After the recent decision by OPEC+ to extend crude oil production cuts through 2024, U.S. Energy Information Administration now forecasts global oil inventories to decline slightly in each of the next five quarters to put upward pressure on crude oil prices.  EIA forecasts Brent spot prices to average $79.54 in 2023 and $83.51 in 2024 […]

Midland-based BCP Resources said last week it acquired assets from a wholly owned subsidiary of Chord Energy that span 16 fields on the central basin platform in Permian Basin.  BCP Resources is focused on conventional growth, and the assets are “a strategic fit, delivering stable cash flow and low decline rate production from proven reservoirs […]

The Woodlands-based Earthstone Energy said Thursday it agreed to acquire Novo Oil & Gas Holdings, privately held E&P company focused in Delaware Basin and backed by EnCap Investments, for $1.5 billion.  And Northern Oil and Gas said it will acquire one-third working interest in Novo oil and gas assets from Earthstone for $500 million.  Earthstone […]

Houston-based Permian operators Patterson-UTI and NexTier said Thursday they will merge in an all-stock transaction creating a $5.4 billion oilfield services firm.  The deal combines Patterson-UTI’s land drilling business with NexTier’s well completion operations.  Analysts told Reuters the company, to be called Patterson-UTI Energy, will be the largest pressure pumper by capacity in North America […]

A new report from consulting firm East Daley Analytics and Validere, measurement, reporting and verification firm, said natural gas flaring in Permian Basin could increase next year as the region’s production exceeds available pipeline capacity.  Reuters reported that increased flaring “could reduce shale oil production in the region as major oil-producing companies seek to limit […]

Declining counts of active oil and gas drilling rigs continue in Permian Basin, Texas and U.S.  Baker Hughes said as of June 9 the decline in the U.S. count reached six consecutive weeks.  Baker Hughes reported 346 rigs in Permian Basin (348 previous week, 345 year ago), 347 in Texas (353 previous week, 356 year […]

U.S. Department of Energy said Friday it awarded contracts to five companies to deliver 3.1 million barrels of crude oil to the nation’s strategic petroleum reserve at Big Hill SPR site in Jefferson County south of Beaumont in southeast Texas.  DOE announced a purchase plan in May to refill the emergency stockpile after a record […]

Houston-based Knight Energy Services, portfolio company of private equity firm Voyager Interests, said last week it acquired Odessa’s Platinum Pipe Rentals.  The combined business will have 18 locations across the nation with a fleet of more than 200,000 pieces of rental tools and equipment, including more than seven million feet of drill pipe and tubing.  […]