State of Texas received record amounts of revenue in June from taxes on production of crude oil and natural gas, according to comptroller Glenn Hegar.  “State sales tax collections surged in June, outpacing inflation, with strong growth in receipts from all major economic sectors,” Hegar said July 1.  Majority of June sales tax revenue is […]

Energy companies submitted bids totaling more than $22 million for drilling rights on about 110 square miles of federal lands in seven western states last week.  It was the first sale of onshore leases since President Biden took office in January 2021.  About 200 square miles of public lands in eight states had been offered, […]

Counts of active oil and gas drilling rigs declined in Texas and U.S. during the past week, according to Baker Hughes’ report for July 1, while Permian Basin was unchanged with 349 rigs (237 a year ago).  There were 360 rigs in Texas (362 week ago, 222 year ago), 112 in New Mexico (111 week […]

Willow Park-based ProFrac Holding Corp. said last month it agreed to acquire SP Silica and SP Silica Sales of Monahans for $90 million and U.S. Well Services, a leading provider of electric pressure pumping services, in a stock transaction.  SP Silica provides nearly 3 million tons of annual sand production capacity and nearly 25,000 tons […]

Kinder Morgan and its partners in Permian Highway pipeline said June 29 they will proceed with an expansion of the Waha-to-Katy natural gas pipeline.  Binding transportation agreements were secured for the complete expansion capacity of 550 million cfd primarily through additional compression.  Targeted in-service date is November 2023.  The 430-mile pipeline is jointly owned by […]

The Woodlands-based Ring Energy said this week it agreed to acquire assets primarily in Crane County of privately held Stronghold Energy II Operating and Stronghold Energy II Royalties.  Stronghold operations are focused on developing 37,000 net acres (31,000 leasehold, 6,000 minerals) in Central Basin Platform.  Stronghold majority owner is Warburg Pincus.  The transaction includes $230 […]

Oslo-based research firm Rystad Energy said last week oil exports from U.S. Gulf Coast are expected to reach an all-time high of 3.3 million barrels per day in 2022Q2 as refining capacity disruptions limit operators’ ability to meet demand and supply is boosted by release from strategic petroleum reserve.  More than 95 percent of U.S. […]

Baker Hughes said in its June 24 report there were no drilling rig losses in major producing states in the previous week.  There were 349 rigs in Permian Basin (up 4 in previous week, up 113 in previous year), 362 in Texas (up 6 in previous week, up 141 in previous year), 111 in New […]