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 […]

Nabors’ Pace-R801 drilling rig, the world’s first fully-automated land rig, recently completed its first well to a depth of nearly 20,000 feet for ExxonMobil in Permian Basin, according to a report last week in Houston Chronicle.  The Chronicle said this “marks a milestone in the automation of the oil and gas industry… Robots are transforming […]

Permian Basin has added 28 rigs to date in 2021Q4 after adding 46 rigs in Q1, 15 rigs in Q2 and 24 rigs in Q3.  Baker Hughes said as of Dec. 17 there were 288 rigs in Permian Basin (up 2 in past week and 114 in past year), 275 rigs in Texas (up 3 […]

After four additional earthquakes in northwest Midland County last week, KOSA-TV and Midland Reporter Telegram reported this week the Railroad Commission of Texas suspended indefinitely all deep injection of produced water by oil and gas operators effective Dec. 31.  Operators of disposal wells in Gardendale seismic response area will not be permitted to inject below […]

The Woodlands-based Earthstone Energy said last week it reached agreement with Fort Worth-based Chisholm Energy to acquire 36,100 net acres (92 percent operated) in Delaware Basin in Eddy and Lea counties in New Mexico.  Purchase price is $604 million in cash and stock ($340 million cash at closing in 2022Q1).  Robert J. Anderson, president and […]