Midland-based Diamondback Energy said Tuesday it lifted its reduction in May of about 9,000 barrels of oil production per day and resumed pumping from its shut-in wells in June. Travis Stice, CEO, said, “With oil prices having recovered significantly since the decision to curtail production was made in April, Diamondback returned this production through the […]
EIA report: Crude oil production to continue to decline in August
U.S. crude oil production from seven major shale plays is expected to decline by about 56,000 barrels per day in August to about 7.49 million b/d – the lowest in two years – according to Monday’s monthly drilling productivity report from the U.S. Energy Information Administration. The biggest decline is expected in Eagle Ford in […]
RSEG forecasts decline in flaring in Permian Basin in July
RS Energy Group forecasts flaring in Permian Basin as measured by satellites will decline in July to about 260,000 MMcfd (first time under 300 MMcfd since February 2018). Flaring increased from May to June by about 30 percent (by 110 MMcfd). “However, volumes appear to drop this month,” RSEG said Monday. “The increase from May […]
Chronicle: Federal loans save 93,117 oil and gas industry jobs in Texas
An analysis of data from U.S. Small Business Administration by Houston Chronicle shows that more than $1 billion in forgivable loans for Texas companies in the federal government’s pandemic relief program saved more than half of the state’s oil and gas industry jobs. The federal government issued 6,610 loans to crude oil and natural gas […]
Midland’s Summit Petroleum files 9 permits in Upton County
Midland-based Summit Petroleum led companies filing for oil and gas drilling permits in Texas during the week of July 1-7. Houston Chronicle said Summit filed 9 drilling permits with Railroad Commission of Texas for horizontal wells targeting Spraberry in Upton County to depths of 9,400 to 10,100 feet. Also in west Texas, Tulsa-based WPX Energy […]
Data Security: Staying a Step Ahead
Any conversation with a corporate IT or cybersecurity person very quickly includes the phrase “It’s not if, but when and how bad” when the topic is the likelihood of being hacked. Employing good security measures in hardware, software, and the most important factor—people—does provide great protection. But, like Luke Skywalker slipping a bomb into a […]
Patterson-UTI Energy operates 65 drilling rigs in June
Houston-based Patterson-UTI Energy, a leading provider of oilfield services and products to exploration and production companies, said this week it operated an average of 65 drilling rigs in June 2020. For the three months that ended June 30, Patterson operated an average of 82 drilling rigs. The company operates wells in Culberson, Howard, Loving, Midland, […]
Declining rig counts reach 16 weeks in Permian Basin, 17 weeks in U.S.
Permian Basin’s declining rig count reached 16 weeks in Baker Hughes’ weekly report of active oil and gas drilling rigs for July 2. Permian lost 5 rigs in the past week for a new total of 126 (441 a year ago). Texas was unchanged with 112 rigs (463 a year ago), New Mexico idled rigs […]
Diamondback leads state in filing June 24-30, Shell adds 4 permits in Loving
Midland’s Diamondback Energy led the state in filing for drilling permits for the week of June 24-30, according to Houston Chronicle. Diamondback filed 9 permits followed by 8 by Centennial Resource, 7 by Double Eagle, 6 by Ovintiv, 5 by Cimarex Energy, and 4 each by Pioneer Natural Resources, Comstock and Shell. Dutch oil major […]
Presta acquires assets in Glasscock, Howard, Midland, Pecos, Scurry
Fort Worth-based Presta Petroleum and Presta Royalty acquired properties in 30 counties in Texas and 20 counties in Oklahoma in two recent transactions. They are the sixth and seventh acquisitions of family-owned entities Presta has purchased since launch in September 2018. Presta also owns assets in New Mexico, Colorado, Arkansas and Wyoming. Permian Basin holdings […]
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