Irving-based Pioneer Natural Resources last week raised its 2023 production guidance after reporting second quarter production topped forecasts.  Pioneer averaged 711,000 boed in 2Q to top midpoint of guidance from April by about 3 percent.  Oil production averaged 369,000 b/d compared to forecast midpoint of 364,500 b/d.  CEO Scott Sheffield said Pioneer lowered its fullyear […]

University of Texas Permian Basin received a grant of $1 million from National Science Foundation for research and to support implementation of technologies in Permian Basin.  The grant was issued to UTPB’s Texas Water and Energy Institute and College of Engineering for research and development on water and energy technologies, carbon and materials management, renewable […]

Spring, Texas-based ExxonMobil said last week it expects to deliver about 600,000 boed in 2023 and reach about one million barrels of oil equivalent per day by 2027.  Exxon said Friday production in Permian Basin (620,000 boed) and Guyana in 2023Q2 was up 20 percent over last year. Darren Woods, chairman and CEO, said of […]

Midland-based Diamondback Energy said Monday it averaged 263,100 barrels per day of oil production in 2023Q2, which is an increase of 19 percent from 2022Q2.  And daily combined volumes grew 18 percent to 449,900 boed.  Diamondback drilled 86 wells in Midland Basin and 12 in Delaware Basin (gross operated) in 2Q and increased fullyear guidance […]

Findlay, Ohio-based MPLX said this week construction is underway in Delaware Basin on its sixth natural gas processing plant.  Preakness II with capacity of 200 million cfd is expected online in firsthalf 2024.  MPLX also is planning to build Secretariat with 200 million cfd, its seventh processing plant in Delaware Basin.  Startup is expected in […]

Texas Workforce Commission said recently the state continues to lead the nation in job growth.  In June more than 30,000 non-farm jobs were added, bringing the total to a record of nearly 14 million jobs in the state.  It was the 28th consecutive month of job growth.  Since June 2022 Texas has added more than […]

Three refinery projects in Texas by ExxonMobil, Marathon and Valero are expected to boost U.S. refinery capacity in the next annual report by U.S. Energy Information Administration. ExxonMobil announced in March the completion of a major refinery capacity addition in Beaumont to boost that facility’s total crude oil distillation capacity by 250,000 barrels per day […]

U.S. refinery capacity increased slightly for the first time since the global pandemic to reverse two years of declines, according to U.S. Energy Information Administration in its annual Refinery Capacity Report published July 25.  As of Jan. 1, 2023, the operable atmospheric crude oil distillation capacity – the EIA’s primary measure of refinery capacity in […]