U.S. crude oil production grew by 270,000 barrels per day in 2024 to average 13.2 million b/d, according to the latest Petroleum Supply Monthly from U.S. Energy Information Administration.  EIA said April 16 most of the growth came from Permian Basin.  EIA reported, “In 2024 the Permian region … produced more crude oil than any […]

Houston-based Crescent Energy said Tuesday it closed a deal to sell non-operated assets in Permian Basin for $83 million in cash to reduce debt.  The assets in Reeves County projected 2025 production of about 3,000 boed (35 percent oil).  CEO David Rockecharlie said the deal is part of the company’s plan for $250 million in […]

Dallas-based Matador Resources said Wednesday because of lower commodity prices it will reduce its 2025 drilling and completion activities, drop from nine to eight rigs by midyear, and reduce capital spending by $100 million to $1.275 billion.  Joe Foran, chairman and CEO, said 2025 production now is forecast at about 200,000 boed – down 5,000 […]

U.S. Department of Energy said April 3 it awarded a contract of $1.4 billion to Strategic Storage Partners to manage and operate the four sites of the nation’s Strategic Petroleum Reserve (SPR).  Strategic Storage Partners is a joint venture of Aptim Federal Services of Baton Rouge, La., and BWX Technical Services Group of Lynchburg, Va.  […]

Baker Hughes reported little new activity among operators in Permian Basin, Texas and New Mexico in its weekly report of drilling rigs for April 17.  There were 289 rigs in Permian Basin (289 week ago, 318 year ago), 274 in Texas (274 week ago, 296 year ago) and 100 in New Mexico (100 week ago, […]

The Woodlands-based Ring Energy said its acquisition of Lime Rock Resources earlier this year has grown its total production by 12 percent.  Paul McKinney, chairman and CEO, said Ring is looking to grow its production in Central Basin Platform both by acquisition and organically as it faces greater competition in the region between more well-known […]

Texas Independent Producers and Royalty Owners Association said April 18 that upstream employment in the Texas oil and gas industry declined in March.  Austin-based TIPRO cited data from U.S. Bureau of Labor Statistics show Texas upstream employment for March was 204,400 – a decline of 700 industry positions from February.  It represents a decline of […]

U.S. Energy Information Administration said April 10 the nation’s crude oil exports reached a record in 2024.  Exports erased the record set in 2023 by exceeding an annual average of 4.1 million barrels per day.  But despite the record, growth of crude oil exports year-over-year slowed to 1 percent in 2024 compared with 14 percent […]

Dallas-based IOG Resources said April 10 it entered a joint development partnership in Permian Basin with Midland’s Elevation Resources.  Their 2025 drilling plans include 10 horizontal Barnett wellbores in Andrews County.  Elevation Resources is a Permian-focused exploration and production company with operations in the Central Basin platform.  It was formed in 2013 with financial backing […]

Fort Worth-based U.S. Energy Development Corp. said this week it acquired 20,000 net acres in Reeves and Ward counties in Permian Basin for $390 million from an undisclosed seller.  U.S. Energy Development said the deal includes a proved producing component and expands the company’s Permian holdings while increasing its multi-bench, multi-year drilling inventory. The company’s […]