Houston-based Marathon Oil said recently it turned eight wells to sales during second quarter of 2023 in Permian Basin, which featured the company’s “best-ever drilling performance.”  Mike Henderson, executive vice president, said during a 2Q earnings call Aug. 3 that Marathon’s Permian drilling in 2Q also produced its best completion efficiency.  Marathon’s production in Permian […]

Houston-based Evolution Petroleum and Pacific Energy Development Corp. said last week they will jointly develop PEDEVCO’s Chaveroo oilfield in the northwest shelf of southeastern New Mexico in Permian Basin.  Chaveroo, conventional oil-bearing San Andres field in Chaves and Roosevelt counties, originally was developed with vertical wells on 40-acre spacing.  PEDEVCO has drilled 10 horizontal infill […]

Somerville, Mass.-based Amplified Technologies said recently it launched new digital technology to provide oil and gas operators with realtime operations data.  The startup was launched with $10 million in funding.  The company’s customers, including several in west Texas, range from small operators with 12 wells to large operators with 2,500 wells.  Amplified said Aug. 29 […]

Rig counts in Permian Basin, Texas and U.S. continued to rebound, according to weekly report of Sept. 15 by Baker Hughes.  There were 322 rigs in Permian Basin (320 last week, 343 year ago), 317 in Texas (310 last week, 364 year ago) and 641 in U.S. (632 last week, 763 year ago).  The count […]

Houston-based Callon Petroleum said recently it expanded its development area in third Bone Spring shale following a recent successful well in Ward County.  The well is outperforming expectations and is Callon’s highest-performing completion in the formation, according to Joseph Gatto, president and CEO.  The well was completed with a lateral of 9,721 feet and delivered […]

Tulsa-based Vital Energy said last week it agreed to expand its position in Permian Basin with three transactions totaling about $1.165 billion.  Vital will acquire assets from affiliates of Henry Energy and Henry Resources, Tall City Property Holdings and Maple Energy Holdings.  Each deal is expected to close in 2023Q4, and they will add about […]

Enverus Intelligence Research this week reaffirmed its forecast that Brent prices will reach $100 per barrel of oil by the end of 2023.  Al Salazar, senior vice president, said Wednesday, “Fundamental data released prior to our deadline of Aug. 31 has been mixed.  However, we are reaffirming our call that Brent prices will reach $100 […]

U.S. Fish and Wildlife Service extended the public comment period for its consideration of listing the dunes sagebrush lizard as an endangered species to Oct. 2, 2023, from Sept. 1, 2023, to allow 90 days of comments.  Permian Basin Petroleum Association had requested the extension to allow the association additional time to develop its response.

According to a report from Texas Oil and Gas Association, 99 percent of oil and natural gas royalties paid by Texas companies last year went to the state’s permanent school fund and permanent university fund – both support public education in Texas.  About $2.1 billion was contributed to the two funds – bringing the total […]