Baker Hughes reported small increases in rig counts in Permian Basin, Texas and U.S. in the past week.  As of Feb. 4, there were 294 rigs in Permian (293 week ago, 198 year ago), 287 in Texas (284 week ago, 189 year ago) and 613 in U.S. (610 week ago, 392 year ago).  New Mexico’s […]

The administration of President Joe Biden said last week it will provide a total of $1.15 billion to states to cap and clean abandoned oil and gas wells in its effort to reduce U.S. emissions and improve health and safety of nearby communities.  U.S. Department of Interior said 26 states are eligible to apply for […]

Oslo-based research firm Rystad Energy said recently that the average production of new wells in Permian Basin is expected to reach a record high in 2022.  Rystad said it will top 1,000 boed because of increases in lateral well length.  “The Permian is entering a three-mile lateral era,” Artem Abramov, head of shale research at […]

Austin-based Whistler Pipeline said Jan. 26 it will expand its Midland Basin pipeline with a new 36-inch lateral extending northwest into Martin County.  The new Whistler lateral will lengthen the existing 36-inch lateral about 35 miles and connect to multiple processing sites by 2022Q4.  Whistler, owned by a consortium of MPLX, WhiteWater, and a joint […]

San Antonio-based NuStar Energy said last week its Permian Basin crude system set a quarterly throughput record in 2021Q4 and is expected to continue to grow in 2022.  “We’re encouraged by what we’re hearing and seeing from our producers as well as the crude price outlook,” Bradley Barron, president and CEO, said Feb. 3. Oil […]

Texas’ statewide flaring rate fell to another record low in November 2021, according to Railroad Commission of Texas.  The commission said Jan. 26 the percentage of natural gas flared in Texas dropped from a previous low of 0.20 percent in September to a new low of 0.19 percent in November.  Average rate of flaring has […]

Rig counts in Permian, Texas and U.S. posted small gains for the week ended Jan. 28, according to Baker Hughes.  There are 293 rigs in Permian Basin (up 1 in past week, up 101 in past year), 284 in Texas (up 4 in past week, up 102 in past year), 94 in New Mexico (down […]

Houston-based Maverick Natural Resources said last week it agreed to acquire producing properties in Permian Basin from ConocoPhillips for $440 million.  The assets in central basin platform and northwest shelf produced more than 11,000 boed (50 percent oil) in September 2021.  The position spans about 144,500 net acres in Andrews and Ector counties in Texas […]

ExxonMobil said Monday it will relocate its corporate headquarters from Irving to its campus in Spring north of Houston as part of its restructuring.  The company will combine its chemical and downstream companies and centralize its technology and engineering organizations.  Effective April 1 it will reorganize into three business lines – upstream company, product solutions […]

The Woodlands-based Earthstone Energy said Monday it has agreed to acquire assets in Midland Basin of privately held Bighorn Permian Resources in a cash and stock deal valued at $860 million ($770 million cash). Earthstone will acquire about 110,600 net acres (98 percent operated) primarily in Reagan and Irion counties. Average production was 42,400 boed […]