The Woodlands-based Ring Energy said last week it will acquire assets in central basin platform from Lime Rock Resources in a cash-and-stock deal valued at $100 million.  The transaction is expected to close by end of 2025Q1.  The acquisition of assets in Andrews County “represents another opportunity for (Ring) to seamlessly integrate strategic, high-quality assets […]

Midland-based Permian Resources said last week it plans to increase production in 2025 by 8 percent to 360,000 to 380,000 boed and reduce well costs to $775 per lateral foot (compared to $800 in previous three months and $950 at yearend 2023).  Co-CEO James Walter said Feb. 25 he expects no change to the capital […]

Crude oil exports by Pemex, Mexico’s state-owned petroleum company managed and operated by the Mexican government, fell 44 percent in January 2025 compared to the same month last year to 532,404 barrels per day.  That’s its lowest in decades, according to Reuters, “as the company has admitted it is struggling with crude quality.”  The monthly […]

The count of active drilling rigs in U.S. increased for the fifth straight week, according to the weekly report of Feb. 28 from Baker Hughes.  There were 593 rigs in U.S. (up 1 in the past week, down 36 from 629 year ago).  Permian Basin reported 305 rigs (up 1 in past week, down 10 […]

SM Energy of Denver recently reported record oil production for 2024 and also a company record for yearend estimated net proved reserves.  Oil production last year was 29.4 million barrels (80,200 barrels per day) – up 23 percent from 2023.  Total production was 62.4 million boed (170,000 boed) – up 12 percent from 2023. Estimated […]

Denver-based Civitas Resources said last week it expanded its Permian Basin position with the purchase of operated assets in Howard, Glasscock and Upton counties in Midland Basin.  The bolt-on acquisition of 19,000 net acres for about $300 million includes about 130 future development locations.  Chris Doyle, president and CEO, said Feb. 24, “Our 2025 outlook […]

A workplace safety trends report issued recently by Texas Mutual Insurance shows declines in serious injuries in 2024 in several industries in the state, including 24 percent fewer injuries in the mining industry that includes oil and gas operations.  The construction industry remains at the top of Texas Mutual’s list but reported 20 percent fewer […]

Bakersfield, Calif.-based Tyrion Integration Services developed a SCADA platform (supervisory control and data acquisition) and brought it to the Permian Basin.  Tyrion’s Nucleus platform has built-in communications, including fiber, and serves as an all-in-one platform.  Mark Goehring, general manager, told Midland Reporter Telegram that Tyrion came to the Permian five years ago and now has […]

Gainesville-based Select Water Solutions and Occidental Petroleum said recently they expanded capacity of their Lost Tank recycling facility in Lea County, N.M., in northern Delaware Basin.  Initial capacity in 2022 was 60,000 barrels per day with new expansion to 180,000 b/d supported by 1.9 million barrels of storage.  Their joint initiative has recycled more than […]