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 […]
U.S. adds rigs for sixth straight week, Permian up 14 percent over 2020 low
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 […]
EIA: Production of crude oil, natural gas to continue declining in November
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 […]
FERC approves application for Double E pipeline by Summit Midstream
Houston-based Summit Midstream Partners said it received approval of its application to construct and operate joint venture Double E pipeline Oct. 15 from U.S. Federal Energy Regulatory Commission. Double E is a 135-mile interstate natural gas pipeline under development to provide 1.35-bcfd of transportation service from Delaware Basin in southeast New Mexico and west Texas […]
Wink-to-Webster pipeline begins service from west Texas to Gulf Coast
ExxonMobil Pipeline said last week that Wink-to-Webster pipeline, a joint venture, has started moving Permian crude oil and condensate from west Texas to Gulf Coast. The 650-mile system is designed to transport 1.5 million b/d of crude and condensate from starting points in Wink and Midland to several end points in the Houston market, including […]
Enverus: Flaring declines again in October in Permian Basin
Enverus from RS Energy Group this week estimated that flaring intensity in Permian Basin – as measured by satellites – fell slightly again this month. Normalized to 31 days for October, flaring declined by 8 percent (30 MMcfd) from September when it was 360 MMcfd. “We expect flaring will remain fairly steady as operators continue […]
U.S. adds 13 rigs in past week, Texas leads states with increase of 7 rigs
U.S. added 13 oil and gas drilling rigs last week, according to the Oct. 16 weekly report from Baker Hughes, the biggest increase in one week since January before the 2020 global pandemic started in March. U.S. count was 282 rigs (269 previous week, 851 a year ago). Other counts of active drilling rigs were […]
Pioneer acquires Permian pure play operator Parsley Energy
In the week’s second major transaction, Dallas-based Pioneer Natural Resources and Austin-based pure play Permian operator Parsley Energy said Tuesday they agreed to an all-stock transaction for Pioneer to acquire Parsley for $4.5 billion. Including Parsley’s debt assumed by Pioneer, total value of the deal is $7.6 billion. Scott D. Sheffield, Pioneer president and CEO, […]
ConocoPhillips acquires Midland’s Concho Resources for $9.7 billion
In the first of two multi-billion-dollar transactions this week, Houston-based ConocoPhillips and Midland-based Concho Resources said Monday they agreed to combine in an all-stock transaction valued at $9.7 billion, not including Concho’s net debt of $3.9 billion. The combined company will be the nation’s largest independent oil and gas company with production of more than […]
Changing Students’ Lives
The always-busy Petroleum Museum is at its busiest this fall as the institution pushes into the last stages of obtaining funding for a prized project. Already showing itself to be an innovator and leader in education of children, the Museum now seeks to build a new STEM Education Center on the Museum’s grounds. (STEM stands […]
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