U.S. Energy Information Administration said the nation’s crude oil production rebounded in January to an average of 12.462 million barrels per day – highest since March 2020 (during the pandemic).  Production of crude oil in U.S. fell to a low of 9.713 million b/d in May 2020 (during the pandemic) before recovering to 11.369 million […]

Midland-based Diamondback Energy said last week it joined Oil and Gas Methane Partnership 2.0, the flagship oil and gas reporting and mitigation program of United Nations’ environmental program.  Travis Stice, chairman and CEO, said March 27, “As we work toward achieving our emission reduction targets, it’s paramount that we can rely on a framework that […]

After two weeks of increases in Baker Hughes’ counts of active drilling rigs, the counts in Permian Basin, New Mexico and U.S. declined in the weekly report for March 31.  And the U.S. count marked its first decline in a quarter since 2020Q3 after increasing for 9 consecutive quarters.  As of March 31, there were […]

Denver-based Ovintiv confirmed Monday that it agreed to purchase substantially all leasehold interests and related assets of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources in Midland Basin in a cash-and-stock deal valued at $4.275 billion ($3.125 billion cash).  The acquisition will add about 1,050 net well locations of 10,000 feet to Ovintiv’s […]