Saudi Arabia, U.S. and Russia continue to rank 1-2-3 in total global recoverable oil reserves, according to Oslo-based Rystad Energy’s latest research.  Rystad this week raised its estimate of total global recoverable oil to 1,624 billion barrels – an increase of 52 billion barrels compared to its estimate last year.  Oil & Gas Journal called […]

Texas Pipeline Association recently commissioned a study on the economic impact of the state’s oil and gas pipeline industry by Center for Energy Commerce at Texas Tech University.  The study released earlier this month shows that the industry provided more than $60.5 billion in economic output in 2022 and nearly $3.6 billion in state and […]

The Woodlands-based Earthstone Energy told Enverus that its assets acquired recently from Delaware Basin operator Novo Oil & Gas will immediately compete for capital in Earthstone’s portfolio.  Earthstone and Northern Oil & Gas said June 15 they are acquiring Novo for $1.5 billion.  After closing in 2023Q3, Earthstone said it will move one of its […]

Houston-based private gas gatherer Pinon Midstream said last week it is expanding Dark Horse, its sour gas treating and carbon capture facility in Lea County, N.M.  Construction on a fully subscribed amine treating unit (Train III) is scheduled to begin in 2023Q3 with an in-service date of January 2024.  Pinon said it also has started […]

Houston-based EOG Resources said last month during its Q1 earnings call that it continues to innovate its Delaware Basin completions program.  It tested 39 Wolfcamp wells using a new completion method from its Eagle Ford operations that resulted in 22 percent average improvement in first-year production and 20 percent increase in EUR (estimated ultimate recovery) […]

Texas Workforce Commission said Monday upstream crude oil and natural gas employment in Texas increased by 6,900 jobs in May to climb above 200,000 (to 206,000) for the first time in more than three years.  Texas Oil and Gas Association said the gain of 6,900 jobs was the largest one-month growth in 33 years of […]

Baker Hughes’ counts of active drilling rigs continue to decline as of June 23.  U.S. count of 682 is down for the eighth straight week (687 last week, 753 year ago).  Permian count is down for the seventh time in the last eight weeks to 341 (342 last week, 349 year ago).  There are 345 […]

Colorado-based research firm East Daley Analytics reported recently that crude oil pipelines to Port of Corpus Christi are operating at or near 90 percent utilization to send some Permian crude to Houston, Beaumont-Port Arthur or Louisiana.  Crude oil pipelines are restricted from offering committed service on more than 90 percent of their capacity – leaving […]

Denver-based SM Energy said last week it agreed to purchase 20,000 net acres in Dawson and northern Martin counties in west Texas for $93.5 million and an additional 2,800 net acres adjacent to its previously announced acquisition in 2023Q1 of 6,300 net acres in Midland Basin.  Current production on the Dawson/Martin purchase is 1,250 boed […]

Since resuming drilling and completions in second half 2022 after pandemic, Marathon Oil has brought online 23 wells in northern Delaware Basin as of early May, including 18 extended laterals averaging 9,000 feet. Enverus reported that the extended laterals are delivering cumulative oil volumes that outperform the Delaware Basin’s top quartile of wells by 30 […]