Permian Basin added drilling rigs for the second straight week – a first this year – in the weekly report of March 24 from Houston-based services firm Baker Hughes.  Permian now has 353 rigs after adding 3 in the past week (319 a year ago, 353 to start 2023).  There are 372 rigs in Texas […]

Dallas-based Energy Transfer said Monday it has agreed to purchase Sugar Land-based Lotus Midstream Operations from EnCap Flatrock Midstream in a cash-and-stock transaction valued at $1.45 billion ($900 million).  Lotus Midstream owns and operates Centurion Pipeline, an integrated crude midstream platform in Permian Basin.  Centurion’s system includes about 3,000 miles of pipeline and covers major […]

Sentinel Midstream CEO Jeff Ballard said last week his company expects to receive all permits by 2024Q1 so construction can begin on Texas GulfLink, which plans to load up to 1 million barrels of oil per day by 2026 for global markets.  Texas GulfLink is one of at least four proposed deepwater oil export terminals […]

U.S. Energy Information Administration forecasts continued growth in production of crude oil in Permian Basin and the seven major producing regions in its latest drilling productivity report.  EIA said last week it expects production of 5.596 million barrels per day in March and 5.622 million b/d in April for a growth of 26,000 b/d.  Across […]

Houston-based Lime Rock Resources said March 7 it will conduct aerial scans of its assets in Delaware Basin and Barnett Shale with advanced laser technology to detect fugitive methane emissions.  The scans will help Lime Rock pursue certification of its natural gas as responsibly sourced and prepare it for proposed regulations by U.S. Environmental Protection […]

Denver-based SM Energy said in its latest earnings report that it will spend 60 percent of its $1.1 billion capital expense budget in Midland Basin in 2023 after a 50-50 split with its operations in south Texas of $880 million last year. Midland Basin is receiving a larger share this year because of “the expectation […]

Texas Workforce Commission said March 10 that Texas added 48,600 nonfarm jobs in January – the most since October 2022 and the 16th straight month of record employment in the state.  Each of the 11 major sectors of the workforce added jobs, including an additional 2,500 jobs in mining and logging (includes oil and gas).  […]

ExxonMobil said Thursday it successfully started an expansion of its Beaumont refinery that added 250,000 barrels per day of capacity to one of the largest refining and petrochemical complexes on the U.S. Gulf Coast.  Connected by pipeline to Exxon’s growing crude production in Permian Basin, the largest refinery expansion since 2012 will help meet growing […]

Occidental Petroleum said in its latest earnings report that production grew 15 percent to 565,000 boed (60 percent oil, 23 percent NGLs) in Permian Basin in 2022Q4 compared to the previous year.  Oxy added 10 rigs in Permian Basin during 2022 and exited the year with 24 active rigs.  And Oxy drilled its longest lateral […]