Sponsored Content: Cudd Energy Services named Gene Sweeney as Director of Well Intervention and Integrity. Sweeney will take on responsibilities for Cudd’s domestic snubbing, well control, and special services disciplines. Sweeney returns to Cudd after leading BP’s global well control team for the past seven years where he was responsible for strengthening BP’s well control […]
Basin Traffic: What’s to Be Done?
By Paul Wiseman There was a wreck on I-20 along my the way to a meeting about road safety. I’m not sure if that’s ironic or just appropriate. Just before I left Midland to head to the quarterly meeting of the recently-formed Permian Basin Road Safety Coalition, I received the following email from them: “Traffic […]
Bluewing, One Cypress to expand export facility in Port of Brownsville
A joint venture of Houston-based Bluewing Midstream and San Antonio-based One Cypress Energy said last week it is expanding its storage capacity of bulk liquids at Port of Brownsville by 300,000 barrels. Phase II of the expansion project will increase total capacity to 1.1 million barrels to serve markets in Mexico, other international locations and […]
Sand supply continues to outpace demand, prices to remain depressed
Moody’s Investor Services said in a recent research report that sand prices for oil and gas fracturing and valuations of sand mining companies are expected to remain depressed as supply continues to outpace demand. The report said “frac sand castles may crumble” as prices remain low. Moody’s said sand prices have declined 20 percent in […]
U.S. rig count declines 100 in 2019, Texas down 51, Permian loses 35
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 […]
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