Oklahoma City-based Chesapeake Energy said last week it will focus on its natural gas operations in Haynesville and Marcellus and move its Eagle Ford positions to non-core status.  Chesapeake said it will increase capital allocation by 15 percent to Haynesville in second half of 2022 and into 2023 and reduce to 3 rigs in Eagle […]

Count of oil and gas drilling rigs in Permian Basin declined by 4 to 347 last week, according to Baker Hughes.  It was the largest decline in Permian since falling by 5 to 117 rigs in August 2020.  Also as of Aug. 5, there were 373 rigs in Texas (up 2 in past week), 104 […]

A series of helicopter flyovers in Permian Basin by U.S. Environmental Protection Agency continued this week to survey thousands of oil and gas operations.  The flyovers will allow EPA to identify emitters of large amounts of methane and excessive emissions of volatile organic compounds (VOCs).  EPA regional administrator Earthea Nance said Aug. 1 the Permian […]

State of Texas continues to receive record amounts of sales tax revenue and production taxes from crude oil and natural gas.  Texas comptroller Glenn Hegar said Aug. 1 state sales tax revenue totaled $3.88 billion in July – highest monthly collections on record and 14.7 percent more than July 2021.  The majority of July sales […]

Houston-based Targa Resources said last week it will construct another cryogenic natural gas processing plant in Midland Basin to further expand its gathering and processing system in Permian Basin.  Targa said Aug. 4 it will build and commission by 2023Q4 the new Greenwood plant (275MMcfd) following startup of two Permian plants now under construction in […]

Birmingham-based Diversified Energy said July 28 it will acquire upstream assets and related facilities in Texas panhandle and western Oklahoma from ConocoPhillips for $240 million.  The assets include about 250,000 net acres and 1,500 producing wells.  Diversified will operate 60 percent of the acquisition’s net production of 9,000 boed, which represents a 6 percent increase […]

After announcing record profits for 2022Q2, oil majors Exxon Mobil and Chevron said they will remain disciplined about production in Permian Basin this year with moderated growth.  Houston-based Exxon Mobil reported $17.9 billion in profits for 2022Q2, and San Ramon-based Chevron reported $11.6 billion.  Factors aiding the companies include increased demand for oil after the […]

Modest growth in rig count resumed in Permian Basin last week, according to Baker Hughes, after it was unchanged overall the previous four weeks at 349.  As of July 29, there were 351 rigs in Permian (243 year ago), 371 in Texas (365 week ago, 230 year ago), 110 in New Mexico (109 week ago, […]

Dallas-based Matador Resources said July 26 it achieved quarterly production of at least 100,000 boed for the first time in 2022Q2 with 110,750 (58 percent oil).  That is 3.5 percent higher than guidance of 106,000 to 108,000 because of higher-than-expected production in Delaware Basin from the most recent 11 Voni wells and the most recent […]

The state-managed plugging program of Railroad Commission of Texas exceeded its goal of plugging orphaned oil and gas wells for the sixth straight year.  The commission said as of July 13 its staff had plugged 1,057 wells – above the goal of 1,000 wells by the end of the fiscal year August 31.  “The plugging […]