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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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EIA forecasts U.S. retail gasoline price to fall to $3.10/gal in 2025, $2.90gal in 2026

September 16, 2025 by PBOG Leave a Comment

U.S. Energy Information Administration expects U.S. average retail price for regular-grade gasoline will average about $3.10 per gallon this year – down 20 cents per gallon from last year.  In its latest Short Term Energy Outlook published last week, EIA forecast retail gasoline price will fall to an average of $2.90/gal in 2026 with the […]

Filed Under: PBOG Newsletter

Texas adds rigs for third straight week, Permian Basin flat with 254 rigs

September 16, 2025 by PBOG Leave a Comment

After 15 weeks of declining or flat counts of active drilling rigs, Texas added rigs for the third straight week.  As of Sept. 12, Baker Hughes said there were 244 active rigs in Texas – up 1 in the past week but down 30 or 10.9 percent from 274 a year ago.  Texas started the […]

Filed Under: PBOG Newsletter

Phillips 66 to acquire WRB Refining, including Borger unit that serves west Texas

September 16, 2025 by PBOG Leave a Comment

Houston-based Phillips 66 said last week it will acquire the remaining 50 percent interest in WRB Refining from subsidiaries of Cenovus Energy for $1.4 billion.  WRB Refining is a 50/50 joint venture of Phillips 66 and Cenovus that includes a refinery in Borger serving markets across west Texas, New Mexico and the U.S. southwest.  The […]

Filed Under: PBOG Newsletter

EIA reports crude oil price ‘will decline significantly’ to $59 in Q4, $51 in 2026

September 16, 2025 by PBOG Leave a Comment

In its latest Short Term Energy Outlook, U.S. Energy Information Administration said it expects “the Brent crude oil price will decline significantly in the coming months.”  EIA forecasts the price will fall from $68 per barrel in August to an average of $59/b in 4Q and about $50/b in early 2026 and $51/b for fullyear […]

Filed Under: PBOG Newsletter

Direct Midstream selects SitePro to provide automation technology in Permian

September 12, 2025 by PBOG Leave a Comment

Addison-based Direct Midstream selected SitePro as sole automation provider for Direct Midstream, an expanding water midstream operator in Permian Basin.  Lubbock-based SitePro, a software, hardware and service company with patented automation and fluid management solutions, is contracted to deploy automation technology across 15 existing saltwater disposal facilities with plans for expansion. Bryson Benson, CEO of […]

Filed Under: PBOG Newsletter

Peak 10 Energy acquires oil, gas assets in Scurry County in Midland Basin

September 12, 2025 by PBOG Leave a Comment

Houston-based Peak 10 Energy said last week it acquired oil and gas assets in Midland Basin from Black Topaz Oil & Gas and Blue Topaz Oil & Gas.  The Verado Energy acquisition, which closed Aug. 29, marks Peak 10’s eighth successful transaction since the company launched in August 2023. The assets are in the Strawn […]

Filed Under: PBOG Newsletter

EIA reports record production of crude oil, natural gas in June in U.S.

September 12, 2025 by PBOG Leave a Comment

U.S. crude oil production reached another record of 13.58 million b/d in June after an increase of 133,000 b/d since June 2024, according to the latest Petroleum Supply Monthly from U.S. Energy Information Administration.  Crude production in top producing state Texas added 11,000 b/d to reach 5.72 million b/d – highest since April.  And the […]

Filed Under: PBOG Newsletter

Riley Exploration Permian reports most efficient, cost-effective drilling campaign

September 9, 2025 by PBOG Leave a Comment

In its second quarter earnings call last month, officers at Riley Exploration Permian said the Oklahoma City-based company set multiple Yoakum County records in San Andres.  The new standards include longest lateral drilled at 10,375 feet, fastest spud to total depth, and fastest spud to rig release for both 1- and 2-mile wells. “This campaign […]

Filed Under: PBOG Newsletter

Texas only major producing state to add drilling rigs last week, up 2 to 243

September 9, 2025 by PBOG Leave a Comment

Texas was the only major producing state to add drilling rigs last week, according to the weekly report of Sept. 5 from Baker Hughes.  Texas added 2 rigs to reach 243, but its count is down 31 or 11 percent from 274 a year ago.  It was the state’s second straight week of gains following […]

Filed Under: PBOG Newsletter

Targa Resources plans Forza pipeline to support production in Delaware Basin

September 9, 2025 by PBOG Leave a Comment

Houston-based Targa Resources announced plans last week for its proposed Forza pipeline project, a new interstate natural gas pipeline to support production in Delaware Basin in southeast New Mexico.  Forza will consist of 36 miles of pipe (36 inches) for transportation from receipt points in Lea County, N.M., to Waha hub in Winker County. The […]

Filed Under: PBOG Newsletter

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