Three additional Permian Basin operators who produce hundreds of thousands of barrels of crude oil have announced multi-billion-dollar profits for 2022Q2. Houston-based Occidental Petroleum reported $3.6 billion in profits for the quarter that ended June 30 compared to a $97 million loss in 2021Q2. Oxy produces about 1.1 million boed globally, including 493,000 boed from […]
Drilling permits issued in July 2022 reach highest in three years
The number of drilling permits issued in July 2022 for Permian Basin hit a three-year high of 1,526, according to Enverus and investment banking advisory firm Evercore. Houston Chronicle said that’s an increase of 22 percent from July 2021. In Texas oilfields, there were 901 approved drilling permits in July – an increase of 16 […]
Northern Oil and Gas acquires assets in Midland Basin
Minneapolis-based Northern Oil and Gas said Wednesday it agreed to acquire assets in Midland Basin from Tulsa-based Laredo Petroleum for $110 million. The assets in Howard County include 1,600 acres, 6.4 net producing wells and 8 net undeveloped locations – most operated by SM Energy. Production at closing in October is expected to be 1,600 […]
APA, Apache acquire assets in Loving, Reeves counties in Delaware Basin
Houston-based APA Corp. said in its second quarter earnings release Aug. 3 it acquired property in Delaware Basin in Loving and Reeves counties in Texas for $505 million. The acquisition is located near APA’s exiting operations and is referred to as a “tuck-in acquisition” in the investor presentation in which APA revealed that its 2Q […]
Covering the Waterfront
Greetings and Salutations! Another day in petroleum paradise! Normally I pick a certain topic and attempt to drive it home and put it in the garage. However this month I’m covering numerous topics to mix it up a bit. I hope you enjoy the ride! Let me start of by saying that for me safety […]
Innovation is Indeed All It’s Frac’ed up to Be
by Paul Wiseman In 1965 Gordon Moore—who accidentally invented Moore’s Law—observed that the number of transistors on a microchip doubled about every two years. That law has sometimes been modified to symbolize the increasingly fast pace of advances in computer speed and capacity in the decades since. Mr. Moore’s law is certainly at home today […]
Chesapeake to focus on Haynesville, Marcellus; says Eagle Ford is non-core
Oklahoma City-based Chesapeake Energy said last week it will focus on its natural gas operations in Haynesville and Marcellus and move its Eagle Ford positions to non-core status. Chesapeake said it will increase capital allocation by 15 percent to Haynesville in second half of 2022 and into 2023 and reduce to 3 rigs in Eagle […]
Rig count down by 4 in past week to 347 in Permian Basin
Count of oil and gas drilling rigs in Permian Basin declined by 4 to 347 last week, according to Baker Hughes. It was the largest decline in Permian since falling by 5 to 117 rigs in August 2020. Also as of Aug. 5, there were 373 rigs in Texas (up 2 in past week), 104 […]
EPA uses helicopter flyovers to detect emissions in Permian Basin
A series of helicopter flyovers in Permian Basin by U.S. Environmental Protection Agency continued this week to survey thousands of oil and gas operations. The flyovers will allow EPA to identify emitters of large amounts of methane and excessive emissions of volatile organic compounds (VOCs). EPA regional administrator Earthea Nance said Aug. 1 the Permian […]
Texas again receives record tax revenue from oil, gas production
State of Texas continues to receive record amounts of sales tax revenue and production taxes from crude oil and natural gas. Texas comptroller Glenn Hegar said Aug. 1 state sales tax revenue totaled $3.88 billion in July – highest monthly collections on record and 14.7 percent more than July 2021. The majority of July sales […]
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