Medicine Hat, Alberta-based Fury Resources said Dec. 15 it agreed to acquire Houston-based Battalion Oil in a deal valued at $450 million.  Avi Mirman, executive chairman, said the transaction represents a return to the Delaware Basin for Fury Resources.  “We are well positioned to drive value growth for our investors as we return the asset […]

Crude oil production in Permian Basin is projected to grow by 5,000 barrels per day in January 2024 to 5.986 million b/d from 5.981 million b/d in December.  In the latest drilling productivity report Dec. 18 from U.S. Energy Information Administration, overall production in seven major plays is forecast to fall slightly by 1,000 b/d […]

San Antonio-based Howard Midstream Energy Partners said Dec. 13 it completed a series of projects to expand pipeline, processing and storage to accommodate increased production of natural gas from Delaware Basin and Eagle Ford.  The $800 million in projects included an expansion of the Stateline gas processing complex for jointly owned Catalyst Midstream in Orla […]

The next session of the New Mexico state legislature will begin Jan. 16, 2024, in Santa Fe with a record $12.7 billion in tax revenue.  Santa Fe New Mexican reported, “State lawmakers will once again head into the legislative session with record oil production in New Mexico pumping up tax revenue to its highest level […]

Since January 2023 U.S. Department of Energy has purchased about 9 million barrels of crude oil at an average price of $75 per barrel, and DOE has announced additional solicitations of 3 million barrels each for February and March 2024.  The administration of President Joe Biden authorized withdrawals “to bring down gasoline prices for consumers.”  […]

Four consecutive weeks of gains in count of active drilling rigs in U.S. came to an end last week.  Baker Hughes said as of Dec. 15 there were 310 rigs in Permian Basin (down 3 in past week, down 40 in past year), 308 in Texas (unchanged in past week, down 59 in past year), […]

Calgary-based Freehold Royalties said last week it entered agreements with two private sellers to acquire high-quality mineral title and royalty assets in Delaware and Midland basins for about $112 million.  The assets are located primarily in Martin County in Midland Basin “capturing some of the thickest stacked pay reservoir quality in North America.”  The acquisition […]

Martin County has surpassed Midland County as the leading producer of crude oil in Texas, according to the latest data from Railroad Commission of Texas.  The commission said Dec. 11 Martin produced 16,971,500 barrels of crude oil in September 2023 – ahead of the 16,338,863 of Midland.  Nine of the top 10 counties are in […]