Magellan Midstream Partners, Enterprise Products Partners and Intercontinental Exchange (ICE) said June 21 they are establishing a new futures contract for delivery of crude oil to Houston. The Midland WTI American Gulf Coast contract will be launched in early 2022, subject to regulatory approval, “in response to market interest for a Houston-based index with greater […]

Enverus reported recently that Houston-based EOG Resources tested its highest 24-hour rate since 2019 at an upper Wolfcamp well in Lea County, N.M., in Delaware Basin. EOG completed 55 net wells in Delaware Basin in 2021Q1, and it plans to complete 275 net wells there this year. Enverus said the Hawk 35 Federal #708H was […]

Houston-based Surge Energy US Holdings said June 25 it will partner with U.S. Well Services on a field trial using USWS’ all-electric Clean Fleet for Surge’s first completions with all-electric hydraulic fracturing. Surge is an independent oil and gas company focused on its 110,000 net acres in Midland Basin. Linhua Guan, CEO of Surge, said, […]

Gov. Greg Abbott signed into law June 18 a bill that created the Texas Produced Water Consortium at Texas Tech University. State and private groups will collaborate to study the economics, technology and environmental impact of the reuse of produced water. The consortium is required to develop a report by September 2022 to propose regulatory […]

Baker Hughes’ count of active oil and gas drilling rigs increased again June 18 to 470 – a gain of 93 percent since low of 244 in August 2020. There were also 237 rigs in Permian Basin (236 last week, 132 last year), 221 rigs in Texas (219 last week, 111 last year) and 75 […]

Crude oil production in seven major regions of the U.S. is expected to increase in July for the third straight month, according to the latest drilling productivity report from U.S. Energy Information Administration. An increase of 38,000 barrels per day is forecast for July to 7.803 million b/d from 7.765 million b/d in June. That […]

Officials who testified at a legislative finance committee hearing this week said New Mexico is the first state to reach pre-pandemic level in crude oil production. Economist Dawn Iglesias said Wednesday in Ruidoso that in March 2021 New Mexico produced 36.5 million barrels of oil and 188 trillion cubic feet of natural gas – record […]

Houston-based Select Energy Services, provider of water management and chemical solutions to the unconventional oil and gas industry, said June 16 it was awarded contracts for construction of three produced-water recycling facilities in Permian Basin (two in Midland Basin, one in Delaware Basin) that will decrease freshwater usage and waste disposal. The announcement said, “These […]

Minneapolis-based Northern Oil & Gas said June 16 it is growing its Permian Basin position with three deals for 2,900 net acres with two-stream net production of 2,200 boed (66 percent oil) in Delaware Basin for $102.2 million. Located in Reeves County in Texas and Eddy and Lea counties in New Mexico, the assets are […]