Osl0-based research firm Rystad Energy said last week drilling rights in the Permian Basin averaged about $24,000 per acre in recent transactions – down 67 percent from 2018. And across U.S. shale plays, the average price has declined to about $5,000 per acre compared to $17,000 two years ago. Bloomberg said that “the plunge in […]

Denver-based SM Energy said last month it will add a second completions crew in Midland Basin in 2020Q4 as part of its capital expense budget of $203 million to $208 million. Full year expenditures will be $605 million to $610 million. Production for 2020 is forecast at 45.2 million to 46.2 million boe (123,500 to […]

Houston-based Plains All American Pipeline said last week estimated production in Permian Basin will remain flat through 2020Q4 and 2021 and also “warned that other basins could have extended declines,” according to Reuters. Jeremy Goebel, executive vice president, said Nov. 2, “What we’re seeing most producers do is … stabilizing now using drilled and uncompleted […]

Austin-based Parsley Energy, independent crude oil and natural gas company focused on Permian Basin, said last month net oil production for 2020Q3 decreased about 1 percent from 2019Q3, but increased about 21 percent year-over-year to 111,000 barrels per day. Total 2020Q3 net production averaged 183,200 boed. Parsley placed on production 26 gross operated horizontal wells […]

Midland-based Diamondback Energy said Nov. 2 it expects to meet its 2020Q4 production target of 170,000 to 175,000 barrels of oil per day, also the baseline for its 2021 development plan. “Our drilling and completion operations continue to become more efficient,” Travis Stice, CEO, said. Oil production for 2020Q3 averaged 170,000 b/d (287,300 boed). In […]

Austin-based Ameredev Texas is acquiring the assets of Lilis Energy for $46.6 million in cash. The transaction is expected to close next month. Fort Worth-based Lilis held a contiguous block of 16,000 net acres in Winkler and Loving counties in Texas and Lea County in New Mexico in Delaware Basin.  

U.S. count of active oil and gas drilling rigs increased for the eighth straight week as of Nov. 6, according to Baker Hughes, to reach at least 300 rigs for the first time since May as the day rate for drilling continues to decline. There are 300 rigs in U.S. (296 previous week), 147 rigs […]

Jim Wright, oil and gas businessman from Orange Grove and political newcomer, is the newest member of the Railroad Commission of Texas. In Tuesday’s general election, he defeated Democratic candidate Chrysta Castaneda, lawyer and engineer from Dallas, by more than one million votes (about 10 percentage points). Wright, who owns an oilfield waste services company, […]

Midland-based Ring Energy said Oct. 30 the prospective buyer of assets in Delaware Basin was unable to complete closing of the sale of acreage in Culberson and Reeves counties. Paul McKinney, CEO and chairman, said, “While the Delaware is not in our core areas of the central basin platform or the northwest shelf, these assets […]

U.S. Bureau of Land Management held an auction of oil and gas leases last week on more than 7,000 acres in New Mexico – raising more than $3 million in bids on 11 parcels of land. Reuters said the auction Oct. 29 attracted less interest than New Mexico previous sales before the industry was hit […]