Tulsa-based Vital Energy, independent company focused on acquisition, exploration and development of oil and gas properties in Permian Basin, said last week its 2023Q4 production was 113,400 boed.  That’s above guidance of 101,800 to 105,800 boed.  Oil production was 52,800 b/d – above guidance of 47,900 to 50,900 b/d.  Vital said Jan. 9, “Production results […]

U.S. Energy Information Administration said Tuesday it expects Brent crude oil price will average $82 per barrel in 2024 – about the same as 2023 – then decline to $79 per barrel in 2025.  EIA said production growth will be slightly higher in 2025 than demand growth, resulting in a modest build in inventories and […]

Houston-based Aris Water Solutions said recently it received a research grant from U.S. Department of Energy to continue its study of treatment and desalination of produced water as an irrigation source for non-consumptive agriculture.  Amanda Brock, president and CEO, said Dec. 14, “We continue to lead collaborative industry efforts to identify and pilot differentiated technologies […]

Houston-based EOG Resources said last week it plans to maintain capital spending in 2024 at about $6 billion, the same as in 2023, as it prioritizes returns over production volume.  Lloyd (Billy) Helms, Jr., president, said Jan. 4 at a conference in Houston that EOG’s oil production finished 2023 up three percent to 475,000 barrels […]

City of Midland reached a settlement with Houston-based Pilot Water Solutions before hearings scheduled this week at Railroad Commission of Texas on Pilot’s plans to build disposal wells near T-Bar Ranch, the source of a third of Midland’s drinking water.  Texas Tribune said the settlement calls for Pilot to pay Midland $400,000 a year and […]

Production of crude oil and natural gas in Brazil reached a record 4.698 million boed in November 2023, according to National Agency of Petroleum, Natural Gas and Biofuels.  That topped the previous record of 4.666 million boed in September 2023.  The agency said oil production was 3.678 million barrels per day – an increase of […]

Permian Basin added 2 drilling rigs in the past week while Texas and U.S. each declined in rig count, according to the weekly report of Jan. 5 from Baker Hughes.  Permian now has 311 active rigs (353 year ago).  There were 308 rigs in Texas (309 previous week, 378 year ago) and 621 in U.S. […]

Railroad Commission of Texas said it will suspend permits to inject wastewater deep underground by oil and gas operators in an area of west Texas where there was a 5.3 magnitude earthquake.  The new rule will take effect Friday after the quake south of Mentone Nov. 8.  Commission staff said deep injection “is likely contributing […]

Texas Seismological Network recently reported that earthquakes in the Texas section of Permian Basin declined 10 percent in 2023 from 2022’s record high.  Bloomberg said the frequency of earthquakes declined “after regulators cracked down on the practice of burying toxic wastewater from oil drilling.”  There were 194 quakes last year of at least 3.0 magnitude […]