The CEOs of 12 leading energy companies have agreed to lower emissions of the companies’ crude oil and natural gas production to address climate change. The international consortium, Oil and Gas Climate Initiative, includes CEOs of BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total. OGCI, established in 2014, said […]
Baker Hughes: Permian Basin adds rigs for first time since March
Permian Basin added rigs last week for the first time since March to break a streak of 18 consecutive weeks with declining rig counts. Permian added 2 rigs for a new total of 126 (443 year ago). According to Baker Hughes, as of July 24, Texas idled 1 rig for a new total of 103 […]
Rystad Energy: Permian leads increased hydraulic fracturing activity
Oslo-based Rystad Energy said July 23 its analysis shows that new hydraulic fracturing operations in the U.S., which fell to a low of 325 wells in June during the coronavirus pandemic, are expected to return to above 400 in July. “Recovery will be especially evident in the Permian Basin,” Rystad said, “where activity has nearly […]
Pilot LNG files permits for Galveston LNG Bunker Port
Houston-based Pilot LNG said July 16 it has filed regulatory applications for Galveston LNG Bunker Port, the region’s first dedicated LNG bunker terminal. U.S. Army Corps of Engineers is the lead permitting agency. Pilot CEO Jonathan Cook said the port on Pelican Island “will provide clean-burning LNG to one of the U.S.’s largest port complexes.” […]
Midland’s Endeavor Energy files first permits since June 29
Midland-based Endeavor Energy Resources filed its first drilling permits last week since June 29 with Railroad Commission of Texas. Houston Chronicle said Endeavor filed 11 permits for horizontal wells on two leases in Midland County targeting Spraberry to depths of 10,290 to 11,000 feet. Endeavor, which ranked fifth in Texas last year for permits, had […]
Chevron acquires Noble Energy, including 92,000 acres in Permian Basin
San Ramon, Calif.-based Chevron increased its presence in Permian Basin and Denver-Julesburg Basin in Colorado with its acquisition of Houston-based Noble Energy. Chevron said July 20 the all-stock transaction is valued at $5 billion ($10.38 per share). Total enterprise value, including debt, is $13 billion. It will increase Chevron’s proved reserves by about 18 percent […]
Texas Petro Index falls for 15th straight month to 163.5 in May
Falling rig count combined with steep declines in drilling permits, industry employment and crude oil production pushed the Texas Petro Index down again in May to 163.5 – down 22.5 percent from 210.7 of a year ago May 2019. It was the 15th consecutive month of decline for the index developed by petroleum economist Karr […]
Mergers and acquisitions decline 68 percent in Texas in 2020Q2
Texas Lawbook said the 89 mergers, acquisitions and joint venture transactions completed by Texas companies in 2020Q2 represented a decline of 68 percent from 2019Q2 as activity in the state reached historic lows. Texas Lawbook, with data from Mergermarket, said the value of the transactions dropped 93.7 percent. The 89 deals were the fewest in […]
New Mexico adds rig for second straight week; Permian still leader with 124
New Mexico added a rig for the second straight week, but declines of counts of oil and gas drilling rigs continued in Permian Basin, Texas and U.S. According to the July 17 report from Baker Hughes, New Mexico added 1 rig again to reach 50 (107 year ago). Permian Basin has 124 rigs (125 week […]
Earthstone Energy returns curtailed production, drills in Upton County
The Woodlands-based Earthstone Energy said it is returning to full production all of its shut-in and curtailed operated wells. Earthstone said July 16 its wells “are currently producing at nearly 100 percent of capacity.” Earthstone said total net production was curtailed by about 60 percent in May, when the company concluded its 2020 drilling program […]
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