Permian Basin, Texas, New Mexico and U.S. each added rigs in the past week, according to the weekly report of active oil and gas drilling rigs for March 6 from Baker Hughes. Permian added 4 rigs for a new total of 415 (411 week ago, 465 year ago, 405 to start 2020), and Texas added […]
ONEOK plans to expand West Texas LPG pipeline
Tulsa-based ONEOK said Feb. 24 it plans to expand its West Texas LPG pipeline at a cost of $310 million. The fully-contracted 100,000 b/d pipeline expansion is expected to be completed in 2021Q2 and is supported by long-term dedicated NGL production from third-party natural gas processing plants in Permian Basin. West Texas LPG is a […]
MMEX accelerates schedule for Phase I of refinery in Pecos County
Fort Stockton-based MMEX Resources said last week it is accelerating the schedule for the first phase of construction of a previously-announced refinery in Pecos County. Houston-based VFuels said March 2 it started detailed design and engineering for the inside battery limits portion of the project to reduce the overall schedule by 60 days for the […]
Enverus acquires RS Energy Group in technology company merger
Austin-based Enverus, a leading energy SaaS and data analytics company, said Feb. 12 it has acquired RS Energy Group, a technology firm focused in the upstream oil and gas industry. Enverus said the acquisition “combines the companies’ complementary strengths to accelerate technology, machine learning and advanced analytics across the energy market.” Enverus said its technology […]
Permian adds rigs for third straight week, record production continues
Permian Basin added rigs for the third straight week as of Feb. 28 in Baker Hughes’ weekly report of active oil and gas drilling rigs amid reports of continued record production in U.S., rising exports and sinking global demand. Permian added 2 rigs in past week for a new total of 411 (466 a year […]
Railroad Commission says Eastland County lake safe for recreational use
Railroad Commission of Texas said Feb. 20 it notified City of Gorman that Bass Lake in Frank Gray Memorial Park in Eastland County has been determined to be safe for recreational use. The spring-fed lake on the edge of the Barnett Shale was contaminated in April 1990 when a pipeline ruptured and spilled 294,000 gallons […]
Amarillo, Rattler form JV for natural gas gathering, processing system
Amarillo Midstream, an ArcLight Capital Partners portfolio company, and an affiliate of Rattler Midstream, a subsidiary of Midland-based Diamondback Energy, said Feb. 20 they formed a joint venture to own, operate and expand a natural gas gathering and processing system in Midland Basin. Amarillo Rattler, the new entity owned 50 percent each by Amarillo Midstream […]
Cimarex to spend 90 percent of drilling/completion budget in Permian
Denver-based Cimarex said Feb. 19 it will spend more than 90 percent of its drilling and completion capital investment of $950 million to $1.05 billion in 2020 in the Permian Basin. The company plans for a total of 77 wells on production in 2020, including 25 in 2020Q3, in Permian Basin. Permian activities will focus […]
Apache: No current plans for future drilling at Alpine High
Houston-based Apache Corp. said Feb. 26 it currently does not plan to drill additional wells on its disappointing shale discovery Alpine High near Balmorhea in west Texas. Clay Bretches, CEO of Altus Midstream, Apache’s pipeline spinoff, said, “Apache has no current plans for future drilling at Alpine High… Our financial results in 2019 were impacted […]
The Outlook for Land
As recently as 2018 a lease price of $95,000 per acre for a tract on the New Mexico side of the Permian Basin was setting records. Prices of $40,000 were not unheard of. How quickly things change! The dawn of 2019 saw the end of investors’ spend-and-grow mantra, and the birth of make-money-now thinking. Leasing, […]
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