After producing 401,500 boed in fourth quarter, Midland-based Permian Resources last week forecast 400,000-to-430,000 boed for fullyear 2026.  The forecast for crude oil production for 2026 is 186,000-to-192,000 barrels per day after 4Q oil production of 188,633 b/d.  In 4Q the company also reduced costs 14 percent from 2024 to about $700 per foot. James […]

Houston-based Occidental Petroleum and its subsidiary 1PointFive said this week they expect Phase I of the STRATOS direct air capture plant in Ector County in Permian Basin will come online in second quarter.  1PointFive said Phase 1 “is in the final stage of startup.”  Phase 2, which incorporates learnings from research and development and Phase […]

Irving-based ExxonMobil said last week its record 5.0 million oil-equivalent barrels per day of production in 2025 fourth quarter included 1.8 million boed from the Permian Basin.  The surge “is largely attributed to the successful integration of Pioneer Natural Resources, a $60 billion mega-merger finalized in 2024 that more than doubled Exxon’s footprint in the […]

Spring-based industry major ExxonMobil reportedly is using a proprietary lightweight proppant made from petroleum coke in wells in the Permian Basin to improve production and lower costs.  The proppant is designed to be transported further into fractures than traditional sand to keep more fracture area open and increase overall resource recovery by up to 15 […]

Dallas-based Cardinal Midstream Partners said last week it plans to expand its Pecos River natural gas processing complex in Loving County in Permian Basin.  The expansion is scheduled for completion in early 2026.  It will add 220 million cubic feet per day of capacity and increase Cardinal’s total capacity to 360 million cfd (with flexibility […]

New Mexico reported a gain of 4 rigs in the past week in Baker Hughes’ latest weekly report of active drilling rigs, but Texas led major producing states that reported declines with a loss of 6 rigs.  As of Oct. 10, there were 100 rigs in New Mexico (up from 96 week ago and 99 […]

U.S. Energy Information Administration has increased its forecast for the nation’s crude oil production this year.  EIA said last week in its latest Short Term Energy Outlook that crude oil production was a record 13.6 million barrels per day in July and is forecast to be 13.53 million b/d for 2025 and 13.51 million b/d […]

Houston-based LandBridge said last week it agreed to purchase about 37,500 total acres in Loving, Reeves, Ward and Winkler counties in west Texas from 1918 Ranch & Royalty.  The assets include 22,000 fee surface acres, 3,500 surface acres held in a long-term agreement and 12,000 leasehold surface acres.  Closing is expected in 2025Q4. The transaction […]

NRG Energy will receive a $562 million low-interest loan through a state fund that supports construction of new natural gas power plants. It’s the third and largest loan announced under the Texas Energy Fund.  The 20-year loan (for 60 percent of project cost) will allow NRG to move forward with construction of a 721-megawatt unit […]

Oil and natural gas tax contributions also remained high in August, according to Texas Independent Producers and Royalty Owners Association. According to data from the Texas comptroller’s office, in August Texas energy producers paid $445 million in oil production taxes, a six-month high. Producers also paid $194 million to the state in August in natural […]