Permian Basin added rigs for the eighth straight week (and 12 of the last 14 weeks) as of Oct. 1, according to Baker Hughes.  There were 263 rigs in Permian Basin (260 last week, 129 last year), 243 rigs in Texas (242 last week, 113 last year), 86 rigs in New Mexico (84 last week, […]

Vancouver-based Permex Petroleum Corp. said Sept. 13 it reached non-binding agreement with a third-party independent seller to purchase oil and gas assets in Permian Basin in an all-stock transaction valued at $2 million.  Permex will acquire 100 percent working interest in assets of 7,870 gross acres in Martin County (98 percent considered held by production).  […]

Houston-based Coterra Energy is the new company formed by closing of the $17 billion merger of Cabot Oil & Gas Corp. and Cimarex Energy Co.  Coterra will operate in more than 700,000 acres in Permian, Anadarko and Marcellus basins that produced 605,000 boed in 2021Q2.  The assets include Cimarex’s 560,000 net acres in Delaware Basin […]

The Woodlands-based Earthstone Energy said this week it signed agreements to acquire assets in southeast Midland Basin from Foreland Investments and BCC-Foreland for $73.2 million in stock and cash ($49.2 million).  The assets include about 10,000 net acres in Irion County (67 percent held by production) with September net production of 4,400 boed (26 percent […]

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 […]