Counts of active drilling rigs in Texas and Permian Basin from Baker Hughes continue to fall.  Both are now at their lowest count in 41 months since December 2021.  As of May 2, there were 287 rigs in Permian Basin (down 2 from 289 last week, down 29 from 316 year ago) and 271 in […]

The Woodlands-based Ring Energy said recently it is reducing spending in 2025 second quarter by more than 50 percent to a midpoint of $18 million from a midpoint of $38 million in its original guidance for 2Q capital spending.  Ring said spending “was lowered in response to the recent decline in oil prices.” Despite the […]

Dallas-based Vaquero Midstream, natural gas gathering and processing midstream company operating in the Delaware Basin, said last week it will expand its existing gathering system in west Texas.  Vaquero will build a new 70-mile (24 inches) high-pressure pipeline loop and a 200 million cubic feet per day cryogenic processing plant.  It will increase Vaquero’s gathering […]

Travis D. Stice, chairman and CEO of Midland-based Diamondback Energy, said Monday in his announcement of reduced spending for 2025 that “it is likely that U.S. onshore oil production has peaked and will begin to decline this quarter.”  Diamondback is reducing its 2025 fullyear capital budget by about 10 percent to $3.4 billion to $3.8 […]

Dallas-based Matador Resources said this week its 4Q production was 201,116 boed (59 percent oil) thanks to better-than-expected performance from new wells in Delaware Basin and higher production from non-operated assets.  The 4Q output is 30 percent more than 2023Q4 and the first time Matador has topped 200,000 boed.  Oil production in 4Q was 118,400 […]

Permian Basin, Texas and U.S. each added drilling rigs again last week, according to the weekly report of Feb. 14 by Baker Hughes.  Permian Basin was up 1 rig to 304 (312 year ago), Texas was up 2 to 280 (299 year ago), and U.S. was up 2 to 588 (621 year ago).  New Mexico […]

Calgary-based Enverus Intelligence Research said last week operators entered 2025 with fewer DUC (drilled but uncompleted) wells than a year earlier to create “potential for impacts to capital efficiency throughout the year.”  Mark Chapman, principal analyst, said, “DUCs act as a form of inventory, and when market conditions are favorable – such as higher winter […]

Minneapolis-based Northern Oil and Gas said last week it agreed to acquire assets in Upton County in Permian Basin from one of its private operating partners for $40 million.  The assets include about 2,275 net acres in Midland Basin.  NOG said it has a multi-year joint development agreement for the property.  Closing is expected in […]

Midland-based Diamondback Energy said Friday it agreed to acquire Double Eagle IV in a cash-and-stock deal of about $4.08 billion.  Diamondback continues to strengthen its position in Permian Basin after last year’s $26 billion deal to buy privately held Endeavor Energy Partners to make it the third largest oil and gas producer in Permian. The […]

ExxonMobil is the Permian Basin leader in oil and gas drilling rigs as of Aug. 9, according to Enverus, with 37 working rigs.  Other leaders include Occidental with 21 rigs, EOG Resources, Mewbourne Oil and Devon Energy with 16 each, ConocoPhillips with 15, Chevron and Permian Resources with 12 each, and Diamondback Energy and Endeavor […]