The Woodlands-based Ring Energy said last week it will expand its operations in central basin platform in Permian Basin with a $75 million purchase from Founders Oil & Gas IV. Founders’ operations in Ector County are focused on development of about 3,600 net acres like Ring’s central basin platform assets acquired in 2022 from Stronghold […]
Pinnacle Midstream to construct gas processing plant in Midland County
Houston-based independent infrastructure company Pinnacle Midstream said last week it will expand its Dos Picos system and processing complex in Midland County by constructing a second natural gas processing plant. Train II, which is targeted for commercial operation in 2024Q4, will add 220 million cubic feet per day of processing capacity and increase Pinnacle’s total […]
ExxonMobil moves headquarters to Houston, acquires Denbury
ExxonMobil made it official this week. In a filing with the U.S. Securities and Exchange Commission, the oil supermajor said it moved its headquarters from Dallas suburb Irving to its campus in Spring just north of Houston. The Fortune 500 company now ranks as the Houston region’s largest company as measured by revenue. Houston Chronicle […]
Rystad: Claims of underinvestment in oil, gas industry ‘overblown’
Oslo-based independent research and business intelligence company Rystad Energy said last week persistent claims of chronic underinvestment in the global oil and gas industry are “overblown.” Investments in the upstream sector are expected to reach about $580 billion this year after peaking at $887 billion in 2014. The number of completed wells also has fallen […]
Department of Energy to purchase additional 6 million barrels of oil for SPR
U.S. Department of Energy said last week it plans to purchase an additional 6 million barrels of oil for the nation’s strategic petroleum reserve for delivery in October and November to the Big Hill SPR site in Jefferson County in southeast Texas. It’s the third solicitation issued by DOE this year; DOE purchased 6.3 million […]
Halliburton opens regional lab in Odessa for specialty chemical provider
Houston-based Halliburton recently opened a regional laboratory in Odessa to serve Permian Basin customers of its specialty chemical provider Multi-Chem. The lab includes a team of scientists and personnel who use the latest instruments to analyze oilfield samples and deliver data-driven insights to technical and field teams. Miguel Gonzalez, vice president of Halliburton Multi-Chem, said, […]
Department of Energy purchases 3.2 million barrels for SPR in Jefferson County
U.S. Department of Energy said June 30 it purchased an additional 3.2 million barrels of U.S.-produced crude oil to be delivered in September to the Big Hill strategic petroleum reserve in Jefferson County near Beaumont in southeast Texas. The oil was purchased for $230.3 million for an average of $71.98 per barrel. That’s lower than […]
Ring Energy divests non-core assets in Delaware Basin
The Woodlands-based Ring Energy said last week it sold non-core assets in Delaware Basin in 2023Q2 to an unaffiliated private buyer for gross sales price of $8.25 million (net proceeds of $7.8 million). Recent production on the assets was 240 boed (85 percent oil). “We were pleased to complete the sale of our non-core Delaware […]
Patterson-UTI acquires Ulterra Drilling Technologies of Fort Worth
Houston-based contract driller Patterson-UTI Energy said last week it agreed to acquire Ulterra Drilling Technologies of Fort Worth from Blackstone Group in a cash-and-stock transaction valued at $800 million ($370 million cash). Ulterra designs, manufactures, sells and rents PDC drill bits (polycrystalline diamond compact) for customers in more than 30 countries. Closing is expected in […]
U.S. adds 6 rigs in past week to break streak of 9 weeks of declining rig count
U.S. rig count showed an increase of 6 rigs in the previous week to break a streak of 9 consecutive weeks of declines. Baker Hughes said as of July 7 there were 680 rigs (674 previous week, 752 year ago) in U.S. The count declined from 755 to 674 during that nine-week fall. The count […]
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