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 […]

Houston-based Surge Energy, independent oil and natural gas company focused on Midland Basin, said recently it added acreage to its portfolio in Dawson and Gaines counties in west Texas.  Surge said it acquired “a substantial acreage position” in the northern Midland Basin from an undisclosed seller and plans “to test opportunities for oil well commerciality […]

U.S. reversed its four-week decline in count of active drilling rigs in the weekly report of March 17 by Baker Hughes.  Counts in Permian Basin and Texas also rebounded.  Baker Hughes reported 350 rigs in Permian Basin (343 previous week, 316 year ago), 371 in Texas (366 previous week, 320 year ago), 106 in New […]

Calgary-based energy data firm Enverus said last week its adoption forecast for electric vehicles implies the displacement of 2.7 million barrels per day of liquid fuels in 2030 and 5.2 million b/d in 2035.  Enverus’ updated EV outlook outlines the energy impacts of EV adoption.  Carson Kearl of Enverus said, “EV market share growth in […]

A day after President Biden approved the Willow project in Alaska, ConocoPhillips’ $8 billion plan to extract 600 million barrels of oil from the largest remaining expanse of wilderness in the U.S., the New York Times reported under the headline “Big Oil Gets Its Mojo Back” that “confidence is high in the oil and gas […]

Midland-based Diamondback Energy, through subsidiary Cottonmouth Ventures, is making a $20 million equity investment in Verde Clean Fuels, renewable energy company with technology that captures flared natural gas and converts it into gasoline.  Verde Clean Fuels, business combination of CENAQ Energy and Bluescape Clean Fuels, developed and owns proprietary syngas-to-gasoline technology designed to produce renewable […]

Oklahoma City-based Riley Exploration Permian is forming a joint venture with Conduit Power, portfolio company of Grey Rock Investment Partners, to develop, own and operate on-site power generation using captured flared natural gas to power Riley’s operations in Yoakum County.  The project will be completed in phases and ultimately include 20 megawatts of power.  Phase […]

Houston-based Select Energy Services, a leading provider of sustainable water and chemical solutions to the energy industry, said last month it is rebranding to Select Water Solutions after multiple water infrastructure acquisitions in Permian Basin, including water gathering, disposal, sourcing, storage and distribution assets. John Schmitz, chairman, president and CEO, said, “We have closed on […]

The Woodlands-based Ring Energy said Thursday it expects 2023 production growth of 48 percent over 2022 after integration of Permian Basin assets acquired in August 2022 from Stronghold Energy.  Ring forecasts 2023 sales volumes of 17,800 boed to 18,800 boed (68 percent oil) compared to 12,364 boed (77 percent oil) in 2022.  The increase from […]