The count of active oil and gas drilling rigs in Permian Basin fell again last week for the ninth time in the last 12 weeks.  According to the July 21 report from Baker Hughes, there are 333 rigs in Permian Basin (down 4 in the past week, down 16 from a year ago).  Since adding […]

Construction is underway on projects in Delaware and Midland basins by Enterprise Products Partners that will give EPP the capability to process 3.8 billion cubic feet of natural gas per day and extract more than 520,000 barrels per day of NGLs in the Permian Basin. In Delaware Basin, Enterprise is expanding its Mentone cryogenic natural […]

San Ramon, Calif.-based Chevron said Sunday in a quarterly earnings preview that its production in Permian Basin in second quarter increased 11 percent over 2022Q2 to 772,000 boed.  Chevron said it was a quarterly record for the company.  Early 2023 performance of company-operated assets is on track with fullyear guidance.  Chevron previously said it allocated […]

Occidental Petroleum subsidiary 1PointFive said last week it signed an oxygen supply contract with Nippon Sanso Holdings’ U.S. operating company Matheson Tri-Gas for the carbon capture, utilization and sequestration company’s first direct air capture plant in Permian Basin.  Matheson will supply oxygen to Stratos, the plant under construction in Ector County.  Oxygen is used to […]

U.S. Energy Information Administration said Wednesday it expects higher crude oil prices in the second half of 2023 and into 2024 “because of moderate but persistent inventory drawdowns.”  Inventory drawdowns occur when demand for a commodity is greater than its supply.  EIA said, “Production cuts from OPEC members and forecast higher production consumption will lead […]

Houston-based Enterprise Products Partners said Tuesday it has started service at Poseidon, cryogenic natural gas processing plant in Glasscock County that is EPP’s sixth in Midland Basin.  Poseidon has capacity of 300 million cubic feet per day and can extract more than 40,000 barrels per day of NGLs.  Enterprise now can process 1.3 billion cfd […]

In addition to this decline in oil output, production of natural gas also is expected by U.S. Energy Information Administration to decline in August.  EIA said gas production for August in seven major regions is expected to be 97.972 billion cubic feet per day – down 100 million cfd from July.  Permian, Bakken and Niobrara […]

After record high totals in June and July, U.S. crude oil production is forecast to fall in August for the first time this year.  U.S. Energy Information Administration said in its drilling productivity report Monday it expects production of 9.397 million barrels per day in seven major shale regions in August – down 18,000 b/d […]