Australia-based 88 Energy said Feb. 21 it will acquire 73 percent working interested in established conventional oil and gas production assets in Permian Basin.  88 Energy said the acquisition of 1,300 net acres is its “first move into producing oil and gas assets.”  CEO Ashley Gilbert said the company’s core focus “remains exploration of our […]

Baker Hughes continues to report small gains in its count of active oil and gas drilling rigs.  As of Feb. 25, there were 309 rigs in Permian Basin (up 3 in past week, up 101 in past year), 312 in Texas (up 4 in past week, up 115 in past year), 95 in New Mexico […]

Fort Stockton-based MMEX Resources said Feb. 22 it is moving forward with its modified plan to build an integrated ultralow-sulfur fuels refining and hydrogen production complex equipped with carbon capture.  It will be built in Pecos County near the Sulfur Junction spur of Texas Pacifico railroad northeast of Fort Stockton.  MMEX said Texas Commission on […]

Diamondback Energy CEO and chairman Travis Stice said Feb. 22 the company expects to maintain flat oil production in Permian Basin this year after 224,400 bod (383,500 boed) in 2021Q4.  “We will remain committed to capital discipline by maintaining flat Permian oil production,” he said.  “Our operational achievements in the field in 2021 set a […]

Texas Petro Index increased for the ninth straight month in December 2021 to 172.6 from 169.1 in November 2021 and 134.0 a year ago in December 2020 (up 29 percent in a year).  The index, which started with a base of 100 in January 1995, is prepared by economist Karr Ingham for Texas Alliance of […]

U.S. posted its second straight week of double-digit gains in count of active drilling rigs.  Baker Hughes said as of Feb. 18 there were 306 rigs in Permian Basin (301 previous week, 204 previous year), 308 in Texas (300 previous week, 194 previous year), 94 in New Mexico (92 previous week, 61 previous year) and […]

Oil production in seven major regions in U.S. is expected to grow by 109,000 b/d in March to 8.707 million b/d, according to the latest drilling productivity report from U.S. Energy Information Administration.  The forecast Feb. 14 includes continued growth of 71,000 b/d in Permian Basin to 5.205 million b/d and growth of 24,000 b/d […]

Oklahoma City-based Devon Energy said Feb. 15 its forecast for 2022 output remains 570,000 to 600,000 boed.  Leading this production are the company’s assets in Delaware Basin (80 percent of Devon activity), including six wells in Cotton Draw in New Mexico, which accounted for 416,000 boed in 2021Q4.  Devon plans to operate an average of […]

Irving-based Pioneer Natural Resources said Feb. 16 it plans to operate an average of 22 to 24 horizontal drilling rigs in Midland Basin in 2022.  The 2022 capital program is expected to place 475 to 505 wells on production.  Average lateral length of wells will increase from 10,000 feet to 10,500 feet in 2022.  Pioneer […]