New York-based private investment firm SK Capital Partners said recently its affiliates completed acquisition of Milestone Environmental Services, a leading environmental services, waste management and carbon management company with operations in Permian Basin, from Amberjack Capital Partners.  SK Capital acquired a controlling stake in Houston-based Milestone in partnership with Gabriel Rio, president, CEO and founder. […]

Tulsa-based Vital Energy said last week in its announcement of preliminary third quarter operating results that it produced crude oil above guidance.  Vital said total production in 3Q averaged 101,300 boed – above guidance of 94,000-to-98,000 boed – and 48,700 b/d of crude oil – above guidance of 45,500-to-48,500 b/d.  Production results primarily were driven […]

International Energy Agency said in the October edition of its Oil Market Report that U.S. gasoline consumption fell again in September to its lowest level in two decades.  IEA said preliminary data indicate falling demand for gasoline in U.S. Phillips 66 CEO Mark Lashier said last week in Houston at Baker Institute for Public Policy […]

U.S. Energy Information Administration said last week U.S. crude oil production surged to a record of 13.2 million barrels a day for the week of Oct. 6.  That eclipsed the previous record of 13.1 million b/d in February 2020 before the covid19 global pandemic slowed the economy.  The record production comes as oil prices have […]

U.S. Energy Information Administration last week increased its forecast for annual average Brent crude oil spot price for 2024 to $94.91 per barrel – up 7.6 percent from its previous forecast Sept. 12 of $88.22.  Oil prices increased in September to an average of $94 per barrel – $8 higher than in August and $19 […]

Houston-based Milestone Environmental Services, largest energy waste sequestration company in U.S., said last week it received approval from Railroad Commission of Texas for its third RCRA-exempt energy waste landfill permit in Permian Basin.  Milestone said Thursday that development plans are in progress for the landfill of about 12.4 million cubic yards.  It will be located […]

Permian Basin, Texas and U.S. reversed their three-week declines in count of active oil and gas drilling rigs.  Baker Hughes reported Friday that as of Oct. 13 there were 311 rigs in Permian Basin (up 2 in past week, down 35 in past year), 301 in Texas (up 4 in past week, down 64 in […]

“Where innovation and technology meet Permian grit” is theme for the 2023 Permian Basin International Oil Show next week at Ector County Coliseum and Fairgrounds in Odessa.  The 39th biennial event is Tuesday, Wednesday and Thursday, Oct. 17-19.  Larry Richards, PBIOS president, told American Oil and Gas Reporter that this year’s event will provide a […]