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 […]

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, […]

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 […]

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 […]