Fort Worth-based private equity firm Vortus Investment Advisors said April 19 it will partner with newly formed Stateline Operating to develop assets in Eddy County, N.M. Fort Worth-based Stateline, a joint venture of Vortus and Flat Creek Resources, will be managed by Flat Creek with initial focus on existing oil-rich assets in Delaware Basin. Mike […]

Houston-based Nacero said last week it will build in two phases a $6.5-to-$7.0 billion lower-carbon gasoline manufacturing facility near Penwell in Ector County. Odessa American said the 2,600-acre site about 15 miles west of Odessa was one of three finalists for the plant’s location. It will be the first in the U.S. to produce gasoline […]

Midland-based Diamondback Energy revised 2021 capital guidance after closing acquisitions of 32,500 net acres in Midland Basin from Guidon Operating and 95,000 net acres in Williston Basin from QEP Resources. Production in 2021 will be flat with 2020Q4. CEO Travis Stice said April 12, “While commodity prices have improved, global spare oil production capacity remains […]

Oil and gas drilling resumed its steady recovery last week in Permian Basin, Texas and U.S. Baker Hughes said April 16 there were 227 rigs in Permian (224 previous week), 214 rigs in Texas (209 previous week), 70 rigs in New Mexico (unchanged) and 439 rigs in U.S. (432 previous week). Louisiana remains No. 3 […]

Oslo-based research firm Rystad said April 9 associated wellhead gas flaring in major U.S. liquids regions, including Pemian Basin, posted another sequential decline in March. Permian flaring intensity fell to 1 percent as of January, but satellite data revealed a clear spike for February during the winter weather crisis before resuming a decline in March. […]

The Woodlands-based Ring Energy said April 14 it recently initiated the next phase of its Permian Basin northwest shelf drilling program in Yoakum County. Drilling of the first well is complete, drilling of the second well is underway, and operations on the third well are expected to begin in late April. Each well targets San […]

U.S. Energy Information Administration said in its latest drilling productivity report April 12 that it expects crude oil production to increase in May for the first time this year. Modest declines in four of the seven major producing regions will be offset by a gain of 52,000 b/d in Permian Basin to 4.466 million b/d. […]

After 23 months of declines, the Texas Petro Index from Texas Alliance of Energy Producers recorded a modest increase in February to 138.8 from 131.5 in January. The alliance said it marked “possible ending of contraction that began pre-covid, but then worsened in 2020 as a result of covid and the corresponding economic upheaval. Even […]

Houston-based Max Midstream said April 6 it plans to ship its first cargo to Europe from a new crude export terminal at Port of Calhoun in May. Todd Edwards, president, said Max Midstream will send a test shipment in late April and then exports of Eagle Ford oil will begin in May. The company said, […]

Drilling activity for crude oil and natural gas in Permian Basin, Texas and New Mexico was unchanged in the past week, according to the April 9 report from Baker Hughes. Permian has 224 rigs (175 to start 2021), Texas has 209 rigs (161 to start 2021), and New Mexico has 70 rigs (65 to start […]