ExxonMobil said last week it created a new business, ExxonMobil Low Carbon Solutions, to commercialize its low-carbon technology. The new business will focus on carbon capture and storage and hydrogen. ExxonMobil Low Carbon Solutions plans more than 20 new carbon capture and storage projects with $3 billion in investments through 2025. The projects include U.S. […]

Port of Houston received a grant of $19.5 million from U.S. Army Corps of Engineers to begin an expansion project. The project will widen and deepen the channel for safer and more efficient navigation of vessels calling the port’s eight public terminals and more than 200 private facilities. Port of Houston is the nation’s No. […]

Improving oil prices continue to spark a growing rig count as Permian Basin added 6 rigs in the previous week for 198 actively at work as of Feb. 5, according to Baker Hughes. Permian drilling rig count is up 13 percent since starting 2020 with 175 rigs. Baker Hughes said there are 189 rigs in […]

Houston-based Patterson-UTI Energy said last week it will relocate one of its dual-fuel spreads from the Northeast to Texas. Andy Hendricks, CEO, said Feb. 4, “While industry completion activity in the Permian increased in the fourth quarter, in the Northeast, where we have a strong presence, industry completion activity decreased significantly and remained at this […]

The Woodlands-based Earthstone Energy said last week its production guidance for 2021 is 19,500 to 21,000 boed after record volumes in 2020 of 15,382 boed (56 percent oil) to exceed guidance of 14,500 boed. Estimated proved reserves at yearend were 78.9 million boe. Earthstone’s 2021 capital budget of $90 million to $100 million assumes a […]

The Biden administration suspended new leasing for fossil fuel production on federal lands and waters in what the Houston Chronicle said “could be a major blow to Texas’ oil industry.” Scott de la Vega, acting secretary of the U.S. Department of Interior, signed an order Jan. 20 telling staff not to issue any onshore or […]

Permian Basin added 4 more active oil and gas drilling rigs in the past week, according to Baker Hughes, to reach a new total of 192 as of Jan. 29. That’s an increase of 9.7 percent in the last month since starting the year with 175 rigs. There are 182 rigs in Texas (up 7 […]

Chevron CFO Pierre Breber said last week the company’s capital budget this year is $14 billion – 65 percent below its peak in 2014 – and it could take until the second half of 2021 or early 2022 before Chevron increases spending on new drilling in Permian Basin. “We have paused in the Permian because […]

Surge Energy America, subsidiary of Houston-based Surge Energy US Holdings, said this week it agreed to acquire leasehold interest and producing wells in Howard County from Grenadier Energy Partners for $420 million. The acreage includes average production of 9,000 boed (75 percent oil), 18,100 leasehold acres, and an operated inventory of 120 future drilling locations. […]