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 […]

Counts of active oil and gas drilling rigs continue to rebound in Permian Basin, Texas and U.S. As of Oct 30, according to Baker Hughes, U.S. rig count was 296 (287 previous week) to increase for the seventh straight week. Texas’ count was 133 (125 previous week) to increase for the fourth straight week and […]

Texas Oil and Gas Association said last week oil exploration, drilling and production companies employed 170,500 workers in the state in September. That’s an increase of 700 oil and gas extraction jobs for the month – the first increase since the pandemic started in March. Todd Staples, president of the association, said, “This small but […]

Houston-based Enterprise Products Partners said last week crude oil pipeline volumes declined 26.1 percent in 2020Q3 as covid19 pandemic lowered oil prices – leaving midstream companies with fewer barrels to transport after producers curtailed production. Reuters said U.S. pipeline companies have been reducing rates to encourage producers to use their lines as oil transport volumes […]

Dallas-based Matador Resources and midstream affiliate San Mateo said Tuesday they expect “Matador’s oil, natural gas and total production and San Mateo’s revenues to reach record levels” in 2020Q4 as a result of recent operations. Matador completed and turned to sales the first 6 Rodney Robinson wells in Antelope Ridge and the first 5 Ray […]

Midland-based Concho Resources, which last week agreed to be acquired by ConocoPhillips, said Tuesday that 2020Q3 oil production averaged 201,000 barrels per day. Natural gas production for 2020Q3 averaged 716 MMcfd. Total production for the quarter was 320,000 boed. Concho said it will not conduct an investor conference call for 2020Q3 because of the pending […]

Midland-based Ring Energy said Tuesday it restored production to 9,219 boed (88 percent oil) in 2020Q3 by increasing third quarter net daily production by 70 percent compared to 2020Q2. Production volumes in 2020Q2 were negatively impacted by Ring’s response to the pandemic-induced oil price collapse. Ring said production in 2020Q3 was within guidance range and […]

Counts of active oil and gas drilling rigs in U.S. increased for the sixth straight week as of Oct. 23, according to Baker Hughes. The U.S. rig count was 287 – an increase of 18 percent from the 2020 low of 244 in August. There were 133 rigs in Permian Basin (increase of 14 percent […]

Another month of declining production of crude oil and natural gas is forecast by U.S. Energy Information Administration. In the Oct. 13 drilling productivity report, production of crude oil in the nation’s seven major regions is expected to decline by 121,000 barrels per day in November from previous month to 7,692,000 b/d. None of the […]