Fort Worth-based HighPeak Energy recently commissioned its 60MW high-voltage substation, began removing rental generators to reduce lease operating expenses and emissions, and launched a local sand project.  HighPeak removed at least 70 percent of rental generators in Flat Top operating area, and electrification of the substation enabled HighPeak to power its first drilling rig with […]

Rig count in Permian Basin declined last week for the fifth time in the past seven weeks, according to Baker Hughes, as WTI fell below $85 for the first time since January.  As of Sept. 2, there were 342 rigs in Permian Basin – down 6 in the past week, but up 92 in the […]

State of Texas received a record $10.83 billion in oil and natural gas production taxes in fiscal year 2022 that ended Aug. 31.  Comptroller Glenn Hegar said Sept. 1 that Texas received $6.36 billion in oil production taxes (up from $3.45 billion last year) and $4.47 billion in revenue from gas production (up from $1.57 […]

Midland-based Permian Resources Corp., the combine of the Centennial Resource-Colgate Energy merger announced in May, said last week it expects Q4 production of 140,000 to 150,000 boed (52 percent oil) with capital expenses of $300 million to $325 million assuming 38-to-42 gross wells spudded and completed.  The combine is the largest pure-play exploration and production […]

Texas Alliance of Energy Producers will conduct its annual conference Sept. 14-15 in Fort Worth.  Speakers will include Wayne Christian, chairman of the Railroad Commission of Texas; Sean Strawbridge, CEO of the Port of Corpus Christi; Kaes Van’t Hof, president and CFO of Diamondback Energy; and Anne Bradbury, CEO of American Exploration and Production Council. […]

Austin-based Brigham Minerals said last week it agreed to purchase certain mineral and royalty interests in Midland Basin from funds managed by Avant Natural Resources and affiliates for $132.5 million.  Acquisition includes 3,900 net royalty acres in Martin and Midland counties with 2023 estimated production of 750 to 950 boed (60 percent oil).  Operators include […]

Permian Basin added drilling rigs in the past week to reverse a three-week decline, but still the basin rig count declined in the past month for the first time in two years.  Baker Hughes said as of Aug. 26 there were 348 rigs in Permian – up 3 in previous week, up 99 in past […]

Tulsa-based Magellan Midstream Partners said Monday it will expand its refined petroleum products pipeline system from Houston to El Paso to a new capacity of about 100,000 barrels per day by early 2024.  The $125 million expansion will include construction of a new 30-mile pipeline along an existing route between Odessa and Crane with additional […]

Houston-based Occidental Petroleum said it will extend its joint venture in Permian Basin with Columbia’s Ecopetrol SA through first quarter of 2025.  Ecopetrol will earn additional interest in the JV’s Delaware Basin assets.  Vicki Hollub, president and CEO, said Aug. 3 the two companies will enhance their JV in Midland and Delaware basins to encompass […]

Houston-based Occidental Petroleum and subsidiary 1PointFive said last week they will begin detailed engineering and construction for their first large-scale direct carbon capture plant in Ector County in 2022Q3 near Oxy acreage and infrastructure.  Startup is expected in late 2024 of the world’s largest plant of its kind.  The plant is expected initially to capture […]