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 […]

After a week of gains, Permian Basin, Texas and U.S. returned to declining counts of drilling rigs last week, according to the weekly report of Aug. 16 from Baker Hughes.  There were 303 rigs in Permian Basin (down 1 from 304 previous week, down 24 from 327 year ago), 273 in Texas (down 3 from […]

Houston-based Trace Midstream Partners II said recently it reached agreement with LM Energy Delaware to acquire its natural gas gathering and transportation assets in northern Delaware Basin.  The system in Eddy and Lea counties in New Mexico consists of high- and low-pressure gas pipelines with associated compression, dehydration, condensate handling and vapor recovery capabilities. LM […]

Midland wildcatter and military veteran Autry Carl Stephens, founder of Endeavor Energy Resources and recipient of the Top Hand Award from Permian Basin Petroleum Association, died at the age of 86.  Endeavor said its board chairman died Aug. 16 and will be succeeded as chairman by his daughter, Lyndal Stephens Greth, an attorney who served […]

Fort Worth-based Brazos Midstream Holdings III said last week it completed construction of a cryogenic gas processing plant in Martin County.  Sundance I is scheduled to start commercial service in October with capacity of 200 million cfd.  Brazos said Aug. 15 it also is in final stages of constructing about 175 miles of high-pressure gas-gathering […]

Saudi Arabia, U.S. and Russia continue to rank 1-2-3 in total global recoverable oil reserves, according to Oslo-based Rystad Energy’s latest research.  Rystad this week raised its estimate of total global recoverable oil to 1,624 billion barrels – an increase of 52 billion barrels compared to its estimate last year.  Oil & Gas Journal called […]