Baker Hughes’ counts of active oil and gas drilling rigs continue to decline. As of May 24, counts in 2019 have declined 100 in U.S., 51 in Texas, 4 in New Mexico and 35 in Permian Basin. Baker Hughes said as of May 24 there are 451 rigs in Permian Basin (454 last week, 486 […]
Permian leads oil production growth; U.S. gas production tops 80 billion cfd
Two-thirds of growth in U.S. oil production next month is forecast to come from the Permian Basin. In its latest Drilling Productivity Report, U.S. Energy Information Administration said oil production in the nation’s seven major regions is expected to grow from 8.412 million barrels per day in May to 8.495 million b/d in June. Much […]
Devon to sell assets in Canada to focus on Permian Basin, Eagle Ford
Oklahoma City-based Devon Energy said Wednesday it will sell its Canadian assets for $2.8 billion to Canadian Natural Resources to focus on its shale assets in Permian Basin in west Texas and Eagle Ford in south Texas and also in Oklahoma. The transaction is expected to close in 2019Q2, and Devon said proceeds will be […]
Survey: Breakeven point falls to $50 per barrel for shale oil drilling
A survey by Federal Reserve Bank of Dallas shows that the cost of profitably drilling a shale oil well in the U.S. has fallen to $50 per barrel, “likely ensuring the growth of the onshore shale industry for years to come.” The Houston Chronicle reported, “Led by surging production and efficiency gains in west Texas’ […]
Study shows economic benefits for New Mexico from ExxonMobil operations
ExxonMobil said May 17 a study by Impact Data Source estimates the company’s development of Permian Basin resources in New Mexico will generate about $64 billion in net economic benefits for the state and local communities over the next 40 years. The benefits include thousands of new jobs and increased funding for education, health and […]
Rig count continues decline in Permian Basin and U.S.
The counts of drilling rigs declined for the fifth straight week in Permian Basin and sixth straight week in U.S. as of May 17, according to Baker Hughes. During this decline, the Permian Basin count fell from 464 to 454, and the U.S. count dropped from 1,025 to 987. The Texas count fell in the […]
UPS to use renewable natural gas to power delivery trucks in Texas
UPS said Wednesday it is buying the equivalent of 170 million gallons of renewable natural gas from California-based natural gas provider Clean Energy Fuel Corp. in the next seven years to fuel its delivery trucks in Texas and 12 other states. UPS will have fueling stations in El Paso, Fort Worth and San Antonio. UPS […]
Howard Energy, WPX Energy complete project in Delaware Basin
San Antonio-based Howard Energy Partners and Tulsa-based WPX Energy said May 16 they have completed a majority of their previously-announced crude oil and natural gas gathering and processing infrastructure in Delaware Basin. After startup of the first 200-MMcfd plant last year, Howard recently commissioned and operates this second 200-MMcfd plant as part of its cryogenic […]
Occidental, Canadian company to develop direct air capture plant
Oxy Low Carbon Ventures, a subsidiary of Occidental Petroleum, and Canadian clean energy company Carbon Engineering said Tuesday they will jointly proceed with engineering and design of the world’s largest direct air capture and sequestration facility to be located in the Permian Basin. The companies are developing a facility designed to capture 500 kilotonnes of […]
Permian water conference donates $100,000 to UTPB
The Permian Basin Water in Energy Conference recently donated $100,000 to University of Texas Permian Basin after its second annual conference. The conference advisory board said the gift may be used to advance the UTPB mission. Dr. Sandra Woodley, UTPB president, said, “We at UT Permian Basin understand the value of water in our region […]
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