U.S. Department of Interior and leasing agent Bureau of Land Management said Monday the Biden administration is reducing the acreage offered in the next round of sales of new oil and gas leases for onshore federal lands by 80 percent and increasing the royalty rate to 18.75 percent from the current 12.5 percent.  Auctions are […]

Baker Hughes’ counts of active oil and gas drilling rigs continue to grow in Permian Basin, Texas and U.S.  As of April 14, there were 334 rigs in Permian (up 2 in past week, up 107 in past year), 346 in Texas (up 4 in past week, up 132 in past year) and 693 in […]

DKL Delaware Gathering, newly formed subsidiary of Brentwood, Tenn.-based Delek Logistics Partners, agreed to acquire 3Bear Delaware Holding-NM, subsidiary of 3Bear Energy with crude oil and gas gathering, processing and transportation businesses in Lea County in northern Delaware Basin.  The cash deal of $624.7 million, which marks Delek’s entry into Delaware Basin, also includes water […]

Research firm Rystad Energy said last week that horizontal drilling permits in Permian Basin reached an all-time high of 904 in March.  The four-week average increased to 210 for the week that ended April 4 – a record for horizontal permit approvals in the U.S. shale play over four weeks.  The Delaware and Midland portions […]

Fort Worth-based HighPeak Energy recently amended its 2022 plans to account for recent acquisitions in Midland Basin.  High Peak said 2022 total capital expenditures will be $750 million to $800 million; prior guidance was $610 million to $660 million after $236 million in 2021.  HighPeak added a rig in October and another in January, and […]

Denver-based Centennial Resource Development said recently it delivered three of the top-performing wells in its history during 2021Q4 on its acreage in Delaware Basin.  During the quarter Centennial completed 9 wells across two developments in the southern part of its New Mexico position.  The four-well package was drilled in second Bone Spring sand interval with […]

Houston-based pipeline company Max Energy said last week it acquired an upper Gulf Coast pipeline system from Southcross Gulf Coast Transmission.  The purchase will add 328 miles of existing pipeline to Max Energy’s system.  Todd Edwards, chairman, said April 4, “Max Energy can now connect oil from all over the state to our Edna facility.  […]

U.S. Energy Information Administration said last week U.S. oil production fell in January by 2 percent to its lowest since September 2021.  Oil production fell to 11.4 million barrels per day in January from 11.6 million b/d the previous month.  EIA said production in Texas declined to 4.9 million b/d in January – lowest since […]

Baker Hughes’ count of active oil and gas drilling rigs is up 10.2 percent this year in Permian Basin to 323 as of April 1.  Permian has added 4 rigs in the past week, 99 in the past year and 30 since the end of 2021.  Also, rig count is up 19.5 percent this year […]