Environmental Partnership recently released its third annual report on the oil and gas industry’s progress in reducing flaring.  Participants in the flare management program reported a 50 percent reduction in flare volumes from 2019 to 2020 even as oil and gas production remained consistent.  The Washington, D.C.-based group said the program demonstrates “the industry’s commitment […]

Texas Methane and Flaring Coalition recently released the first edition of its “Methane and Emissions Report,” which details how the Texas crude oil and natural gas industry works to reduce methane and other emissions to protect the environment.  The group said the percentage of natural gas flared of all natural gas produced in Texas decreased […]

Permian Basin, Texas and New Mexico continue to report more than twice the number of active oil and gas drilling rigs compared to a year ago.  Baker Hughes said as of Sept. 24 there were 260 rigs in Permian (259 week ago, 125 year ago), 242 rigs in Texas (239 week ago, 113 year ago), […]

Houston-based Ranger Energy Services said Sept. 16 its subsidiary Ranger Energy Acquisition was the successful bidder to acquire certain assets of Basic Energy Services in bankruptcy auction for $36.65 million cash.  Basic Energy owns properties and assets in Texas, New Mexico and Oklahoma.  Ranger is an independent provider of well service rigs and associated services […]

Eleven Houston energy and chemical companies said Sept. 16 they plan to create a large carbon storage complex in the Houston area to serve the region’s industrial and petrochemical sectors.  ExxonMobil, Chevron, Dow Chemical and eight other companies said they will develop a storage site or sites capable of storing up to 50 million metric […]

Oklahoma City-based Lagoon Water Midstream said Sept. 21 it closed on acquisition of Midland water management company Double Drop Resources.  The deal expands Lagoon’s operations and establishes it as a multi-basin water management company with new presence in Permian Basin.  Lagoon absorbed all Double Drop employees and will maintain an office in Midland with plans […]

Baker Hughes’ count of active oil and gas drilling rigs in Permian Basin increased for the sixth straight week as of Sept. 17 (and 10th time in the last 12 weeks).  There were 512 rigs in U.S. (503 week ago, 255 year ago), 259 rigs in Permian Basin (254 week ago, 123 year ago), 239 […]

Production of both crude oil and natural gas in seven major U.S. shale plays is expected to increase in October, according to the latest Drilling Productivity Report from U.S. Energy Information Administration.  Oil output will rise 66,000 b/d from September to October to 8.135 million b/d, and natural gas volumes will increase 219 million cfd […]

Midland-based Diamondback Energy recently increased its 2021 production guidance to 363,000-to-370,000 boed from 350,000-to-360,000 boed as forecast in May with oil weighting staying steady at about 60 percent.  Production in 2021Q2 was 401,451 boed (up 36 percent from 2020Q2), and in 2021Q3 it’s expected to be 388,000-to-398,000 boed.  The recent sale of Diamondback’s assets in […]

Denver-based Cimarex Energy said it also is realizing improved well productivity through relaxed spacing in Delaware Basin.  In Reeves County, Cimarex’s Dixieland and Big Sky developments with spacing of 8 wells per section are outperforming legacy projects of 12-to-14 wells per section.  Thomas Jorden, chairman and CEO, said benefits include enhanced capital efficiency, reduced operational […]