Permian Basin is the only one of seven major producing regions in U.S. expected to increase crude oil production next month by U.S. Energy Information Administration. In its latest drilling productivity report, EIA said Permian Basin is forecast to produce 4.292 million barrels of oil in April – up 11,000 b/d from 4.281 million b/d […]

Dallas-based Lucid Energy Group said this week it commissioned its Red Hills V cryogenic processing plant in Delaware Basin. Red Hills V has the capacity to process 230 million cubic feet of natural gas per day and brings the total capacity of Lucid’s natural gas processing in northern Delaware Basin to 1.2 billion cubic feet […]

U.S. Rep. Debra Haaland (D-NM) was confirmed Monday as secretary of the Department of the Interior in the administration of incoming President Joe Biden. The vote was 51-40 with several senators – including all four from Colorado and Wyoming – prevented from returning to Washington, D.C., to vote because of winter storms in Rocky Mountains […]

Irving-based Pioneer Natural Resources said last month in its quarterly report that it plans to operate an average of 18-to-20 horizontal drilling rigs in Permian Basin during 2021. The 2021 program is expected to place 385 to 415 wells on production, primarily in Midland Basin. Pioneer said its 2021 budget for drilling, completions and facilities […]

U.S. Federal Reserve Bank of Dallas said March 4 that because of two market conditions – slow recovery from the global pandemic and federal restrictions on new drilling – Permian Basin will produce between 230,000 and 490,000 fewer barrels per day by 2025 than if drilling continued at its current pace. The report said, “Production […]

Port of Corpus Christi, dependent on production from Permian Basin and Eagle Ford Shale, broke volume records at yearend 2020 with 55 percent of market share of U.S. crude exports, but S&P Global Platts said its exports are expected to decline in 2021 as rival ports rebound and global demand remains relatively weak. Corpus Christi […]

Texas Petro Index from Texas Alliance of Energy Producers declined for the 23rd straight month in January 2021 to 131.5 from 134.3 the previous month and 191.9 a year ago in January 2020. The index – developed by petroleum economist Karr Ingham – is a measure of the state’s oil and gas industry based on […]

Santa Fe New Mexican reported this week that Ryan Flynn, president and CEO of the New Mexico Oil and Gas Association, will resign at the end of the state’s legislative session Saturday after five years. The association of 1,000 members works with elected officials, industry experts and the public to advocate for responsible oil and […]

Counts of active oil and gas drilling rigs increased for the seventh straight week in Permian Basin and ninth straight week in Texas, according to the March 12 report from Baker Hughes. Permian Basin has 212 rigs (211 previous week), and Texas has 203 (202 previous week). Also, there are 60 rigs in New Mexico […]

Reuters reported last week that Gov. Michelle Lujan Grisham, first-term Democrat from New Mexico, will seek a waiver for her state from the Biden administration’s pause on new oil and gas leasing on federal lands. Grisham told the Greater Albuquerque Chamber of Commerce March 10 that she was “clearly concerned” about the policy. Reuters said […]