Oklahoma City-based Revolution II Wi said Dec. 6 it has acquired Austin-based Jones Energy in an all-cash transaction valued at about $201.5 million. The transaction is expected to close in 2020Q1. Revolution is an independent oil and gas company engaged in acquisition and development of properties in mid-continent U.S. Jones is an independent oil and […]
Ironwood expands Eagle Ford network with asset purchase from Twin Eagle
San Antonio-based Ironwood Midstream Energy Partners said last week it closed on its acquisition of midstream assets in Dimmit and La Salle counties in south Texas from Houston pipeline and frac sand company Twin Eagle. The assets include Gardendale and Asherton gathering systems of 150 total miles of crude oil gathering pipelines with connections to […]
Rig counts unchanged in Permian Basin, Texas, U.S.
Perhaps a sign of a holiday slowdown, counts of active drilling rigs in Permian Basin, Texas and U.S. were unchanged in the past week as of Dec. 13, according to Baker Hughes. There were 400 rigs in Permian (486 a year ago), 400 rigs in Texas (532 a year ago) and 799 rigs in U.S. […]
Texas Tribune panel talks about quality of life in Permian Basin
Tuesday’s panel discussion in Odessa on the impact of the oil and gas industry in Texas focused on quality of life issues. Panelists said the success of the industry in west Texas has had consequences, including wear-and-tear on regional roads, lack of affordable housing, and strains on area schools and healthcare systems. Ben Shepperd, president […]
U.S. rig count plunges 25.7 percent in past 12 months to 799 from 1,075
The count of active oil and gas drilling rigs remained flat in the past week in New Mexico (103 rigs), but Texas and the Permian Basin each lost 5 rigs. As of Dec. 6, according to Baker Hughes, Permian Basin declined to 400 (489 a year ago), and Texas also fell to 400 (529 a […]
Classifying Employees—A Primer
If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck. This saying is better known as the Duck Test and the phase was coined by the Indiana poet James Whitcomb Riley in the 19th Century. Surely you have heard this expression and it immediately […]
Private Equity’s Pros and Cons
December 2, 2001, was a day of infamy for thousands of people. On that date Enron declared bankruptcy, trading at a paltry $.26 per share after topping the scales at more than $90 per share a few months earlier. That is also the time that Midland entrepreneur Tripp Wommack sees as the beginning of prime […]
Baker Hughes, 2 others form partnership to develop AI for energy industry
Houston-based oilfield services company Baker Hughes, tech giant Microsoft and Silicon Valley artificial intelligence company C3:ai last week said they have agreed to partner to bring enterprise artificial intelligence solutions to the energy industry on Microsoft Azure, a leading cloud computing platform. Baker Hughes’ announcement said the alliance “will enable customers to streamline the adoption […]
Crude oil production to grow in Permian to 4.727 million b/d in December
Production of crude oil in Permian Basin is expected to grow another 57,000 barrels per day in December, according to the U.S. Energy Information Administration, to reach 4.727 million b/d while other regions contract. Seven major producing regions will grow by a total of 49,000 barrels per day in December to 9.133 million b/d. Natural […]
More than half of nation’s rigs drilling in Permian Basin
For the fifth straight week, Permian Basin is home of more than half of the nation’s active oil and gas drilling rigs. Baker Hughes said as of Nov. 22 there were 406 rigs in Texas (408 previous week, 493 previous year) and 803 rigs in U.S. (806 previous week, 1,079 previous year). New Mexico continues […]
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