Houston-based Phillips 66 said last week it will build a new gas processing plant near the company’s existing plant in Goldsmith in Ector County. The new plant, Iron Mesa, about 15 miles northwest of Odessa, will have capacity of 300 million cfd. Phillips 66 said April 25 that the location of the new plant will […]
AEP Texas to build extra high voltage transmission line in Permian Basin
After Public Utility Commission of Texas approved a plan for electric reliability in west Texas, AEP Texas said April 24 it will build one of three 765-kV transmission lines. The Howard-Solstice transmission line is an integral part of the Permian Basin reliability plan. AEP will develop 300 miles of high voltage transmission line to link […]
Public Utility Commission approves first extra high voltage lines in Permian Basin
Public Utility Commission of Texas approved a plan to build the first extra high voltage transmission lines in ERCOT to help meet the rapidly growing power needs in Permian Basin. Commission chair Thomas Gleeson said, “Extra high voltage lines are more effective and strengthen reliability. Because each line can carry more power, fewer lines are […]
Eighty-Ninth Texas Legislature: One Month Countdown
With the session’s signature issue—school vouchers—seemingly settled, lawmakers have turned their attention to deadlines and their domino effects, including a coveted spot on the intent calendar, required for a bill to make it to the chamber floors. The 89th Regular Session convened on Jan. 14. Upcoming deadlines include: May 12:House bill first reading deadline. May […]
Rig counts unchanged – 289 in Permian, 274 in Texas, 100 in New Mexico
No new drilling activity was reported last week in Permian Basin, Texas and New Mexico, Baker Hughes said in its weekly report of April 25. The U.S. count of active drilling rigs grew by 2 in the past week to 587 (613 year ago). There were 289 rigs in Permian Basin (317 year ago), 274 […]
Permian Basin produced 22 percent of natural gas in U.S. in 2024
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 […]
Facing market volatility, Diamondback ‘reviewing operating plan for 2025’
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 […]
Oxy Low Carbon Ventures acquires DAC technology from Holocene Climate
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 […]
U.S. oil production grows to 13.2 million b/d in 2024, Permian up to 6.3 million b/d
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 […]
Crescent Energy sells non-operated assets in Reeves County to reduce debt
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 […]