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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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ConocoPhillips integrates new Permian assets, reports increased production

May 12, 2022 by Sarrah Barton

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, […]

Filed Under: PBOG Newsletter

At least 700 rigs in U.S. for first time since March 2020, Permian reports 335

May 12, 2022 by Sarrah Barton

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 […]

Filed Under: PBOG Newsletter

Expansion planned for Whistler pipeline from Permian Basin to south Texas

May 12, 2022 by Sarrah Barton

Owners of Whistler pipeline said last week it will be expanded through the installation of three compressor stations.  The new stations will increase mainline capacity from 2.0 billion cfd to about 2.5 billion cfd and be in service by September 2023.  Whistler is owned by a consortium of MPLX, WhiteWater, and a joint venture of […]

Filed Under: PBOG Newsletter

Ring Energy says 2022Q1 production in Permian exceeds forecast

May 12, 2022 by Sarrah Barton

The Woodlands-based Ring Energy said April 26 that 2022Q1 production averaged 8,870 boed (85 percent oil) – above high end of guidance of 8,500 to 8,700 boed in Permian Basin of west Texas and east New Mexico.  Ring’s one-rig program started in late January and drilled 6 wells (4 on Central Basin Platform and 2 […]

Filed Under: PBOG Newsletter

Marathon maintains flat output, “returns to regular activity” in Permian

May 12, 2022 by Sarrah Barton

Houston-based Marathon Oil said last week it expects 2022 production to remain flat with 2021 averages.  In 2022Q1 production averaged 281,000 boed and 158,000 bod; 57 wells were brought online (consistent with guidance of 50 to 60 wells to sales).  Production in Eagle Ford for 2022Q1 was 53,000 bod and 80,000 boed with 28 wells […]

Filed Under: PBOG Newsletter

Diamondback Energy remains committed to current production levels

May 12, 2022 by Sarrah Barton

Midland-based Diamondback Energy said last week it remains committed to maintaining current oil and gas production levels.  Diamondback averaged 222.8 million bod and 381.4 boed in 2022Q1 with capex of $437 million.  Guidance for 2022 is 218,000 to 222,000 bod and 369,000 to 376,000 boed.  Diamondback plans to add 248 to 267 wells this year […]

Filed Under: PBOG Newsletter

HighPeak acquires Howard assets of Midland’s Hannathon Petroleum

May 12, 2022 by Sarrah Barton

Fort Worth-based HighPeak Energy recently said it is acquiring Midland Basin oil and gas assets of Midland-based Hannathon Petroleum for $255 million cash and stock.  The acquisition, valued at $373 million, will provide HighPeak with 18,600 net acres (100 percent operated) and about 150 net drilling locations (200 gross) contiguous to HighPeak’s Signal Peak position.  […]

Filed Under: PBOG Newsletter

Callon says 85 percent of 2022 capital budget will be spent in Permian

March 31, 2022 by Sarrah Barton

Houston-based Callon Petroleum said recently that 85 percent of its capital expense budget of $725 million for 2022 will be allocated to Permian Basin.  Callon said the increase of $216 million from last year reflects an increase in the number of drilled wells and the impact of inflation on the cost of such items as […]

Filed Under: PBOG Newsletter

Calgary-based energy company Xfuels relocates to Texas

March 31, 2022 by Sarrah Barton

Calgary-based Xfuels said last week it is relocating to Texas to help the company expand in the U.S.  Xfuels is a diversified energy company with three vertically integrated businesses acquired in a merger with Cycle Energy Industries.  Texas subsidiary Cycle Oil and Gas acquires and optimizes underdeveloped upstream assets, holds royalty and non-operated positions, and […]

Filed Under: PBOG Newsletter

Texas oil and gas industry adds 5,100 jobs in February – most in decade

March 31, 2022 by Sarrah Barton

Texas Oil and Gas Association said this week employment in the state’s oil and gas production industry in February increased by about 5,100 jobs – the biggest gain in more than a decade and the second highest in 30 years.  The oil and gas production sector employed 181,900 people in Texas in February – up […]

Filed Under: PBOG Newsletter

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