Government officials in New Mexico said this week the amount of money flowing into the state’s largest permanent fund has declined dramatically as the pandemic and resulting oil price decline curtailed production in Permian Basin. Santa Fe New Mexican reported Thursday monthly contributions to the state’s Land Grant Permanent Fund fell to $37.2 million in […]

Oslo-based Rystad Energy said Aug. 14 most U.S. onshore operators will restore most shut-in oil volumes by end of 2020Q3. Rystad’s report was based on analysis of quarterly reports of 25 public oil operators. Curtailments peaked in May with a net 772,500 barrels per day taken off the market by 25 operators. That decreased to […]

Texas, which started 2020 with 404 oil and gas drilling rigs, idled 4 rigs last week for a count of 100 active rigs, according to the weekly report of Aug. 14 from Baker Hughes. New Mexico lost another rig to fall to 45 (105 to begin 2020), and U.S. idled 3 rigs for a new […]

Denver-based Ovintiv and Center-based High Roller Wells filed permits with Railroad Commission of Texas for 6 wells each in Permian Basin last week. Houston Chronicle reported Ovintiv plans to drill 6 horizontal wells in Howard County targeting Spraberry to depths of 10,000 feet. And High Roller Wells plans to drill 6 injection wells in Winkler […]

Permian Basin is providing most of the growth in numbers of hydraulic fracturing crews returning to work in U.S. Houston investment bank Tudor Pickering Holt & Co. said the number of active frac crews grew by 6.8 percent in July to nearly 100 (more than 300 in July 2019). Permian Basin accounted for 10 of […]

Tulsa-based Laredo Petroleum said recently in its quarterly financial report that it will send a completions crew to Howard County in September to begin operations on 15 wells in 2020Q4. Well costs are expected to be $550 per lateral foot. Laredo expects the additional activity to improve production beginning in 2021Q1. Jason Pigott, president and […]

Keep Texas Moving, a coalition of Texas Association of Business aimed at promoting road improvements, visited west Texas Monday and called for continued investment in infrastructure. “Roads are not keeping pace,” Aaron Cox, TAB senior vice president, said. “Texas is adding over a thousand people and hundreds of vehicles a day. The increase in commercial […]

Austin-based Parsley Energy, independent focused on Permian Basin, said last week in its quarterly financial report that it reactivated 2 rigs and 2 hydraulic fracturing spreads in July. Parsley’s 2020Q4 plans include stabilized activity of 4 or 5 drilling rigs and 1 or 2 frac spreads. The company operated 15 development rigs and 5 frac […]

After a record high of 8.0 bcfd in January, U.S. exports of LNG fell to 3.1 bcfd in July, according to a report this week from U.S. Energy Information Administration. The most affected LNG terminals were Corpus Christi and Freeport in Texas and Sabine Pass in Louisiana. EIA estimated about 46 cargoes were canceled in […]

U.S. drilling rig count resumed its decline last week, falling by 4 rigs to 247 from 251 previous week and 934 previous year, according to Aug. 7 report from Baker Hughes. There were 122 rigs in Permian Basin (124 previous week, 444 previous year), 104 rigs in Texas (unchanged in previous week, 454 previous year) […]