There were few changes in Baker Hughes’ count of active oil and gas drilling rigs in the final week of 2021.  As of Dec. 31, there were 293 rigs in Permian Basin (294 week ago, 175 year ago), 277 in Texas (279 week ago, 161 year ago), 94 in New Mexico (93 week ago, 65 […]

San Antonio-based Abraxas Petroleum said Monday it is transforming into a pure-play Delaware Basin company by paying off all revolving credit with proceeds from the $87.2 million sale of Williston Basin assets of 3,500 acres and converting a term loan held by Angelo Gordon Energy Funding into preferred stock.  The Williston assets were sold to […]

Fort Worth-based FireBird Energy said last week it acquired operated assets in Midland Basin from Chevron USA and Chevron Midcontinent.  The transaction for about 21,000 net acres (99 percent operated) in Crane, Ector, Midland and Upton counties closed Dec. 30.  FireBird now will have about 72,000 gross acres with about 11,500 boed. Travis F. Thompson, […]

Texas Petro Index grew in October for the seventh consecutive month with the largest increase of the current expansion cycle.  TPI was 158.9 in September and 164.3 in October (base 100 January 1995).  That’s an increase of 25.2 percent since pandemic low of 131.2 in January 2021.  Petroleum economist Karr Ingham of Texas Alliance of […]

New Mexico counties Lea (58 rigs) and Eddy (31) lead Permian Basin in rig count as of Dec. 23, according to Baker Hughes.  They are followed by Midland with 29 rigs, Martin and Reeves with 22 each, and Howard with 21.  Permian Basin added 6 rigs in the past week to reach 294 (173 year […]

San Antonio-based Elysian Carbon Management said Dec. 6 it secured an initial capital investment of $350 million from EnCap Flatrock Midstream, whose managing partner David J. Kurtz said Elysian is “at the forefront of developing projects necessary to support carbon reduction goals across America.”  Projects currently are being considered in Texas, Louisiana, Colorado and Wyoming.  […]

Exploration and production companies in Texas added about 2,400 jobs last month as the industry continues its recovery from the pandemic.  Texas Workforce Commission said the state has 185,300 drilling and extraction workers – about 16 percent fewer than the 220,300 before the pandemic began in January 2020.  Texas has recovered about 35,000 (58 percent) […]

Midland-based Regiment closed on two recent acquisitions to grow its pressure pumping company.  Last month Regiment acquired pressure pumping equipment from a Permian operator, and in September it acquired a fleet of pumps and high-specification frac stack equipment from a private pumper.  The two acquisitions increased Regiment’s total asset base to more than 75,000 HHP […]

Des Plaines, Ill.-based Honeywell said Dec. 15 it will commercialize carbon capture technology created by researchers at University of Texas in Austin that could significantly reduce carbon dioxide emissions from many industrial sources.  The proprietary technology from Texas’ carbon management program reduces the cost of capturing carbon dioxide emissions from power plants and other heavy […]