Washington, D.C.-based American Petroleum Institute said this week that U.S. petroleum demand – as measured by total domestic petroleum deliveries – increased by only 17,000 barrels per day in April compared to March (to 19.8 million b/d). But compared to April 2022, U.S. petroleum demand fell 0.8 percent – the fifth straight month of year-to-year […]
Granite Ridge increased Q1 production, raises fullyear production forecast
Dallas-based Granite Ridge Resources said recently it grew production in first quarter by 46 percent over 2022Q1, and it increased fullyear production forecast for 2023 to a midpoint of 22,000 boed. Production in Q1 was 23,167 boed (46 percent oil), including 10,722 b/d oil. Capital expenditures in Q1 were $126.2 million with fullyear capex expected […]
Technologies Provider Opens New Midland Outlet
Intelligent Wellhead Systems, Inc. (IWS), a supplier of digital control technologies for improving oil and gas well completion operations, recently opened a new base of operations in Midland. Officials for the company said that rapid adoption of automation technology and digital solutions for completions drove the need for local customer support, logistics, and a full-service […]
Determination, Delays, and a Dose of Drama
by Julie Anderson If the Regular Session of the 88th Texas Legislature were to be summarized in bullet points, here’s how it might read: Texas Comptroller Glenn Hegar projects a $32.7 billion surplus, giving lawmakers a spending cushion prior to the 140-day session. On Jan. 10, Texas Secretary of State Jane Nelson convenes the 88th […]
The Session Ends, But Challenges Remain
With the end of the Texas Legislative session taking place after the writing of this article, I can assure you that PBPA has worked diligently to provide oil and gas operators in the Permian Basin successes that would benefit them. One issue that became a lasting challenge throughout the session was the plain and simple […]
Garrison Energy Holdings, new E&P company, launches in Midland
A new Midland-based exploration and production company has started with a $500 million line of equity financing from an unidentified institutional investor to pursue opportunities in Permian Basin. Garrison Energy Holdings will consider deals in Delaware and Midland basins, central basin platform and northwest shelf. Caleb Weatherl is CEO, and his father Steve is executive […]
U.S. rig count declines for fourth week while Permian, Texas counts increase
U.S. count of active drilling rigs fell for the fourth consecutive week, but the counts in Permian Basin and Texas reversed their three-week declines by adding rigs last week. Baker Hughes said as of May 26 there were 711 rigs in U.S., down 9 in the past week from 720 and down 44 in the […]
New Mexico BLM office conducts lease sale that nets $78.8 million
New Mexico field office of Bureau of Land Management conducted a lease sale last week on 45 parcels of land in Chaves, Eddy and Lea counties in New Mexico and Cheyenne County in Kansas on public lands managed by BLM field offices for Carlsbad, Roswell and Oklahoma. BLM said 37 parcels totaling 8,596.25 acres sold […]
Western Midstream to construct gas processing plant in Loving County
Houston-based Western Midstream Partners said last week it will construct a new cryogenic natural gas processing plant in Loving County in its west Texas gathering, processing and treating complex in Delaware Basin. The proposed plant, expected to be in service by yearend 2024, will have processing capacity of 250 million cfd. Western Midstream said expansion […]
New Mexico Update
By Jesse Mullins As we move deeper into the spring of 2023, oil and gas interests in New Mexico have much to be thankful for. Business is good. It can always be better, of course. But activity is strong. The biggest plus that New Mexico oil and gas can look to this spring is the […]
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