The Texas Petro Index from petroleum economist Karr Ingham posted a modest decline for the third straight month in May to 210.1. After the base of 100 was established in January 1995, the index peaked at 313.9 in November 2014. Two years later, November 2016, it dropped to 146.6. After starting 2019 at 212.5, the […]

Houston-based Callon Petroleum said Monday it will acquire another Houston company, Carrizo Oil & Gas, in an all-stock transaction valued at $3.2 billion. The deal will create “a leading oil and gas company with scaled development operations across a portfolio of core oil-weighted assets in both the Permian Basin and Eagle Ford Shale.” Callon and […]

Permian Basin added rigs for the second straight week, according to Baker Hughes’ July 3 count of active oil and gas drilling rigs.  That’s the first two-week gain since April.  Permian Basin had 443 rigs (441 previous week, 475 previous year).  Also as of July 3, Texas had 463 rigs (464 previous week, 526 previous […]

Researchers at Wood Mackenzie said Permian Basin will need additional crude oil takeaway capacity of up to 500,000 barrels per day by the end of the next decade to accommodate increasing production.  A moderate overbuild of pipeline capacity is expected in the early 2020s when current pipeline projects are completed.  Midstream operators are expected to […]

Houston-based Enterprise Products Partners said Tuesday it recently began service of the third train at its Orla cryogenic natural gas processing plant in Reeves County.  The completion of the final announced processing unit at Orla increases natural gas processing capacity at the facility to 900 million cubic feet per day and allows Enterprise to produce […]