Growth in rig count in Permian Basin and Texas has slowed – adding only 3 rigs in Permian Basin and falling by 1 rig in Texas in the last 4 weeks. Baker Hughes said as of June 4 there were 232 rigs in Permian (233 last week, 141 last year), 216 in Texas (218 last […]

Houston-based Surge Energy said June 3 it recently completed a multi-zone project in the Moss Creek field in Howard County using dual fuel completions. The project included a 5-well pad with a compressed natural gas and diesel dual fuel system that yielded greenhouse gas emissions reduction of about 845 metric tons of CO2e emissions. Surge […]

Midland-based Colgate Energy Partners, portfolio company of Natural Gas Partners, said June 1 it agreed to acquire most of the assets of Delaware Basin driller Luxe Energy in an all-stock deal. Colgate acquired 22,000 net acres adjacent to its existing position in Reeves and Ward counties with current average net production of 17,000 boed, about […]

Permian Basin operators Independence Energy of Houston and Contango Oil & Gas of Fort Worth said Tuesday they have agreed to merge in an all-stock transaction to create a diversified, low-leverage independent oil and gas company with low-decline producing properties and low-risk growth opportunities. Value of the new entity is $5.7 billion with net debt […]

Eddy County, N.M., has replaced Lea, N.M., as the Permian Basin’s most active county for oil and gas drilling rigs. Eddy added 2 rigs in the past week for a new total of 37, and Lea was down 3 rigs to 34. Other Permian leaders as of May 28 were Midland with 31 (down 1), […]

Houston-based Callon Petroleum said May 5 it initiated its first completion utilizing an all-electric hydraulic fracturing fleet near the end of 2021Q1 in Midland Basin. The project deployed more than 160 completion stages with 10,000-foot laterals across 3 wells targeting lower Spraberry and Wolfcamp A and B in northwest Howard County. Callon’s announcement said, “The […]

Houston-based U.S. Well Services said May 24 it expects to become the first publicly traded, pure-play electric completions services provider by the end of this year. The company announced its commitment to becoming an all-electric hydraulic fracturing services provider and to exit the diesel frac market by YE 2021. “We are excited to execute on […]

Cimarex Energy and Cabot Oil & Gas said May 24 they will merge in an all-stock transaction creating a diversified U.S. onshore producer that Enverus said will have an enterprise value of about $17 billion. Cimarex drills on 560,000 net acres in Permian and Anadarko basins, and Cabot operates on 173,000 net acres in Marcellus […]

After increasing in February for the first time in two years, Texas Petro Index declined slightly in March to 138.3 because of a record-setting winter storm, according to economist Karr Ingham. The index fell for the 23rd straight month during the pandemic in January to 131.5, then grew to 138.8 in February before falling again. […]