For the second time in a month, Texas added 6 drilling rigs in the previous week.  Baker Hughes said in its weekly report of March 6 there were 236 active rigs in Texas – up 6 in the past week but down 45 or 16.01 percent from 281 a year ago.  Texas also added 6 […]

Fort Worth-based U.S. Energy Development Corp. said recently it will spend up to $1 billion in 2026 to “build on its momentum from 2025 to expand its portfolio of upstream assets across the lower 48.”  The company said it will “focus the bulk of its capital spending expanding its high-quality inventory in the Permian Basin.” […]

After producing 401,500 boed in fourth quarter, Midland-based Permian Resources last week forecast 400,000-to-430,000 boed for fullyear 2026.  The forecast for crude oil production for 2026 is 186,000-to-192,000 barrels per day after 4Q oil production of 188,633 b/d.  In 4Q the company also reduced costs 14 percent from 2024 to about $700 per foot. James […]

Houston-based Occidental Petroleum and its subsidiary 1PointFive said this week they expect Phase I of the STRATOS direct air capture plant in Ector County in Permian Basin will come online in second quarter.  1PointFive said Phase 1 “is in the final stage of startup.”  Phase 2, which incorporates learnings from research and development and Phase […]

U.S. Fish and Wildlife Service said last week it ended protections for the lesser prairie chicken from the Endangered Species Act.  The Feb. 25 ruling eliminates the Biden-era requirements for the oil, gas and cattle industries to safeguard the birds’ habitat in Texas, New Mexico, Oklahoma, Colorado and Kansas. Albuquerque Journal said lesser prairie chickens […]

For only the third time in 2026, U.S. reported a declining count of active drilling rigs.  Baker Hughes said in its weekly report of Feb. 27 there were 550 rigs in U.S. (down 1 from the previous week and down 43 or 7.25 percent from 593 a year ago).  It’s the first U.S. declining rig […]

Midland-based MCM Delaware Resources said last week it closed acquisition of crude oil and natural gas assets from Battalion Oil Corp. at a reported $62.59 million.  The assets include 6,207 net acres in West Quito Draw area of Ward County in the southern Delaware Basin.  The transaction “expands MCM’s position across multiple benches and adds […]

Midland-based Diamondback Energy said last week it forecasts 2026 crude oil production guidance of 500,000-to-510,000 barrels per day and 926,000-to-962,000 boed.  That follows 4Q production of 512,800 b/d of oil and 969,100 boed and fullyear 2025 production of 497,200 b/d of oil and 921,000 boed.  Fullyear cash capital expenditures for 2026 are forecast at $3.6 […]

Fort Worth-based Brazos Midstream recently started construction on a new natural gas processing complex in Glasscock County in west Texas.  It includes Cassidy I, a cryogenic natural gas processing facility with capacity of 300 million cfd.  Completion is expected by yearend 2026, and it will increase Brazos’ total natural gas processing capacity in the Midland […]