Record-breaking oil production in New Mexico is expected to provide state government with a multibillion-dollar surplus during the next fiscal year.  Economists from four state agencies, including budget and accountability office in the legislature, said at a meeting of the legislative finance committee at New Mexico Highlands University in Las Vegas Wednesday that the state’s […]

U.S. Energy Information Administration said last week U.S. natural gas pipeline exports to Mexico for June 2023 reached a record average of 6.8 Bcfd to surpass the previous high by 0.1 Bcfd from June 2021.  U.S. natural gas exports to Mexico exceeded 7.0 Bcfd nine days in June.  The increase was driven primarily by higher-than-normal […]

Denver-based Sitio Royalties said recently during its second quarter earnings presentation that it acquired 13,705 net royalty acres in five transactions in Permian Basin during 2Q for a total of $247.9 million (73 percent cash).  Chris Conoscenti, CEO, said Aug. 9, “These transactions were with sellers that we know well and have had relationships with… […]

Midland-based Bechtel Energy and Houston-based Five Point Energy said last week they reached agreement for Five Point to use Bechtel’s proprietary LEEDS technology (low energy ejector desalination system) to provide produced water desalination services to customers in Permian Basin.  Deep Blue Holdings, portfolio company of Five Point, will operate Bechtel’s pilot unit at a saltwater […]

Midland-based Permian Resources said this week after its $4.5 billion acquisition of Earthstone Energy that it will relocate at least one of Earthstone’s two rigs now in Midland Basin to Delaware Basin.  In 2024 the combined company expects to allocate about 90 percent of capital to high-rate-of-return projects in Delaware Basin focused on Eddy and […]

Midland-based Endeavor Energy Resources and Select Water Solutions said last week they completed one of the largest recycled water jobs in Midland Basin.  The four-fleet Endeavor project in Martin County had recycling and delivery rates of up to 300,000 b/d of water.  More than 8.2 million barrels of produced water were recycled at Select’s Big […]

Robert Cain, executive vice president of Texas Pacific Water Resources, said last week at the Produced Water Society conference in Midland that an increase in recycling of produced water is having a positive impact on the region’s environment.  Crain said a 65 percent decrease in injection volumes has led to a 35 percent decrease in […]

Missi Currier has been named president and CEO of the New Mexico Oil and Gas Association.  She served as president and CEO of Economic Development Corp. of Lea County.  NMOGA announced her appointment Aug. 1 and said Currier “is known for her strategic vision and dedication to fostering mutually beneficial relationships among stakeholders.” Currier said, […]

Baker Hughes’ count of active oil and gas drilling rigs declined (by 12) for sixth straight week in U.S. to 642 – lowest count in 18 months since February 2022.  And the number of oil-directed rigs declined by 5 in the past week to 520 – lowest in 17 months since March 2022.  Also, as […]

Dallas-based Energy Transfer said last week it reached agreement to acquire Houston-based Crestwood Equity Partners in an all-equity transaction valued at about $7.1 billion, including assumption of $3.3 billion of debt.  Crestwood’s system includes gathering and processing assets in Delaware, Williston and Powder River basins, including 1,270,000 dedicated acres across all basins, about 2.0 billion […]