More than two dozen class-action lawsuits have been filed in New Mexico’s U.S. District Court alleging that some of the nation’s largest oil producers have colluded in recent years to artificially increase the price of crude oil.  The Santa Fe New Mexican reported last week some of the lawsuits have been combined and allege “the […]

Counts of active oil and gas drilling rigs in U.S. and Permian Basin continue to fall, according to the latest report from Baker Hughes.  As of July 3, there were 539 rigs in U.S. (down 8 from 547 last week and down 46 or 7.9 percent from 585 a year ago) and 265 rigs in […]

Houston-based Coterra Energy said last week it will run 9 rigs in Permian Basin in second half of 2025 rather than 7 as announced in May.  Tom Jordan, chairman, president and CEO, said June 24 at a JPMorgan conference in New York that increasing to 9 rigs “reflects his team’s confidence in the stability of […]

Dallas-based Peregrine Energy Partners said last week it acquired producing and non-producing oil and gas minerals and royalties in six states, including Texas and New Mexico.  The newly acquired assets include interests in more than 1,100 producing wells operated by several of the industry’s leading companies.  The Texas and New Mexico assets included more than […]

In what was described as “a significant decision for Texas property and energy law,” Texas Supreme Court affirmed a lower court ruling that produced water belongs to the mineral estate unless expressly conveyed to the surface estate owner.  The opinion in Cactus Water Services v. COG Operating announced June 27 resolves a contentious dispute between […]

Dallas-based Producers Midstream II announced plans Monday for its Palo Duro pipeline from Nolan County north to Wheeler County to connect with multiple interstate pipelines.  It will utilize existing infrastructure to provide a new pathway from the Waha residue markets in Permian to Mid Continent residue markets in Anadarko Basin.  Palo Duro will be a […]

Rig counts in U.S. and Permian Basin declined for the ninth straight week, according to the weekly report of June 27 from Baker Hughes.  There were 547 rigs in U.S. (down 7 from 554 previous week, down 34 or 6 percent from 581 year ago) and 270 rigs in Permian Basin (down 1 from 271 […]

Texas oil and gas companies face new deadlines to plug inactive wells after Gov. Greg Abbott signed Senate bill 1150 into law June 20.  Texas Tribune said it’s “the first legislation in years toward addressing the growing environmental problem for which the state’s taxpayers have become increasingly responsible.”  SB 1150, written by Sen. Mayes Middleton, […]

Tyler-based Mewbourne Oil Co. moved to second in Enverus’ latest list of the most prolific 100 private oil and gas producers in the U.S. based on gross operated production, well count and rig movements in 2024.  Mewbourne, founded in 1965, coordinates its operations in Permian Basin from offices in Midland and Hobbs, N.M. Continental Resources, […]