Enverus Intelligence said Wednesday the drilling rig day rate declined in September for the fourth straight month.  Enverus Day Rate Survey showed that the U.S. composite rate fell in September to $23,623 – down $129 from the August rate.  It was the smallest sequential decline of the last four months.  Enverus said rig demand has […]

U.S. Energy Information Administration said last week marketed natural gas production in the lower 48 states will grow by five percent (5 billion cubic feet per day) this year and by two percent (1.8 Bcfd) in 2024 driven primarily by growth in Permian Basin.  EIA said, “Most of the forecast growth comes from the Permian […]

Crude oil production in Permian Basin is forecast by U.S. Energy Information Administration to decline next month by 30,000 barrels per day.  In the latest drilling productivity report of Oct. 16, EIA said oil production in Permian is expected to be 5.901 million barrels per day in November after 5.931 million b/d in October.  Overall […]

U.S. Energy Information Administration recently forecast lower average natural gas bills this winter for U.S. consumers who heat their homes primarily with natural gas this heating season (Nov. 1 to March 31) compared with last winter. The lower residential winter natural gas expenditures forecast in the 2023 EIA Winter Fuels Outlook are due primarily to […]

New Mexico Governor Michelle Lujan Grisham recently signed an executive order directing state agencies to convert to all-electric vehicles within 12 years.  The Democratic governor also said she will pursue tax credits for electric vehicles in the next session of the state’s legislature.  Lujan Grisham made the announcements Oct. 16 in Santa Fe at a […]

Permian Basin, Texas and U.S. again reported additional drilling rigs for the week ending Oct. 20, according to last week’s report by Baker Hughes.  There were 312 rigs in Permian Basin (up 1 in past week, down 34 in past year), 308 in Texas (up 7 in past week, down 63 in past year) and […]

Dallas-based Saxum Energy Partners recently said it fully invested inaugural partnership Saxum Energy I with $435 million for a premium mineral position in Permian Basin from Luxe Minerals as well as its previous acquisitions in the Haynesville Shale.  Saxum launched the partnership in 2022 and acquired assets in the core of Permian Basin operated by […]

James C. (Jim) Henry, 89, former chairman of Petroleum Basin Petroleum Association and recipient of its Top Hand Award, died Oct. 17.  A graduate of University of Oklahoma and U.S. Air Force veteran, he started his career in the oil and gas industry in the 1950s with Humble Oil and Refining in Texas and Skelly […]

Railroad Commission of Texas said last week that for the seventh consecutive year it exceeded targets for plugging orphan wells in fiscal year 2023.  The Texas legislature set a goal of 1,000 orphaned wells to be plugged in FY 2023, and the commission said its oil and gas division plugged 1,750 wells last year.  That […]