Houston-based EP Energy said Dec. 11 it has reached agreement with an undisclosed buyer to divest its Midland Basin southern assets to focus on operations in Eagle Ford and Uinta Basin. Transaction is expected to close in January. After the sale, EP Energy will own about 410,000 gross (275,000 net) acres in east Utah and […]

New Mexico public lands commissioner Stephanie Garcia Richard said Tuesday the state’s land office is ending commercial sales of fresh water from state trust lands for oil and gas development to protect resources and encourage operators to reuse and recycle water. Effective Dec. 15, the land office will no longer issue new easements for commercial […]

San Ramon, Calif.-based Chevron said Dec. 3 it established its 2021 capital and exploratory spending program at $14 billion and lowered its long-term guidance to $14 to $16 billion per year through 2025 (initial guidance was $19-$22 billion per year excluding Noble Energy). In 2021 Chevron will increase investments in Permian Basin, other unconventional basins […]

Wayne Christian, one of three commissioners of Railroad Commission of Texas, last month was named vice chairman of the Interstate Oil and Gas Compact Commission. IOGCC, one of the nation’s oldest and largest interstate compacts, is a multi-state government group that promotes efficient recovery of U.S. oil and natural gas resources while protecting health, safety […]

Leaders of Occidental Petroleum and Pioneer Natural Resources said last week their companies will end routine flaring by 2030. Vicki Hollub, president and CEO, told energy research firm IHS Markit in Washington, D.C., Dec. 2 that Oxy will transform into a “carbon management company” and achieve net zero greenhouse gas emissions by mid-century by relying […]

Enverus from RS Energy Group estimated flaring intensity in Permian Basin, as measured by satellites, at about 370 MMcfd for November. After dropping significantly from about 500 MMcfd in February and March to about 300 MMcfd in April, Enverus said, flaring volumes have slowly increased in the region, and “satellite estimates continue to remain steady.”

Counts of active drilling rigs in Permian Basin, Texas and U.S. continue to increase, according to Baker Hughes, as the oil and gas sector resumes adding jobs. As of Dec. 4, Permian has 164 rigs (161 previous week), Texas has 149 rigs (147 previous week), and U.S. has 323 rigs (320 previous week). Permian count […]

Midland-based Ring Energy said last week it resumed drilling operations for its first new horizontal wells in 10 months. Paul D. McKinney, CEO and chairman, said a well was spud Dec. 2 on Ring’s leasehold on northwest shelf in Yoakum County. It will be a 1.5-mile horizontal San Andres oil well drilled to a vertical […]

Houston-based Tellurian said last week it withdrew its application to build Permian Global Access natural gas pipeline in Texas and Louisiana. Tellurian withdrew the pipeline Dec. 1 from review process of the National Environmental Policy Act at U.S. Federal Energy Regulatory Commission. The company said, “Current market conditions do not support the economic thresholds to […]