Houston-based Patterson-UTI said July 6 it has agreed to acquire San Antonio-based Pioneer Energy Services for about $295 million in stock and cash, which includes retirement of all debt of Pioneer. Transaction between the two Permian Basin operators is expected to close in 2021Q4. Patterson-UTI will add 16 super-spec drilling rigs from Pioneer to its […]
Pioneer leads Permian drillers with 26 rigs
Rig counts in the top five U.S. basins were unchanged in the past week, according to the weekly report of July 9 from Baker Hughes. Permian Basin has 237 rigs (125 a year ago), Haynesville has 49 (33 a year ago), Eagle Ford has 32 (9 a year ago), Marcellus has 28 (27 a year […]
Inventory of DUC wells continues to decline for “financial discipline”
Oil companies continue to draw down their inventory of unfinished wells, according to Houston Chronicle, “as they put off new drilling to satisfy investors who want to see financial discipline after the pandemic-driven oil bust.” U.S. Energy Information Administration said as of May 2021 in seven major tight oil and natural gas shale basins there […]
Maverick Energy acquires Davis lease in Jones County
St. Augustine, Fla.-based Maverick Energy, independent oil and gas exploration company, said June 21 it acquired the 167-acre Davis lease in Jones County in west Texas. The all-cash acquisition includes the Bonnie Davis #1 well that was recently drilled, logged and cased to depth of 3,150 feet with three potentially commercially productive zones. Maverick said […]
Surge Energy reaches 100 million boe, $1 billion in royalty, tax payments
Houston-based Surge Energy said June 30 it surpassed 100 million gross barrels of oil equivalent produced since the company assumed operation of Moss Creek asset in 2016. Surge also said it has paid more than $900 million in royalty payments to mineral owners and $165 million to the State of Texas and several counties in […]
Midland’s Oryx, Plains All American form Permian Basin joint venture
Midland-based Oryx Midstream and Houston-based Plains All American said Tuesday they are merging their assets, operations and commercial activities in the Permian Basin into a new joint venture, Plains Oryx Permian Basin. The transaction will include all of Oryx’s Permian assets and – with the exception of Plains’ long-haul pipeline systems and certain of its […]
Small gains in rig counts in past week in Permian Basin, Texas, U.S.
Permian Basin, Texas and U.S. posted small gains in counts of active oil and gas drilling rigs in the past week, according to Baker Hughes. As of July 2, there were 237 rigs in Permian (236 last week, 126 last year), 222 rigs in Texas (221 last week, 112 last year) and 475 in U.S. […]
Numbers of fracturing crews increase, but production remains flat
Numbers of hydraulic fracturing crews have dramatically increased in the past year, according to Bloomberg, but production in the U.S. shale patch has remained relatively flat. Citing data from Primary Vision, which has tracked fracturing crews since 2013, Bloomberg said June 22 the number of crews has increased to 235 after falling to a low […]
Midstream Texas, KC Southern to develop truck-to-rail facility
Houston-based Midstream Texas Operating and Kansas City Southern, whose primary U.S. holding is Kansas City Southern Railway, said June 29 they have reached a long-term agreement to provide truck-to-rail transloading services for petroleum and petrochemicals from Corpus Christi into Mexico. Operations are expected to begin in 2021Q4. On property leased from KCS, Midstream Texas will […]
FireBird Energy reaches solar power agreement with Priority Power
FireBird Energy, upstream oil and gas company that operates properties in Midland Basin, and Arlington-based Priority Power Management said June 29 they reached a solar development agreement for Priority Power to develop and operate a 6.5-megawatt solar photovoltaic facility on FireBird land in Ector County. FireBird, based in Fort Worth with offices in Midland, agreed […]
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