The count of active drilling rigs in Texas declined by four in the past week – the most of any major producing state – to 245. That’s down 29 rigs or 10.6 percent from the count a year ago of 274. Texas began 2025 with 284 rigs. Houston-based services firm Baker Hughes said as of […]
Continental Resources expands into Barnett Shale of Permian Basin
Oklahoma City-based Continental Resources is expanding operations in the Permian Basin, including drilling and producing in the Barnett Shale of the Midland Basin and Central Basin platform. Hart Energy said July 29 that Continental has surfaced nearly 2 million barrels from six Barnett wells in Ector County since first barrels came online in October 2022 […]
Halliburton to idle some of its oilfield equipment due to ‘deteriorating demand’
Halliburton, largest provider of hydraulic fracturing services, reportedly plans to idle or retire some of its oilfield equipment in response to “deteriorating demand among shale companies.” Jeff Miller, chairman, president and CEO, announced the plans during the company’s second quarter earnings report July 22. The move “reflects a broader slowdown in the U.S. shale patch […]
Chevron reaches production of 1 million barrels per day in Permian Basin in 2Q
Houston-based Chevron said Friday its production in Permian Basin reached 1 million boed for the first time in company history during second quarter. That hits a target set by Chevron about five years ago. Mike Wirth, CEO, said, “Second quarter results reflect continued strong execution, record production and exceptional cash generation.” U.S. and worldwide production […]
Phillips 66 says Dos Picos II gas processing plant in Midland Basin now online
Houston-based Phillips 66, in its second quarter financial report, said its Dos Picos II gas processing plant in Midland Basin recently came online ahead of schedule and on budget. Mark Lashier, chairman and CEO, said July 25, “Phillips 66 delivered strong financial and operating results across our integrated value chain, reflecting the continued execution of […]
Enterprise Products Partners expands, commissions plants in Delaware Basin
Record volumes from operations in Permian Basin and Haynesville helped Houston-based Enterprise Products Partners maintain its financial results in the first half of 2025. A.J. (Jim) Teague, co-CEO, said Monday, “We are excited for the opportunities the second half of 2025 is poised to present with approximately $6 billion of our organic growth capital projects […]
New Mexico side of Permian leads oil output growth from onshore federal lands
Production of crude oil from onshore federal lands has increased in recent years because of significant growth in drilling activity and operations. U.S. Energy Information Administration said Monday, “Most of this growth was in New Mexico from crude oil produced from federal lands in the Permian Basin.” According to data from Office of Natural Resources […]
WTI and Permian Gas Price Trends
In the second half of 2025, West Texas Intermediate (WTI) is expected to average around $66 per barrel, reflecting elevated geopolitical risk premiums—particularly due to tensions in the Middle East—while tempered by ample global supply growth. The U.S. Energy Information Administration (EIA) raised its mid-year forecast accordingly and now expects WTI to gradually decline to […]
Declines of rig counts resume in U.S., Permian, Texas, New Mexico
After a one-week reprieve, the count of active drilling rigs in U.S. resumed its decline last week. Baker Hughes said in its weekly report of July 25 the U.S. count declined by 2 in the previous week to fall to 542. The U.S. count is down 8 percent or 47 rigs from 589 a year […]
State Land Office turns to courts to remediate abandoned wells in New Mexico
State Land Office of New Mexico is turning to courts to help plug and remediate abandoned oil and gas wells in the state. Santa Fe New Mexican recently reported that the agency filed three lawsuits against four operators to date this year. They allege that the wells in Permian Basin in southeast New Mexico are […]