Midland-based Diamondback Energy said Tuesday it expects to maintain 2020Q4 oil production through 2021 with a capital budget 25-to-35 percent less than 2020 capex. Average oil production in 2020Q3 was 170,000 b/d (287,300 boed); the company operated 32 gross horizontal wells and turned 41 wells to production in 2020Q3. Production forecast for 2020Q4 is 170,000 […]

Count of active oil and gas drilling rigs increased for the fourth straight week in U.S. and third straight week in Permian Basin as of Oct. 9, according to Baker Hughes. There were 130 rigs in Permian Basin (129 previous week, low this year of 117 Aug. 14) and 269 rigs in U.S. (266 previous […]

Houston-based Breakwater Energy Partners said Oct. 5 it constructed the largest recycling facility in Permian Basin for produced water from oilfield operations. Big Spring Recycling System, 80-acre facility in Howard and Martin counties, has throughput capacity of 250,000 barrels per day of recycled produced water. BSRS also owns or has access to disposal capacity of […]

Houston-based Centurion Pipeline said Oct. 6 its Augustus pipeline is on schedule and expected to begin service Dec. 1. Augustus will transport WTI, west Texas light and west Texas sour crude from Centurion’s terminal in Midland (storage capacity of 2 million barrels) to multiple long-haul pipelines originating in Crane. The 30-mile pipeline has capacity to […]

Texas Petro Index from Texas Alliance of Energy Producers posted its 18th straight monthly decline to 150.4 in August 2020 from 154.5 in July 2020 and 213.2 in February 2019 before current streak began. The index by economist Karr Ingham has lost about 30 percent of its value during this 18-month decline. The rig count […]

U.S. continues to rebound from declining counts of active oil and gas drilling rigs. Houston-based Baker Hughes said in its Oct. 2 report U.S. added rigs for the third straight week and fourth time in the last five weeks. There were 266 rigs in U.S. (up 5 in past week), 129 rigs in Permian (up […]

Matt Fox, COO of Houston-based ConocoPhillips, said last week at a Hart Energy conference in Houston that his company’s domestic focus currently is on Eagle Ford Shale “at a time when most large U.S. upstream players are tapped out in the south Texas play.” ConocoPhillips has more rigs in Eagle Ford than Permian Basin. “Most […]

Arlington, Texas-based U.S. Energy Development Corp. said recently it is acquiring an interest in a horizontal well project targeting oil-producing zones in Wolfcamp in Loving County owned by Shell Oil Co. The energy investment company pledged $8.5 million to develop the assets, including three horizontal wells, in the Columbia project. Drilling and completion operations are […]

Flaring intensity in Permian Basin, as measured by satellites, was estimated at 290 MMcfd in September, according to Enverus Intelligence and RS Energy Group. Flaring intensity fell about 175 MMcfd or 38 percent from August. Enverus added, “Activity has started to return to the basin, which may account for elevated flaring levels through the summer […]