Weir Oil and Gas, an international company that serves the upstream market, opened a $30 million service center in David Mims Business Park last week. The service center of 92,000 square feet combines Weir’s three Permian Basin facilities into one location for 150 employees. The new plant offers pressure pumping and pressure control assembly, repair […]
Danos to construct central tank battery in Midland
Gray, La.-based Danos said April 10 it has been awarded a contract to construct a central tank battery in Midland for an unnamed Texas-based independent exploration and production company. Danos’ Amelia Integrated Services will fabricate pipine and structural components that will be shipped to the installation site for assembly and construction. The three-month project will […]
Texas Petro Index climbs to 213.2; rig counts, production, employment up
Karr Ingham’s Texas Petro Index increased for the second consecutive month to 213.2 in February from 212.5 in January. The index had declined the two previous months from 213.3 in October to 212.4 in November and 212.2 in December. The index by Ingham, petroleum economist from Amarillo, is based on a comprehensive set of economic […]
Texas rig count returns above 500; U.S. count above 1,000 for past year
Baker Hughes’ count of active oil and gas rigs returned above 500, according to the April 12 report, after three weeks below 500. Three rigs were added in Texas in the past week for a new total of 502. Permian Basin also added 2 rigs to reach 464, but New Mexico declined 2 to 105, […]
Permian oil production forecast: 4.136 million barrels per day in May
The latest Drilling Productivity Report from the U.S. Energy Information Administration forecasts crude oil production in Permian Basin to remain above 4 million barrels per day in May. The April 15 report says Permian production is expected to grow to 4.136 million b/d in May from 4.094 million b/d in April – 53 percent of […]
Chevron acquires Anadarko to create Permian’s biggest producer
Chevron’s pending acquisition of The Woodlands-based Anadarko for total transaction value of $50 billion increases Chevron’s Permian Basin output by about 50 percent, according to drillinginfo, and makes it the largest producer in the basin. Anadarko’s Delaware Basin acreage is in the heart of Chevron’s holdings in the basin, creating a 75-mile-wide corridor that allows […]
EagleClaw Midstream begins operations at Pecos Bend IV plant
Midland-based EagleClaw Midstream, a portfolio company of Blackstone Energy Partners and I Squared Capital, said last week it started commissioning its fourth cryogenic processing plant, Pecos Bend IV, with full operation scheduled next month. The completion of Pecos Bend IV will increase EagleClaw’s total interconnected processing capacity in the Delaware Basin to 1.3 Bcfd. EagleClaw […]
Legislature Picks Up Pace
Oil Industry Keeps Watchful Eye on High-Impact Proposals by Julie Anderson As March came to a close, Texas lawmakers had cleared one major hurdle: March 8. The 60th day of the 86th Legislative Session was the deadline for the unrestricted filing of bills and joint resolutions other than local bills, emergency appropriations, and emergency […]
Determining Legislative Fate
Industry Issues Spread Across Multiple Committees by Julie Anderson On the 45th day of the Regular Session of the Texas Legislature, the Legislative Reference Library published a set of statistics that paints a clear picture of the intrinsic value of legislative committees. As of Feb. 21, the Texas House of Representatives had filed 2,277 bills, […]
Future Oil Price Road Map
Oil Price Stability: Fragile Barring a geopolitical event, latest data indicates a market balance will endure in coming months, keeping oil prices near current levels. Long term, the bias is higher, with growing evidence a supply gap will emerge before 2025. by Paul Kuklinski WTI crude is $67/B, compared to a 1H18 average just over […]
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