Eddy County, N.M., has replaced Lea, N.M., as the Permian Basin’s most active county for oil and gas drilling rigs. Eddy added 2 rigs in the past week for a new total of 37, and Lea was down 3 rigs to 34. Other Permian leaders as of May 28 were Midland with 31 (down 1), […]
Callon conducts first completion using all-electric fleet in Howard County
Houston-based Callon Petroleum said May 5 it initiated its first completion utilizing an all-electric hydraulic fracturing fleet near the end of 2021Q1 in Midland Basin. The project deployed more than 160 completion stages with 10,000-foot laterals across 3 wells targeting lower Spraberry and Wolfcamp A and B in northwest Howard County. Callon’s announcement said, “The […]
U.S. Well Services plans to become all-electric provider, exit diesel market
Houston-based U.S. Well Services said May 24 it expects to become the first publicly traded, pure-play electric completions services provider by the end of this year. The company announced its commitment to becoming an all-electric hydraulic fracturing services provider and to exit the diesel frac market by YE 2021. “We are excited to execute on […]
Permian operator Cimarex to merge with Cabot Oil & Gas
Cimarex Energy and Cabot Oil & Gas said May 24 they will merge in an all-stock transaction creating a diversified U.S. onshore producer that Enverus said will have an enterprise value of about $17 billion. Cimarex drills on 560,000 net acres in Permian and Anadarko basins, and Cabot operates on 173,000 net acres in Marcellus […]
Texas Petro Index declines in March after winter storm Uri following gain
After increasing in February for the first time in two years, Texas Petro Index declined slightly in March to 138.3 because of a record-setting winter storm, according to economist Karr Ingham. The index fell for the 23rd straight month during the pandemic in January to 131.5, then grew to 138.8 in February before falling again. […]
New Mexico adds rigs, Texas declines, Permian unchanged
New Mexico and Oklahoma were the only major producing states to add oil and gas drilling rigs in the past week, according to Baker Hughes in its weekly report of May 21. New Mexico was up 2 rigs to 70, and Oklahoma was up 4 to 26. Baker Hughes said there were 455 rigs in […]
Crude oil production forecast to increase again in June
U.S. Energy Information Administration forecasts the second straight month of increased production of crude oil in June across seven major U.S. regions. Permian Basin is expected to add 54,000 b/d for output of 4.589 million b/d in June. Appalachia is the only other region forecast to grow oil production in June. In seven regions, crude […]
Navitas Midstream awards contract to Honeywell for Permian gas plant
The Woodlands-based Navitas Midstream Partners recently awarded a contract to Honeywell UOP for a cryogenic natural gas processing plant (capacity 200 MMcfd) that will extract NGLs from gas produced in several west Texas counties. Navitas owns and operates nearly 1,500 miles of gas-gathering pipelines, 660 MMcfd of gas processing capacity, and 210 hp of field […]
Empire acquires producing assets in Lea from Exxon’s XTO Holdings
Tulsa-based Empire Petroleum said May 18 it acquired producing oil and gas assets and related gathering assets in Lea County, N.M., through its subsidiary Empire New Mexico. The assets were acquired from ExxonMobil’s XTO Holdings. The acquisition is comprised of about 700 gross oil, gas and injector wells that encompass about 40,000 net acres of […]
Oasis to divest Permian acreage to focus on Williston Basin
Houston-based Oasis Petroleum said May 20 it is divesting its Permian Basin assets to focus on its core in Williston Basin. Buyers were not named by Oasis for three transactions with gross potential consideration of $481 million, including $406 million at closing. The transactions include 24,000 net acres and 2021Q1 production of 7,200 boed. Oasis […]
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