In Baker Hughes’ weekly count of active drilling rigs as of Oct. 6, after a decline of 7 rigs in the past week Texas fell below 300 rigs for the first time since February 2022.  Texas reported 297 rigs (304 week ago, 360 year ago).  Also, there were 309 rigs in Permian Basin (312 week […]

Stafford-based Scorpion Oil and Gas said recently it closed on a transaction with an undisclosed leading independent for entry into the Permian Basin.  Scorpion acquired nearly 6,000 acres (gross) in Lea County in New Mexico with current production of about 400 boed (85 percent oil).  The privately-held company said the assets, comprised of vertical and […]

Railroad Commission of Texas this week released proposed new rules for water protection and oil and gas waste management.  Monday the commission said its statewide Rule 8 “will undergo a substantial overhaul to better reflect modern waste management practices and recent advancements in production methods… One of the highest priorities of the RRC is the […]

The Environmental Partnership, an industry group that has grown to 102 oil and gas companies since its founding in 2017 with 23 members, recently released its annual report revealing that in 2022 in its leak detection and repair program more than 202 million component inspections were performed, 664,000 surveys were conducted, and 157,000 sites were […]

1979 Royalties, subsidiary of Midland-based Endeavor Energy Resources, said last week it acquired oil and gas mineral and royalty interests in Midland Basin from Peacemaker Royalties, portfolio company of EnCap Investments, for $61 million.  The divested properties cover about 5,000 net royalty acres in Dawson and Martin counties operated by Endeavor and Ovintiv.  The assets […]

Denver-based Civitas Resources said Wednesday it signed an agreement with Vencer Energy, upstream unit of Vitol, to acquire oil-producing assets in Midland Basin in a cash-and-stock deal valued at $2.15 billion ($1.55 billion cash).  Closing is expected in January 2024.  The acquisition will add about 44,000 net acres in five counties in west Texas with […]

Lexington, N.C.-based M2X Energy said recently that its transportable, modular gas-to-methanol plant produced its first methanol.  The company said it is performing test runs now to qualify the system for its first field deployment.  “This major milestone substantially de-risks our innovative technology and validates its commercial viability,” CEO Max Pieri said.  “We are currently the […]

Texas and Permian Basin again were the loss leaders in Baker Hughes’ weekly report of active oil and gas drilling rigs as of Sept. 29.  Texas’ count fell by 8 in the past week to 304 (360 year ago), and the count in the Permian Basin fell by 5 to 312 (344 year ago).  Also, […]

Houston-based TGS, global provider of energy data and intelligence, announced last week a northern extension of its Pontiac 3D survey in Midland Basin.  The extension increases the Pontiac 3D from 167 square miles to 267 square miles in Crane, Ector, Midland and Upton counties.  The extension sits on the western edge of the Midland Basin […]

Dallas-based LM Energy Holdings said last week it agreed to sell certain subsidiaries and assets of its Touchdown crude oil gathering system in Eddy and Lea counties in Permian Basin.  The transaction with an undisclosed buyer is expected to close in 4Q and allows LM Energy to focus on its natural gas gathering systems in […]