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 […]
HighPeak acquires Howard assets of Midland’s Hannathon Petroleum
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. […]
Callon says 85 percent of 2022 capital budget will be spent in Permian
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 […]
Calgary-based energy company Xfuels relocates to Texas
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 […]
Texas oil and gas industry adds 5,100 jobs in February – most in decade
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 […]
Rig counts in first quarter up 8.7 percent in Permian, 17.7 percent in Texas
Rig counts in first quarter were up 8.7 percent in Permian Basin, 17.7 percent in Texas and 14.3 percent in U.S. Baker Hughes said as of March 25 there were 319 rigs in Permian (316 week ago, 221 year ago), 326 in Texas (320 week ago, 205 year ago), 96 in New Mexico (97 week […]
Oxy outlines plans for direct air carbon capture plant in Permian Basin
Houston-based Occidental Petroleum last week outlined its plans to build the world’s largest direct air carbon capture facility in Permian Basin. Construction is scheduled to begin during second half of 2022, and operations are expected to begin at DAC1 in late 2024. Oxy officials said March 23 they plan to invest up to six percent […]
Capitol Update: 87th Texas Legislature
While COVID cast the first shadow over the 2021 legislative session, the polar vortex that iced the Lone Star State Feb. 13-17 cast yet another, with both continuing to delay regular proceedings. On Feb. 12, Gov. Abbott issued a disaster declaration in all 254 counties in response to the frigid winter storm that left millions […]
New Mexico agencies reduce spending 5 percent as oil revenue declines
Analyst Bernadette Johnson of Enverus told members of the New Mexico’s legislative finance committee last week that she expects natural gas prices to increase in 2021, but she said demand and prices for crude oil will take longer to recover. She said Nov. 19 that the industry in New Mexico has lost 7,400 jobs since […]
Declining rig counts extend 12 weeks in U.S., 11 weeks in Permian Basin
The streaks of declining rig counts have reached 12 weeks in the U.S. and 11 weeks each in Texas and Permian Basin as of May 29, according to Houston-based Baker Hughes. There were 148 active rigs in Permian Basin (162 previous week, 452 previous year), 127 rigs in Texas (138 previous week, 480 previous year) […]