Houston-based Marathon Oil recently said its production in 2023 third quarter in Permian Basin averaged 42,000 boed, including 22,000 barrels of oil per day. Two company-operated wells in Permian were turned to sales in 3Q. Marathon’s U.S. production averaged 369,000 boed in 3Q – an increase from 356,000 boed in 2Q. Oil production averaged 189,000 […]

Count of active oil and gas drilling rigs declined in the past week in U.S., Texas, New Mexico and Permian Basin as of Dec. 21, according to Baker Hughes.  There are 620 rigs in U.S. (623 previous week, 779 year ago), 306 in Texas (308 previous week, 374 year ago), 98 in New Mexico (100 […]

Medicine Hat, Alberta-based Fury Resources said Dec. 15 it agreed to acquire Houston-based Battalion Oil in a deal valued at $450 million.  Avi Mirman, executive chairman, said the transaction represents a return to the Delaware Basin for Fury Resources.  “We are well positioned to drive value growth for our investors as we return the asset […]

Crude oil production in Permian Basin is projected to grow by 5,000 barrels per day in January 2024 to 5.986 million b/d from 5.981 million b/d in December.  In the latest drilling productivity report Dec. 18 from U.S. Energy Information Administration, overall production in seven major plays is forecast to fall slightly by 1,000 b/d […]

San Antonio-based Howard Midstream Energy Partners said Dec. 13 it completed a series of projects to expand pipeline, processing and storage to accommodate increased production of natural gas from Delaware Basin and Eagle Ford.  The $800 million in projects included an expansion of the Stateline gas processing complex for jointly owned Catalyst Midstream in Orla […]

The next session of the New Mexico state legislature will begin Jan. 16, 2024, in Santa Fe with a record $12.7 billion in tax revenue.  Santa Fe New Mexican reported, “State lawmakers will once again head into the legislative session with record oil production in New Mexico pumping up tax revenue to its highest level […]

Since January 2023 U.S. Department of Energy has purchased about 9 million barrels of crude oil at an average price of $75 per barrel, and DOE has announced additional solicitations of 3 million barrels each for February and March 2024.  The administration of President Joe Biden authorized withdrawals “to bring down gasoline prices for consumers.”  […]

Four consecutive weeks of gains in count of active drilling rigs in U.S. came to an end last week.  Baker Hughes said as of Dec. 15 there were 310 rigs in Permian Basin (down 3 in past week, down 40 in past year), 308 in Texas (unchanged in past week, down 59 in past year), […]

Calgary-based Freehold Royalties said last week it entered agreements with two private sellers to acquire high-quality mineral title and royalty assets in Delaware and Midland basins for about $112 million.  The assets are located primarily in Martin County in Midland Basin “capturing some of the thickest stacked pay reservoir quality in North America.”  The acquisition […]