Houston-based Chevron said last week it increased upstream production in second quarter by 5 percent compared to 1Q and by 20 percent compared to 2025Q2, including record performance in Permian Basin.  Chevron’s shale and tight portfolio produced about 1.7 million barrels per day, including more than 1 million b/d from Permian Basin.  Capex in Permian […]

Spring, Texas-based ExxonMobil said last week its production averaged 4.514 million boed in first quarter, including record production of more than 1.8 million boed from Permian Basin.  Exxon’s 2Q production was down from 4.594 million boed in 1Q, and first-half production of 4.554 million boed was down from 4.591 million boed last year. Cash capital […]

The upcoming summer conference of the Texas Independent Producers and Royalty Owners Association will include a session with candidates in the November general election for commissioner of the Railroad Commission of Texas.  They are Republican candidate Bo French, former chair of the Republican party of Tarrant County, and Democratic candidate Jon Rosenthal, state representative from […]

The nation’s strategic petroleum reserve held 308 million barrels of crude oil as of July 24, according to Washington, D.C.-based Bipartisan Policy Center.  The center said Thursday the current total is less than half of the SPR capacity of 714 million barrels and the lowest since 1983.  The reduced inventory is a result of substantial […]

Geneva-based Vitol, global energy and commodity trading company, said last week it is selling its U.S. upstream company VTX Energy Partners to Houston-based Verde Operating Co. for an undisclosed sum.  VTX was created in 2022 by Vitol and currently produces 60,000 boed in southern Delaware Basin in Pecos and Reeves counties. Gene Shepherd, a member […]

Rig counts declined in the past week in U.S., Texas and Permian Basin, according to the weekly report of July 24 from Baker Hughes.  It was the first decline in Texas after 14 straight weeks of flat or increased rig counts since April 10.  There were 258 rigs in Permian (down 1 in the past […]

Fort Worth-based Kimbell Royalty Partners recently said it purchased certain oil and gas royalty interests from affiliated sellers for $215.4 million ($74.9 million cash).  The transaction includes 2,568 net royalty acres in premier areas of Permian Basin, Eagle Ford, Mid-Con and Appalachia.  Production in 3Q is expected to average 2,347 boed. Bob Ravnaas, chairman and […]

Fort Worth-based Ovintiv last week increased its forecast for production in Permian Basin and said it will spend about $1.325 billion to $1.375 billion in the play this year.  Its assets in Permian averaged 231,000 boed (78 percent liquids) in second quarter with 38 net wells turned in line.  Oil and condensate production is expected […]