Houston-based Targa Resources said Nov. 2 it commenced operations in early fourth quarter at its new Greenwood gas processing plant in Midland Basin.  Targa said the project was completed “ahead of schedule and on budget” with capacity of 275 million cfd.  An additional plant in the Midland Basin, Greenwood II (with same capacity), is under […]

Dallas-based Matador Resources said last week that production in the third quarter was up 28 percent over the same period last year after it brought online 21 DUC wells acquired from Advance Energy Partners Holdings in April.  Matador’s Margarita development in the Ranger area of Lea County, N.M., in five intervals in Delaware Basin helped […]

Houston Chronicle reported that the 5.3 magnitude earthquake recorded Nov. 8 near Mentone could prompt Railroad Commission of Texas to close a key oilfield wastewater injection area.  Last year after a 5.4 quake in the same region commission officials said operators may be prohibited from injecting wastewater deep below the surface if another quake of […]

Texas comptroller Glenn Hegar recently said oil production tax revenue in Texas totaled $586 million in October – up 8 percent from October 2022 – but overall state sales tax receipts were down 0.3 percent from a year ago.  State sales tax revenue in October of $3.81 billion is based on sales made in September […]

The decline in U.S. drilling day rates slowed to a near standstill in October, according to Enverus, as the U.S. composite rate declined to $23,621.  That’s down only $2 from $23,623 in September after falling $838 in the previous four months, according to the Enverus Day Rate Survey.  Three of the survey’s seven regions rose, […]

Bloomberg recently reported wages for U.S. oilfield workers climbed in September for the third straight month “as paychecks prove resilient amid slowing shale activity.”  Average hourly earnings for frontline oil and natural gas workers rose 0.9 percent in September from the previous month to $43.63, according to a report released Nov. 3 by the U.S. […]

Permian Basin and U.S. each added drilling rigs for the first time in three weeks, according to the weekly report of Nov. 17 from Baker Hughes.  There were 311 active rigs in Permian Basin (310 previous week, 349 year ago) and 618 in U.S. (616 week ago, 782 year ago).  Also as of Nov. 17 […]

The Woodlands-based Durango Midstream said recently it received commitments from commercial banks – led by Wells Fargo Bank National Association – to support expansion of Kings Landing gas gathering and processing facility in Eddy County, N.M.  Phase I of the project is expected to be placed into service in 2024Q4 and includes 200 million cfd […]

U.S. Department of Energy said Monday it will purchase 1.2 million barrels of oil to help replenish the nation’s strategic petroleum reserve.  The purchases will be made at an average price of $77.57 per barrel from two companies after 18 bids were submitted. Reuters reported, “The administration of President Joe Biden last year conducted the […]