Texas Tribune said it will sponsor a luncheon Wednesday, May 8, in Odessa with a theme of “West Texas: The State of Oil.” The Tribune said, “Oil and gas production in west Texas broke records last year. The Texas Oil and Gas Association reported that Texas supplied 42 percent of the nation’s oil in 2023 […]
EIA report: Consumption of natural gas in U.S. reaches record in 2023
U.S. Energy Information Administration said Tuesday consumption of natural gas in U.S. reached a record 89.1 billion cubic feet per day in 2023. Since 2018 U.S. natural gas consumption has increased by an average of four percent each year. Monthly natural gas consumption set records every month from March 2023 through November 2023. U.S. natural […]
Permian Basin M&A activity in Q1 reached a record $51 billion
After a record $192 billion in U.S. upstream consolidation last year, according to Enverus Intelligence Research, M&A activity in 2024Q1 appeared to be headed to another record with $51 billion in announced deals. But Enverus said it is “pumping the brakes on another record-setting year as deal activity slowed significantly in March, and Q2 appears […]
Saudi Arabia, U.S., Russia rank 1-2-3 in total global recoverable oil
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 […]
Texas Pipeline Association commissions study on economic impact of pipelines
Texas Pipeline Association recently commissioned a study on the economic impact of the state’s oil and gas pipeline industry by Center for Energy Commerce at Texas Tech University. The study released earlier this month shows that the industry provided more than $60.5 billion in economic output in 2022 and nearly $3.6 billion in state and […]
Earthstone Energy to move rig to new Novo assets upon closing in 2023Q3
The Woodlands-based Earthstone Energy told Enverus that its assets acquired recently from Delaware Basin operator Novo Oil & Gas will immediately compete for capital in Earthstone’s portfolio. Earthstone and Northern Oil & Gas said June 15 they are acquiring Novo for $1.5 billion. After closing in 2023Q3, Earthstone said it will move one of its […]
Pinon Midstream to expand Dark Horse treating facility in Lea County
Houston-based private gas gatherer Pinon Midstream said last week it is expanding Dark Horse, its sour gas treating and carbon capture facility in Lea County, N.M. Construction on a fully subscribed amine treating unit (Train III) is scheduled to begin in 2023Q3 with an in-service date of January 2024. Pinon said it also has started […]
Sceye tests helium airship to detect, measure oilfield emissions
Moriarty, N.M.-based Sceye said it is testing a helium airship to detect and measure oilfield emissions in a partnership with U.S. Environmental Protection Agency and New Mexico’s departments of environment and economic development. The airship hovers 65,000 feet above earth equipped with spectral imagers and laser sensors that Sceye said can scan emissions within a […]
ConocoPhillips integrates new Permian assets, reports increased production
Houston-based ConocoPhillips reported last week increased production in 2022Q1 as it continues to integrate and optimize recently acquired Permian Basin assets. The record production of 1,747,000 boed (220,000 above 2021Q1) in Q1 included 967,000 boed in lower 48 and 640,000 boed in Permian Basin. Q2 production is expected to be 1.67 to 1.73 million boed, […]
At least 700 rigs in U.S. for first time since March 2020, Permian reports 335
For the first time since March 2020, Baker Hughes reported a count of active oil and gas drilling rigs of at least 700 in U.S. As of May 6, there were 335 rigs in Permian Basin (unchanged in past week, up 106 in past year), 344 in Texas (down 1 in past week, up 127 […]