Oil production costs are down sharply in Texas in recent years, but they are not yet at a level to maintain viability given current prices and uncertainty. As a result, significant disruptions in oil production areas are occurring. The industry initiated a rapid shutdown of drilling activity, which rippled through an enormous supply chain and […]
Railroad Commission hears recommendations on reducing flaring
Commissioners of the Railroad Commission of Texas heard recommendations on flaring from three groups at a hearing in Austin June 16 and asked the RRC staff “to consider the recommendations and come back to the commission this fall with a plan of action.” Commissioners heard from industry trade associations, environmental advocacy groups, and oil and […]
Rig count decline likely to continue at slower pace in third quarter
Thirteen additional oil and gas rigs were idled in the past week in U.S., according to June 19 weekly report from Baker Hughes, for a new total of 266 – lowest since the Houston-based service company began keeping records in 1940. It marked the 15th consecutive week of U.S. declines since March and seventh consecutive […]
Midland’s Intrepid acquires directional drilling business of Gyrodata
Midland-based Intrepid Directional Drilling Specialities acquired the directional drilling business, including personnel and equipment, of Houston-based Gyrodata to double Intrepid’s capabilities in North America and expand its presence in Latin America. Robert Trainer, president and CEO of Gyrodata, said April 30 when his company announced the sale, “We are helping to build a truly unique […]
EOG Resources among independents “best positioned” for recovery
U.S. bank Goldman Sachs told Argus Media that Parsley Energy, Pioneer Natural Resources, EOG Resources, Concho and Diamondback Energy are among upstream independents “best positioned for a recovery given their favorable supply costs, well inventories and balance sheets.” Argus said June 15 that EOG is focusing on developing its position in Delaware Basin. The firm […]
Matador completes wells in Eddy, Lea counties in Delaware Basin
Dallas-based Matador Resources said June 18 that five Ray State wells in eastern portion of Rustler Breaks in Eddy County and six Rodney Robinson wells in western portion of Antelope Ridge in Lea County have been completed and turned into sales. The company also said it is concluding completion operations on five Leatherneck wells in […]
ExxonMobil, New Mexico State study wastewater from oil, gas industry
New Mexico State University and ExxonMobil said this week they are collaborating on a research project on wastewater produced by the oil and gas industry. Chancellor Dan Arvizu said Monday the agreement “illustrates NMSU’s strength in water and environmental engineering research.” Professor Pei Xu is leading NMSU’s participation “to develop cutting-edge technologies for produced water […]
Ingham’s Texas Petro Index posts second largest decline since 1995
Texas Petro Index from Texas Alliance of Energy Producers declined sharply in April from the previous month “as the state’s oil and gas economy began to register the full effects of covid-19, the Saudi-Russian price war and the resulting economic shutdown.” The index fell to 171.0 in April from 181.9 in March; the 10.9 drop […]
Baker Hughes: First time since March for Texas to not lead rig losses
The pace of the declining rig count slowed across Permian Basin, Texas and U.S. in Baker Hughes’ weekly report of June 12. But the count fell for the 14th straight week in U.S. and 13th in Permian and Texas. As of June 12 there were 137 active oil and gas rigs in Permian (141 week […]
Permian crude oil production expected to decline in July to 4.263 million b/d
Production of crude oil and natural gas in each of the seven major regions in the U.S. is forecast to decline in July, according to the latest drilling productivity report from U.S. Energy Information Administration. The June 15 report said oil production in Permian Basin is expected to fall by 7,000 b/d to 4.263 million […]
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