After two weeks of increases in Baker Hughes’ counts of active drilling rigs, the counts in Permian Basin, New Mexico and U.S. declined in the weekly report for March 31.  And the U.S. count marked its first decline in a quarter since 2020Q3 after increasing for 9 consecutive quarters.  As of March 31, there were […]

Denver-based Ovintiv confirmed Monday that it agreed to purchase substantially all leasehold interests and related assets of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources in Midland Basin in a cash-and-stock deal valued at $4.275 billion ($3.125 billion cash).  The acquisition will add about 1,050 net well locations of 10,000 feet to Ovintiv’s […]

The Woodlands-based Ring Energy said in its recent 4Q earnings report that proved reserves increased 78 percent in the past year from 77.8 million boe at yearend 2021 to 138.1 million boe at yearend 2022 in Permian Basin.  Capital expenditures in 2023 are forecast at $135 million-to-$170 million after $140.1 million in 2022.  Drilling and […]

Fort Worth-based HighPeak Energy said in its recent earnings report that production in 2022Q4 increased to 37,348 boed (85 percent oil) – up 42 percent from 3Q.  Forecast for 2023 production is 47,000 boed-to-53,000 boed with capital expenses of $1.15 billion-to-$1.26 billion ($321.6 million in 4Q).  “HighPeak’s well performance in 2022 outpaced prior years, and […]

Texas Workforce Commission said last week that Texas added 58,200 positions in February to lead the nation in jobs added in the past month.  And TWC said February marks two years of uninterrupted monthly job growth in the state.  Since February 2022 Texas has added 611,400 jobs.  Bryan Daniel, TWC chairman, said March 24, “The […]

Houston-based Hi-Crush said last week it reached agreement with Pioneer Natural Resources to deploy Hi-Crush’s sixth OnCore mobile mining unit in Midland Basin to supply frac sand for Pioneer well completions.  It will be Hi-Crush’s second OnCore deployment for Pioneer and its fifth deployment in Midland Basin.  Dirk Hallen, Hi-Crush CEO, said March 21 the […]

U.S. Energy Information Administration said recently in its 2023 Annual Energy Outlook that U.S. will remain a net exporter of petroleum products through 2050.  Although domestic consumption of petroleum and other liquids is not expected to increase through 2040, according to the EIA report issued March 16, forecasts of U.S. petroleum and other liquids production […]

San Diego-based Sempra said last week that its 70 percent-owned subsidiary Sempra Infrastructure Partners reached final investment decision to develop, construct and operate Port Arthur LNG phase I in Jefferson County.  ConocoPhillips has 30 percent interest in the project that has an estimated capital budget of $13 billion.  Jeffrey W. Martin, Sempra chairman and CEO, […]

Permian Basin Petroleum Association, State of Texas and five ranchers’ associations filed lawsuits last week against the Biden administration over listings by U.S. Fish and Wildlife Service of lesser prairie chicken.  FWS said in its determination Nov. 25, 2022, that the northern population of the species is threatened, and the southern population is endangered.  The […]