Permian Basin, Texas and U.S. added oil and gas drilling rigs in the past week, Baker Hughes said in its latest report May 7. Permian Basin added 5 rigs for a new total of 229 (198 a year ago, 175 to start 2021), Texas also added 5 rigs to reach 217 (173 a year ago, […]

Houston-based Pinon Midstream said April 27 that Dark Horse, a greenfield sour gas treating and carbon capture facility and associated pipeline infrastructure, are under construction in Lea County, N.M. Pinon said it’s “the first purpose-built sour gas infrastructure solution of its kind in the Delaware Basin.” The facilities are underwritten by a long-term dedication from […]

Texas Oil and Gas Association said data from Texas Workforce Commission show that Texas added 4,300 jobs in March in oil exploration and production. It was the largest single monthly gain since summer of 2011. The sector has added 12,000 jobs since September 2020 to bring the total drilling and extraction employment in the state […]

For the first time in two years before the global pandemic, current rig counts in Permian Basin and Texas are greater than year-ago totals when drilling began to decline because of falling demand for crude products. Baker Hughes reported as of April 30 there were 224 rigs in Permian (226 a week ago, 219 a […]

ExxonMobil raised its 2021 production estimate in Permian Basin because of operating efficiencies that are reducing costs for well drilling and completions and improving recovery rates. ExxonMobil raised 2021 Permian output to 410,000 to 430,000 boed from 400,000 boed. Darren Woods, CEO, said April 30 that 2020 capital spending was down 35 percent despite technology […]

Dallas-based Matador Resources said April 28 in the first 4 months of 2021 it brought 19 operated horizontal wells online with drilling and completion costs averaging $657 per completed lateral foot. Production in 2021Q1 of 74,000 boed (56 percent oil) was down 11 percent from 2020Q1. Matador brought online its first four high-impact wells in […]

Denver-based Ovintiv said April 28 its focus on operational efficiency and supply chain management led to 2021Q1 well costs at or below 2021 guidance. Ovintiv drilled 22 net wells and turned 24 net to sales in Permian Basin in 2021Q1. Drilling and completion costs averaged $480 per foot in 2021Q1 – down 11 percent from […]

Houston-based Vencer Energy, U.S. upstream unit of oil trader Vitol, said April 30 it agreed to purchase Midland Basin assets of Hunt Oil Co. Vencer is acquiring 44,000 acres in five counties with current production of 40,000 boed. Purchase price was not announced. The acquisition is the first for Vencer, which began last year. Ben […]