Drilling rig count in Permian Basin continues to decline.  Baker Hughes said as of Aug. 19 there were 345 rigs in Permian – down 1 in the previous week but up 98 in previous year.  The decline of three straight weeks in Permian rig count is the first since Baker Hughes’ reports of July 31, […]

Houston-based Phillips 66 said Aug. 17 it realigned joint venture midstream assets with Enbridge.  Phillips 66 realigned economic and governance interests in DCP Midstream and Gray Oak pipeline through merger of existing JVs with Enbridge.  Phillips 66’s economic interest in DCP increased to 43 percent from 28 percent, and it will oversee and manage the […]

Forecast of oil production in Permian Basin by U.S. Energy Information Administration continues to increase to record levels.  In the latest drilling productivity report of Aug. 15, the EIA said production in Permian is expected to reach 5.408 million barrels per day in September – an increase of 79,000 b/d from August.  Across the seven […]

Houston-based Enterprise Products Partners said Aug. 3 it will expand three projects in west Texas to support production growth in Permian Basin.  Enterprise will add a third plant at its Mentone cryogenic natural gas processing complex in Loving County by 2024Q1 to increase capacity by 300 million cubic feet per day and allow EPP to […]

U.S. Energy Information Administration said last week pipeline exports from west Texas to Mexico averaged 1.6 billion cubic feet per day during May 2022 – the largest pipeline export from west Texas on record.  Compared to 2021, pipeline exports from west Texas January through May 2022 increased by 12 percent to average 1.4 Bcfd.  Natural […]

Rig counts in Permian Basin and U.S. declined for the second straight week, according to Baker Hughes.  As of Aug. 12, there were 346 rigs in Permian Basin (347 week ago, 246 year ago), 372 in Texas (373 week ago, 232 year ago), 104 in New Mexico (unchanged in past week, 80 year ago) and […]

Three additional Permian Basin operators who produce hundreds of thousands of barrels of crude oil have announced multi-billion-dollar profits for 2022Q2.  Houston-based Occidental Petroleum reported $3.6 billion in profits for the quarter that ended June 30 compared to a $97 million loss in 2021Q2.  Oxy produces about 1.1 million boed globally, including 493,000 boed from […]

The number of drilling permits issued in July 2022 for Permian Basin hit a three-year high of 1,526, according to Enverus and investment banking advisory firm Evercore.  Houston Chronicle said that’s an increase of 22 percent from July 2021.  In Texas oilfields, there were 901 approved drilling permits in July – an increase of 16 […]

Minneapolis-based Northern Oil and Gas said Wednesday it agreed to acquire assets in Midland Basin from Tulsa-based Laredo Petroleum for $110 million.  The assets in Howard County include 1,600 acres, 6.4 net producing wells and 8 net undeveloped locations – most operated by SM Energy.  Production at closing in October is expected to be 1,600 […]

Houston-based APA Corp. said in its second quarter earnings release Aug. 3 it acquired property in Delaware Basin in Loving and Reeves counties in Texas for $505 million.  The acquisition is located near APA’s exiting operations and is referred to as a “tuck-in acquisition” in the investor presentation in which APA revealed that its 2Q […]