With the proliferation of hydraulic fracturing since around 2010, the good news is that oil and gas production have exploded, reaching never-before-seen levels and practically eliminating net imports. The challenge, however is that fracturing requires millions of barrels of water—fresh or recycled—and also produces millions of barrels of water that must be reused or returned […]
Phillips 66 to defer Red Oak pipeline amid 2020 budget cuts
Operators in Permian Basin’s energy industry continue to announce reductions in capital budgets for 2020. They include: Phillips 66 said March 24 it will defer its Red Oak pipeline as part of reducing its 2020 capital budget by $700 million to $3.1 billion. With Plains All American Pipeline, Phillips 66 formed Red Oak Pipeline to […]
Crude oil, natural gas operators reduce spending in Permian Basin
More operators are reacting to commodity price downturn and industry current conditions by reducing 2020 capital spending in Permian Basin. They include: Apache reduced its 2020 capital budget to about $1.1 billion – down from about $1.75 billion – and will idle all its rigs in Permian Basin and reduce drilling elsewhere. “We are significantly […]
U.S. status as net petroleum exporter “at risk” as majors trim budgets
The U.S. status as a net petroleum exporter is at risk, Bloomberg said this week, as plunging oil prices threaten domestic production. U.S. recently began exporting more petroleum that it imports because of “record shale production in fields such as the Permian Basin.” Bloomberg added, “Now, amid the worst price rout in nearly three decades, […]
Centennial reduces operated rigs in Reeves County to three
Denver-based Centennial Resource Development said Feb. 24 it is reducing operated rigs in Reeves County to 3 beginning in 2020Q2 with a focus on upper Wolfcamp A and third Bone Spring sand zone. Another rig will be allocated to Lea County, N.M. Centennial is reducing its 2020 capital budget 28 percent compared to 2019. The […]
Permian Basin adds rigs for fourth straight week to reach 415
Permian Basin, Texas, New Mexico and U.S. each added rigs in the past week, according to the weekly report of active oil and gas drilling rigs for March 6 from Baker Hughes. Permian added 4 rigs for a new total of 415 (411 week ago, 465 year ago, 405 to start 2020), and Texas added […]
ONEOK plans to expand West Texas LPG pipeline
Tulsa-based ONEOK said Feb. 24 it plans to expand its West Texas LPG pipeline at a cost of $310 million. The fully-contracted 100,000 b/d pipeline expansion is expected to be completed in 2021Q2 and is supported by long-term dedicated NGL production from third-party natural gas processing plants in Permian Basin. West Texas LPG is a […]
Beware the Ides of March
This month I’m going to talk with you about hiring the right people. In October, I reviewed the basics of hiring and firing but I want to talk about making the right hire. Why the reference to the Ides of March? It is because Julius Caesar was assassinated and if you also remember your Roman […]
Filling the Potholes on the Road to Progress
Since the advent of the frac era, the idea of taking a leisurely drive in the country anywhere in the Permian Basin has dwindled to a speck in the rear view mirror. Some roads, particularly U.S. 285 between Pecos and Carlsbad, S.H. 302 through Winkler County, and I-20 pretty much anywhere along the Odessa-Midland corridor, […]
Enverus acquires RS Energy Group in technology company merger
Austin-based Enverus, a leading energy SaaS and data analytics company, said Feb. 12 it has acquired RS Energy Group, a technology firm focused in the upstream oil and gas industry. Enverus said the acquisition “combines the companies’ complementary strengths to accelerate technology, machine learning and advanced analytics across the energy market.” Enverus said its technology […]
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