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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Diamondback, Five Point form JV to gather, transport, reuse, dispose of water

September 15, 2023 by PBOG

Midland’s Diamondback Energy said Monday it formed a joint venture with Houston-based Five Point Energy to create the largest independent water infrastructure platform in Midland Basin.  Deep Blue Midland Basin, with headquarters in Midland and Houston, is an integrated midstream water infrastructure network with 800 miles of pipelines for gathering, transport, disposal and reuse.  Deep […]

Filed Under: PBOG Newsletter

Permian Resources reports company records for drilled footage, water recycling

September 12, 2023 by PBOG

Midland-based Permian Resources said recently it increased its daily drilled footage by 13 percent in 2023Q2 from 2022Q3 (the quarter during which it started).  It attributed the improvement to “high-grading its drilling fleet and optimizing drilling practices such as reducing flat time through bottom-hole assemblies.”  Permian Resources, which started from a merger of Centennial Resource […]

Filed Under: PBOG Newsletter

Texas, U.S. reverse declining rig counts; Permian only basin to report gain

September 12, 2023 by PBOG

Last week Texas added oil and gas drilling rigs for the first time since May, and the U.S. rig count reversed an eight-week decline, according to the latest weekly report by Houston-based services firm Baker Hughes.  As of Sept. 8 there were 320 active rigs in Permian Basin (up 1 in past week, down 20 […]

Filed Under: PBOG Newsletter

Peak 10 Energy launches as oil, gas investment company in Permian Basin

September 12, 2023 by PBOG

Houston-based Peak 10 Energy said recently it launched as an oil and gas investment platform to acquire oil and gas assets in continental U.S.  Initial assets consist of non-operated oil and gas properties in Andrews, Dawson, Fisher, Gaines, Reeves and Scurry counties in west Texas, including more than 100 producing wells and a multi-year drilling […]

Filed Under: PBOG Newsletter

TXOGA: Texas reaches oil production record of 5.5 million b/d in June, July

September 12, 2023 by PBOG

Texas Oil and Gas Association recently said that oil production in the state reached a record of 5.5 million barrels per day in June and July.  That follows reports of 5.4 million b/d of oil production in Texas for March, April and May (5.494 million b/d) by U.S. Energy Information Administration.  TXOGA said natural gas […]

Filed Under: PBOG Newsletter

Oxy subsidiary 1PointFive acquires DAC technology firm Carbon Engineering

September 8, 2023 by PBOG

Occidental Petroleum subsidiary 1PointFive said recently it agreed to acquire all outstanding equity of Carbon Engineering for about $1.1 billion cash (in three annual payments).  The deal provides 1PointFive “the opportunity to rapidly advance DAC (direct air capture) technology breakthroughs and accelerate deployment of DAC as a large-scale, cost effective, global carbon removal solution.”  Carbon […]

Filed Under: PBOG Newsletter

Employment, wages increase in Texas oil, gas industry in past year

September 8, 2023 by PBOG

Employment and wages in the oil and natural gas industry in Texas grew significantly through 2023Q1, according to an economic analysis by Dr. Dean Foreman, chief economist for Texas Oil and Gas Association. Dr. Foreman said data from the U.S. Census Bureau and Texas Workforce Commission show that direct employment in Texas’ oil and natural […]

Filed Under: PBOG Newsletter

Midland’s Viper Energy acquires royalty interests in Midland, Delaware basins

September 8, 2023 by PBOG

Midland-based Viper Energy Partners said Tuesday it agreed to acquire for about $1 billion in cash and stock certain Permian Basin mineral and royalty interests from affiliates of Warwick Capital Partners and GRP Energy Capital.  Viper, subsidiary of Midland’s Diamondback Energy, said it will pay about $750 million in cash plus about nine million Viper […]

Filed Under: PBOG Newsletter

Where Next for Natural Gas?

September 5, 2023 by PBOG

The business of gas has become a bigger factor than most expected when the Shale Revolution reinvigorated the Permian Basin. What’s the latest for this commodity? In 2023, natural gas has been fairly steady, not making the surge some expected, but not going into collapse, either. In the United States, the hot summertime has put […]

Filed Under: Featured Article, Online Exclusive

Vital Energy plans to maintain production in Delaware, Midland basins in 2024

September 5, 2023 by PBOG

Tulsa-based Vital Energy said recently after announcing record production in second quarter that in 2024 it expects to maintain fullyear 2023 production levels.  Vital Energy said Aug. 8 it expects to operate three drilling rigs and an average of 1.7 completions crews in 2024 across its assets in Delaware and Midland basins.  The company expects […]

Filed Under: PBOG Newsletter

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