Texas’ statewide flaring rate fell to another record low in November 2021, according to Railroad Commission of Texas.  The commission said Jan. 26 the percentage of natural gas flared in Texas dropped from a previous low of 0.20 percent in September to a new low of 0.19 percent in November.  Average rate of flaring has […]

Rig counts in Permian, Texas and U.S. posted small gains for the week ended Jan. 28, according to Baker Hughes.  There are 293 rigs in Permian Basin (up 1 in past week, up 101 in past year), 284 in Texas (up 4 in past week, up 102 in past year), 94 in New Mexico (down […]

Houston-based Maverick Natural Resources said last week it agreed to acquire producing properties in Permian Basin from ConocoPhillips for $440 million.  The assets in central basin platform and northwest shelf produced more than 11,000 boed (50 percent oil) in September 2021.  The position spans about 144,500 net acres in Andrews and Ector counties in Texas […]

ExxonMobil said Monday it will relocate its corporate headquarters from Irving to its campus in Spring north of Houston as part of its restructuring.  The company will combine its chemical and downstream companies and centralize its technology and engineering organizations.  Effective April 1 it will reorganize into three business lines – upstream company, product solutions […]

The Woodlands-based Earthstone Energy said Monday it has agreed to acquire assets in Midland Basin of privately held Bighorn Permian Resources in a cash and stock deal valued at $860 million ($770 million cash). Earthstone will acquire about 110,600 net acres (98 percent operated) primarily in Reagan and Irion counties. Average production was 42,400 boed […]

Permian Basin and Texas each lost a drilling rig in the past week while U.S. added three.  According to Baker Hughes, as of Jan. 21, there were 292 active oil and gas rigs in Permian Basin (down 1 in past week, up 104 in past year), 280 in Texas (down 1 in past week, up […]

Texas Petro Index increased for the eighth straight month in November to 169.1.  The index, prepared by petroleum economist Karr Ingham for Texas Alliance of Energy Producers (base 100 in January 1995, peak 314.0 in November 2014), grew from 164.3 in October and 138.3 in March when the current expansion began.  TPI is up 24 […]

Norwegian energy research firm Rystad said the amount of crude oil and natural gas discovered globally last year fell to the lowest level in 75 years.  Operators discovered 4.9 billion barrels of oil and natural gas in 2021, the lowest level since 1946 and down from 12.5 billion in 2020 and 15.8 billion in 2019.  […]