Texas comptroller Glen Hegar recently announced the state’s final tax revenues for fiscal year 2024.  It included about $8.4 billion in production taxes from the oil and gas industry that will be used to fund major parts of the state budget.  A quarter of this revenue is earmarked for public education which this year will […]

The counts of active drilling rigs from Baker Hughes declined for the third straight week in U.S. and second straight week in Permian Basin.  But the count in Texas posted its third straight gain.  In the weekly report of Oct. 4, there were 304 rigs in Permian Basin (down 2 from last week, down 5 […]

Railroad Commission of Texas has extended the comment period for proposed new rules for the agency’s regulation of waste management facilities.  It’s the first overhaul of the commission’s waste management rules in four decades.  The deadline was extended to Oct. 15 from the original deadline of Sept. 30. The commission said groundwater protection is a […]

Dallas-based Texas Pacific Land Corp. said last week it acquired additional oil and natural gas mineral and royalty interests in Permian Basin for $286 million.  The interests span across about 7,490 net royalty acres primarily in Martin (2,220 acres) and Midland (2,080 acres) counties.  TPLC said more than 80 percent of the acquired assets are […]

U.S. Environmental Protection Agency is accepting public comments on Stratos, a proposed project in Ector County southwest of Odessa near Penwell to capture and store an estimated 722,000 metric tons of carbon dioxide in three injection wells 4,400 feet underground.  The project of Houston-based Occidental Petroleum Corp., under review for two years, would be the […]

Houston-based HNR Acquisition Corp. said recently it is implementing “improved automation techniques that will lead to operational efficiencies and enhanced oil production.”  HNR said Sept. 12 it contracted with a software provider to test a state-of-the-art application that will allow lease operators in the field to use a single app rather than multiple apps “which […]

Denver-based LongPath Technologies, provider of advanced methane detection and data services, said last week it is expanding its methane sensing network across the consolidated assets of Vital Energy in Permian Basin.  The expansion “underscores LongPath’s role in delivering practical solutions that help operators manage methane emissions and enhance operational efficiency.” LongPath’s expanded network will cover […]

Public Utility Commission of Texas last week approved Permian Basin Reliability Plan “to ensure the long-term energy reliability and economic prosperity of Texas.”  The plan addresses concerns over insufficient transmission access in the basin.  Texas Oil and Gas Association, in its announcement of the approval Sept. 26, said, “Infrastructure has not kept pace with the […]

For the second straight week, Texas was the only major producing state to add oil and gas drilling rigs.  Houston-based Baker Hughes said as of Sept. 27 there were 277 active rigs in Texas (up 1 from 276 previous week, down 27 from 304 year ago).  Also, there were 306 rigs in Permian Basin (down […]

One of three seats on the Railroad Commission of Texas will be decided in the state’s general election Tuesday, Nov. 5, 2024.  The seat is currently held by Christi Craddick, R-Midland, who is chairman of the commission.  An oil and gas attorney, she is seeking her third six-year term. Candidates on the ballot also include […]