Exus North American Holdings, the North American subsidiary of Madrid-based private equity firm Exus Management Partners, last week agreed to acquire a solar joint venture, New Mexico Renewable Development, for $230 million.  American Electric Power and PNM Resources each owns 50 percent interest in the solar JV and reportedly will equally divide the $230 million […]

Dallas-based Ellipsis U.S. Onshore Holdings said recently is acquired non-operated assets in three basins, including Permian.  Ellipsis is an affiliate of Houston-based investment firm Westlawn Group.  Purchase price was not disclosed for assets with current production of more than 6,000 boed with “significant operational upside associated with approximately 550 gross remaining locations.” The Permian assets […]

U.S., Texas and Permian Basin each posted small gains in rig count in the final week of 2023, but the counts for all three were down for the year.  Baker Hughes said as of Dec. 29 there were 622 rigs in U.S. (620 previous week, 779 year ago), 309 in Texas (306 previous week, 376 […]

U.S. Department of Energy said this week it has awarded contracts to three companies for a total of 2,993,692 barrels of U.S.-produced crude oil for the Strategic Petroleum Reserve at an average cost of $77.31 per barrel.  DOE has now purchased 13.83 million barrels of oil this year for the SPR at an average price […]

C. Richard (Dick) Sivalls, president and CEO of Odessa-based Sivalls, Inc., has been named winner of the 2023 Top Hand Award from the Permian Basin Petroleum Association. The award will be presented Thursday, Jan. 18, 2024, at the Petroleum Club of Midland. The Top Hand award is presented each year to “an energy professional who […]

U.S. Energy Information Administration recently reduced its forecast price for Brent crude oil for next year.  EIA said Dec. 12 it expects the Brent price to be $83 per barrel next year – down from last month’s estimate of $93 per barrel.  EIA said it expects the Brent crude oil price in first half 2024 […]

Houston-based Apache Corp. recently announced a partnership with Borderlands Research Institute at Sul Ross State University in Alpine for a well-pad restoration research project.  Researchers at BRI and Texas Native Seeds, a project of the Caesar Kleberg Wildlife Institute at Texas A&M-Kingsville, will investigate methods to improve habitat restoration in Permian Basin.  The partnership plans […]

Houston-based Marathon Oil recently said its production in 2023 third quarter in Permian Basin averaged 42,000 boed, including 22,000 barrels of oil per day. Two company-operated wells in Permian were turned to sales in 3Q. Marathon’s U.S. production averaged 369,000 boed in 3Q – an increase from 356,000 boed in 2Q. Oil production averaged 189,000 […]

Count of active oil and gas drilling rigs declined in the past week in U.S., Texas, New Mexico and Permian Basin as of Dec. 21, according to Baker Hughes.  There are 620 rigs in U.S. (623 previous week, 779 year ago), 306 in Texas (308 previous week, 374 year ago), 98 in New Mexico (100 […]