr is a petroleum geologist with more […]
Economic Impact of Trump’s Tariffs
by Mark J. Higgins, C.F.A, C.F.P. In response to Trump’s proposed tariff policy, Mark J. Higgins, financial historian, senior investment advisor, and author, offered the following insights. At the present moment, there is far too much uncertainty to precisely gauge the effects of tariffs proposed by the incoming administration, but history does provide guidance on […]
World’s Strongest Land-Based Crane Tested
Mammoet’s SK6000—deemed by its makers to be the world’s strongest land-based crane—has been tested for fully electric operation. It now offers zero-emission capability to projects taking place anywhere in the world. Through this innovation, Mammoet seeks to help its customers reduce the emissions profile of large projects. The technology also reduces the noise generated by […]
Environmental Remediation to Grow 9% Annually
The global market for Environmental Remediation is anticipated to record a cumulative annual growth rate (CAGR) of 9.1 percent over the 2024-2030 analysis period and reach a projected $215.1 billion by 2030 from an estimated $127.9 billion in 2024, according to a Nov. 29 report from ResearchAndMarkets.com. This report analyzes the market based on technology, […]
GlobalData Charts O&G Contract Value
Global oil and gas contract activity saw a 35 percent quarter-on-quarter decrease in total disclosed value from $55.3 billion in Q2 2024 to $35.7 billion in Q3 2024. Despite this, steady contract volumes, particularly in the Middle East, were driven by substantial projects, such as Saipem’s $4 billion contract with QatarEnergy and multi-billion-dollar agreements from […]
Equipment Finance Industry Confidence Increases
The Equipment Leasing and Finance Foundation on Nov. 21 observed that confidence in the equipment finance market is 67.5, up from its October index of 61.8, and the highest level since August 2021. When asked about the outlook for the future, survey respondent Charles Jones, Senior Vice President, 1stEquipment Finance, Inc., said, “Businesses still need equipment. […]
2025 Legislative Sessions: A Preview
______________________________________________________________________________ The Texas Legislature meets in a regular session every two years, convening on the second Tuesday in January of every odd-numbered year in Austin. These biennial sessions are limited to 140 days. The governor has the authority to call special sessions as necessary, which cannot exceed 30 days. The 89th Texas Legislature is […]
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