International Energy Agency last week cut its global oil demand growth forecast for the first time this year because of what Oilprice.com said was “persistent economic headwinds.”  IEA continues to see record high global oil demand in 2023 at 102.1 million barrels per day, according to its Oil Market Report of July 13.  But the […]

Baker Hughes’ rig count in Permian Basin as of July 14 fell by 5 in the previous week to 337 rigs – its lowest count of rigs in 14 months since May 2022.  There were 350 rigs in Permian Basin a year ago and 353 to start 2023.  Also there were 329 rigs in Texas […]

The Woodlands-based Ring Energy said last week it will expand its operations in central basin platform in Permian Basin with a $75 million purchase from Founders Oil & Gas IV.  Founders’ operations in Ector County are focused on development of about 3,600 net acres like Ring’s central basin platform assets acquired in 2022 from Stronghold […]

Houston-based independent infrastructure company Pinnacle Midstream said last week it will expand its Dos Picos system and processing complex in Midland County by constructing a second natural gas processing plant.  Train II, which is targeted for commercial operation in 2024Q4, will add 220 million cubic feet per day of processing capacity and increase Pinnacle’s total […]

ExxonMobil made it official this week.  In a filing with the U.S. Securities and Exchange Commission, the oil supermajor said it moved its headquarters from Dallas suburb Irving to its campus in Spring just north of Houston.  The Fortune 500 company now ranks as the Houston region’s largest company as measured by revenue.  Houston Chronicle […]

Oslo-based independent research and business intelligence company Rystad Energy said last week persistent claims of chronic underinvestment in the global oil and gas industry are “overblown.”  Investments in the upstream sector are expected to reach about $580 billion this year after peaking at $887 billion in 2014.  The number of completed wells also has fallen […]

U.S. Department of Energy said last week it plans to purchase an additional 6 million barrels of oil for the nation’s strategic petroleum reserve for delivery in October and November to the Big Hill SPR site in Jefferson County in southeast Texas.  It’s the third solicitation issued by DOE this year; DOE purchased 6.3 million […]

Houston-based Halliburton recently opened a regional laboratory in Odessa to serve Permian Basin customers of its specialty chemical provider Multi-Chem.  The lab includes a team of scientists and personnel who use the latest instruments to analyze oilfield samples and deliver data-driven insights to technical and field teams. Miguel Gonzalez, vice president of Halliburton Multi-Chem, said, […]