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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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Ring Energy divests non-core assets in Delaware Basin

July 11, 2023 by PBOG

The Woodlands-based Ring Energy said last week it sold non-core assets in Delaware Basin in 2023Q2 to an unaffiliated private buyer for gross sales price of $8.25 million (net proceeds of $7.8 million).  Recent production on the assets was 240 boed (85 percent oil).  “We were pleased to complete the sale of our non-core Delaware […]

Filed Under: PBOG Newsletter

Patterson-UTI acquires Ulterra Drilling Technologies of Fort Worth

July 11, 2023 by PBOG

Houston-based contract driller Patterson-UTI Energy said last week it agreed to acquire Ulterra Drilling Technologies of Fort Worth from Blackstone Group in a cash-and-stock transaction valued at $800 million ($370 million cash).  Ulterra designs, manufactures, sells and rents PDC drill bits (polycrystalline diamond compact) for customers in more than 30 countries.  Closing is expected in […]

Filed Under: PBOG Newsletter

U.S. adds 6 rigs in past week to break streak of 9 weeks of declining rig count

July 11, 2023 by PBOG

U.S. rig count showed an increase of 6 rigs in the previous week to break a streak of 9 consecutive weeks of declines.  Baker Hughes said as of July 7 there were 680 rigs (674 previous week, 752 year ago) in U.S.  The count declined from 755 to 674 during that nine-week fall.  The count […]

Filed Under: PBOG Newsletter, Rig Count Reports

Cyber Security: “A Marathon, Not a Sprint”

July 10, 2023 by PBOG

By Paul Wiseman The great majority of successful hacks—for ransomware, spyware, information theft, or just plain chaos—come through human error. That is, someone opened a phishing email and entered a password or account number. But three oil and gas industry security experts said that, while education on that front is vital and ongoing, hackers are […]

Filed Under: Business & Analysis, Featured Article, Techonology

U.S. Fish and Wildlife Service recommends ‘endangered species’ for lizard

July 7, 2023 by PBOG

U.S. Fish and Wildlife Service is accepting public comments through Sept. 1 after its decision announced last week that the dunes sagebrush lizard should be listed as an endangered species “due to ongoing threats of energy development, mining and climate change in southeastern New Mexico and west Texas.”  The Fish and Wildlife Service had faced […]

Filed Under: PBOG Newsletter

Railroad Commission approves oil, gas monitoring plan for FY2024

July 7, 2023 by PBOG

Three commissioners of Railroad Commission of Texas recently approved an oil and gas monitoring plan for fiscal year 2024 to continue what the commission said is “the agency’s commitment to protecting Texans and the environment.”  The plan focuses on “developing a framework to describe oil and gas monitoring and enforcement efforts – beyond inspections and […]

Filed Under: PBOG Newsletter

RTS starts construction on new Midland facility to double tubular inspection

July 7, 2023 by PBOG

RTS launched another expansion project to add its second state-of-the-art tubular inspection facility. Groundbreaking ceremony was held June 1 at its flagship location in Midland by RTS, a provider of oilfield tubular and sucker rod inspection and maintenance services, asset management and related data analytics.  RTS said the expansion will double its capabilities in Midland […]

Filed Under: PBOG Newsletter

Production in Eddy, Lea counties accounts for 29 percent of Permian output

July 7, 2023 by PBOG

U.S. Energy Information Administration said Thursday production from Eddy and Lea counties in southeast New Mexico accounted for 29 percent of crude oil production in Permian Basin in 2023Q1 – averaging 1.7 million barrels per day.  Permian, largest oil-producing basin in U.S., spans 66 counties in southeast New Mexico and west Texas. Permian crude production […]

Filed Under: PBOG Newsletter

Enverus reaffirms forecast of $100 oil by fourth quarter of 2023

July 3, 2023 by PBOG

Calgary-based Enverus Intelligence Research last week reaffirmed its belief that Brent prices for oil will reach $100 per barrel by fourth quarter.  Enverus pointed to “all-time high global oil demand, insufficient North American supply growth and OPEC intervention as key drivers that will push Brent prices to $100 per barrel in 2023Q4.” Al Salazar, EIR […]

Filed Under: PBOG Newsletter

Riverbend Energy Group adds assets in Permian, Williston basins

July 3, 2023 by PBOG

Houston-based Riverbend Energy Group said last month it made recent acquisitions in Permian and Williston basins to rebuild its traditional non-operated energy strategy following its exit in 2022.  Riverbend’s most recent acquisition announced June 19 was a “sizeable non-operated working interest in the core of the Williston Basin.”  The company said the acquisitions provide “a […]

Filed Under: PBOG Newsletter

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June 2025

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