S&P Global said recently it expects an annual decline in U.S. crude oil production next year.  A combination of slowing global oil demand fueled by uncertainty over U.S. trade and a coming supply surplus will curtail U.S. oil production later this year and could lead to an annual decline next year.  U.S. total production for […]

Retail price for regular-grade gasoline in the U.S. on May 19, the Monday before Memorial Day weekend, averaged $3.17 per gallon – 11 percent (or 41 cents/gal) lower than a year ago. After adjusting for inflation, average U.S. retail gasoline prices going into Memorial Day weekend are 14 percent lower than last year primarily because […]

Houston-based ConocoPhillips said recently its first quarter production in lower 48 of 1.46 billion boed included 816,000 boed from Permian Basin.  Total production in 1Q, which was the first quarter that included the operations of Marathon, which the company acquired late last year, averaged nearly 2.39 million boed.  Chairman and CEO Ryan Lance said the […]

Railroad Commission of Texas last week issued new guidelines for permitting of disposal wells in the Permian Basin.  The commission said May 16 new requirements will be implemented for permits for saltwater disposal wells in the region.  New and amended applications in the Permian Basin will now be evaluated based on three primary factors: (1) […]

The count of active drilling rigs in Permian Basin declined again for the past week, according to Baker Hughes.  In the report for May 16, there were 282 rigs in Permian – down 3 from 285 a week ago and down 30 from 312 a year ago.  It’s Permian’s lowest count for 42 months since […]

Denver-based Tallgrass said last week it completed anchor shipper agreements for a new pipeline that will transport natural gas from multiple points in the Permian Basin to the Rockies Express pipeline and other points of delivery.  Tallgrass said May 13 the agreements “are sufficient to financially justify construction of the pipeline project.”  Target in-service date […]

Houston-based Plains All American Pipeline said recently it acquired the Permian Basin crude oil gathering system of Black Knight Midstream.  The $55 million deal closed May 1.  Plains also acquired the remaining 50 percent interest in Cheyenne Pipeline in southeast Wyoming and completed a debottlenecking project at a fractionation complex in Edmonton, Canada.  Willie Chiang, […]

Austin-based Greenlake Energy announced last week the formation of Greenlake Energy II, its newest exploration and production platform, backed by more than $200 million in equity commitments from NGP Energy Capital Management and Greenlake’s management.  Greenlake II is led by president and CEO Matt Gallagher, who previously served as CEO of Parsley Energy until its […]

Houston-based Coterra Energy said last week it is reducing plans for oil-directed rigs in Permian Basin in second half of 2025 while boosting spending for gas assets in Marcellus.  After exiting first quarter with 13 rigs in Permian Basin, Coterra will trim that count to 7 rather than 10 as originally planned and decrease spending […]

Oklahoma City-based Riley Exploration Permian said last week it acquired Silverback Exploration, a largely undeveloped asset in New Mexico, for $142 million (cash) to add 5,000 boed of production and more than 300 gross undeveloped locations.  Bobby D. Riley, chairman and CEO, also said the company is reducing 2025 investing midpoint guidance by 50 percent […]