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 […]

Houston-based OneEnergy Partners said Jan. 27 an affiliate acquired Midland-based Trainer Partners.  As of Dec. 31, 2021, the acquired portfolio consisted of royalties and working interests in Eddy and Lea counties in New Mexico, Roger Mills County in Oklahoma, and Andrews, Gaines, Hemphill and Midland counties in Texas.  Ahmad Salman, OneEnergy CEO, called Trainer “one […]

Houston-based-APA Corp., holding company for Apache Corp., said Monday it signed an agreement to sell mineral rights in Delaware Basin for $850 million.  The deal is expected to close this month and reduce its 2022 production by 7,000 boed (44 percent oil).  The assets cover about 70,000 net royalty acreage primarily in Reeves, Pecos and […]

Permian Basin Water in Energy Conference returns to Midland next week.  Featured speakers Feb. 22-24 will include commissioner Christi Craddick of Railroad Commission of Texas and Sen. Charles Perry (R-Lubbock).  Others on the agenda include Todd Staples, president of Texas Oil and Gas Association; Ben Shepperd, president of Permian Basin Petroleum Association; Deborah Dixon from […]

As oil prices continue to climb to their highest levels since 2014, operators are adding rigs in Permian Basin and Texas and across the U.S.  Baker Hughes said as of Feb. 11, there were 301 active drilling rigs in Permian Basin (up 7 in previous week, up 98 in previous year), 300 in Texas (up […]

Houston-based pipeline operator Targa Resources said Feb. 3 it agreed to sell its wholly owned subsidiary that holds 25 percent interest in the Kinder Morgan-operated Gulf Coast Express pipeline to an undisclosed buyer for $857 million.  Kinder Morgan Texas Pipeline, DCP Midstream and an affiliate of Targa built the GCX mainline that transports Permian Basin […]