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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Permian Basin produced 22 percent of natural gas in U.S. in 2024

April 29, 2025 by PBOG Leave a Comment

U.S. marketed natural gas production remained relatively flat in 2024, according to U.S. Energy Information Administration, and grew by less than 0.4 billion cubic feet per day compared to 2023.  Production averaged 113 Bcfd, according to EIA’s latest Natural Gas Monthly.  Production growth in Permian Basin was offset by declining production in Haynesville and flat […]

Filed Under: PBOG Newsletter

Facing market volatility, Diamondback ‘reviewing operating plan for 2025’

April 29, 2025 by PBOG Leave a Comment

In an operational update for first quarter 2025, Midland-based Diamondback Energy said it is “closely monitoring the macro environment and is actively reviewing its operating plan for the remainder of 2025.”  First quarter production was 475,944 barrels of oil per day (850,656 boed).  The company’s announcement April 16 added, “Should low commodity prices persist or […]

Filed Under: PBOG Newsletter

Oxy Low Carbon Ventures acquires DAC technology from Holocene Climate

April 25, 2025 by PBOG Leave a Comment

Oxy Low Carbon Ventures, subsidiary of Occidental Petroleum, said recently it has acquired Holocene Climate Corp. of Knoxville, Tenn.  Holocene owns liquid, low-temperature direct air capture technology that Occidental said is additive to technology acquired through Carbon Engineering in 2023 for about $1.1 billion.  Occidental said combining the Carbon Engineering technology with Holocene’s technology “will […]

Filed Under: PBOG Newsletter

U.S. oil production grows to 13.2 million b/d in 2024, Permian up to 6.3 million b/d

April 25, 2025 by PBOG Leave a Comment

U.S. crude oil production grew by 270,000 barrels per day in 2024 to average 13.2 million b/d, according to the latest Petroleum Supply Monthly from U.S. Energy Information Administration.  EIA said April 16 most of the growth came from Permian Basin.  EIA reported, “In 2024 the Permian region … produced more crude oil than any […]

Filed Under: PBOG Newsletter

Crescent Energy sells non-operated assets in Reeves County to reduce debt

April 25, 2025 by PBOG Leave a Comment

Houston-based Crescent Energy said Tuesday it closed a deal to sell non-operated assets in Permian Basin for $83 million in cash to reduce debt.  The assets in Reeves County projected 2025 production of about 3,000 boed (35 percent oil).  CEO David Rockecharlie said the deal is part of the company’s plan for $250 million in […]

Filed Under: PBOG Newsletter

Matador Resources to reduce drilling activities and capital spending in 2025

April 25, 2025 by PBOG Leave a Comment

Dallas-based Matador Resources said Wednesday because of lower commodity prices it will reduce its 2025 drilling and completion activities, drop from nine to eight rigs by midyear, and reduce capital spending by $100 million to $1.275 billion.  Joe Foran, chairman and CEO, said 2025 production now is forecast at about 200,000 boed – down 5,000 […]

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DOE awards contract of $1.4 billion to JV to operate SPR in Texas, Louisiana

April 22, 2025 by PBOG

U.S. Department of Energy said April 3 it awarded a contract of $1.4 billion to Strategic Storage Partners to manage and operate the four sites of the nation’s Strategic Petroleum Reserve (SPR).  Strategic Storage Partners is a joint venture of Aptim Federal Services of Baton Rouge, La., and BWX Technical Services Group of Lynchburg, Va.  […]

Filed Under: PBOG Newsletter

Unchanged counts of active drilling rigs in Permian Basin, Texas, New Mexico

April 22, 2025 by PBOG

Baker Hughes reported little new activity among operators in Permian Basin, Texas and New Mexico in its weekly report of drilling rigs for April 17.  There were 289 rigs in Permian Basin (289 week ago, 318 year ago), 274 in Texas (274 week ago, 296 year ago) and 100 in New Mexico (100 week ago, […]

Filed Under: PBOG Newsletter

Ring Energy grows production after Lime Rock deal; ‘real promise’ in CBP

April 22, 2025 by PBOG

The Woodlands-based Ring Energy said its acquisition of Lime Rock Resources earlier this year has grown its total production by 12 percent.  Paul McKinney, chairman and CEO, said Ring is looking to grow its production in Central Basin Platform both by acquisition and organically as it faces greater competition in the region between more well-known […]

Filed Under: PBOG Newsletter

TIPRO reports decline in Texas upstream employment for March

April 22, 2025 by PBOG

Texas Independent Producers and Royalty Owners Association said April 18 that upstream employment in the Texas oil and gas industry declined in March.  Austin-based TIPRO cited data from U.S. Bureau of Labor Statistics show Texas upstream employment for March was 204,400 – a decline of 700 industry positions from February.  It represents a decline of […]

Filed Under: PBOG Newsletter

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