A report this week from Enverus Intelligence Research says the decline in oil prices could encourage companies to reconsider spending plans for 2025 and reduce the number of drilling rigs. The report said, “Holding the Permian Basin’s crude oil production at the current level of 6.4 million barrels per day requires companies to pare the […]
Permian People December 2024
December 2024: Hirings, promotions, and other personnel matters in the nation’s biggest oil patch—or in companies who do business here. SM Energy Company announced Sept. 9 that Beth McDonald had been appointed as its Executive Vice President and Chief Operating Officer. President and Chief Executive Officer Herb Vogel commented: “We are delighted to welcome Beth to our […]
Rig counts unchanged with 303 in Permian, 281 in Texas, 102 in New Mexico
Baker Hughes’ rig counts in Permian Basin, Texas and New Mexico remained unchanged in the report of Nov. 27 for a week abbreviated by Thanksgiving holiday. There were 303 rigs in Permian Basin (314 year ago), 281 in Texas (306 year ago), 102 in New Mexico (106 year ago) and 582 in U.S. (down 1 […]
ONEOK acquires remainder of EnLink assets to expand presence in Permian
Tulsa-based ONEOK said last week it will acquire the remainder of EnLink Midstream for $4.3 billion in common stock. EnLink previously announced Oct. 15 the successful completion of its acquisition of Global Infrastructure Partners’ interest (43 percent) in EnLink for a total cash consideration of about $3.3 billion. The purchases expand ONEOK’s presence in Permian […]
FERC grants permission for Kinder Morgan to build Texas-Louisiana project
U.S. Federal Energy Regulatory Commission granted permission for Natural Gas Pipeline Co. of America, subsidiary of Houston-based Kinder Morgan, to build its Texas-Louisiana project in Texas. NGPL said after the FERC meeting Nov. 21 that the project will allow it to receive additional gas from existing system receipt points in the Permian, Eagle Ford and […]
Oil’s Eternal Optimist
MIDLAND, TEXAS—When Harold Hamm and a few members of his executive staff sat down with PB Oil and Gas Magazine in the Petroleum Museum in this oil-centric capital one sunny day this fall, the founder and leader of Continental Resources was keeping a timetable that would soon see them huddling up with the Permian Basin […]
Two Stock Bargains in the Delaware Basin
In recent months I have discussed multiple stock investment opportunities in the broad Permian Basin. Today, I will focus on two that are bargains in the Delaware Basin specifically. The Delaware has a higher percentage of natural gas to oil production than the Midland. While in the past companies were very focused on oil, […]
Texas adds 2 rigs, Permian Basin remains at 303 for fourth straight week
Permian Basin reported 303 drilling rigs for the fourth straight week, and Texas defied the national trend by adding 2 rigs in the past week. Baker Hughes said in its weekly report of Nov. 22 that there were 281 rigs in Texas (279 last week, 303 year ago), 102 in New Mexico (unchanged in past […]
LandBridge closes purchase of 5,800 acres in Delaware Basin in Lea County
Houston-based LandBridge announced last week the closing of its previously announced acquisition of about 5,800 largely contiguous surface acres in Lea County, N.M. It expands LandBridge’s holdings into a new area of the Delaware Basin that supports existing water infrastructure. LandBridge said, “The acreage is well-positioned to drive further revenue growth through additional water infrastructure, […]
Project Concho in Tom Green County first DAC hub to rely on wind power
Carbon capture and removal project developers Return Carbon and Austin-based Verified Carbon last week announced plans for Project Concho, direct air capture hub to be built in Tom Green County. Project Concho will be the first DAC hub to run entirely on wind power; it will leverage advanced DAC technology and onsite geological carbon storage […]
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