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 […]

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 […]

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-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 […]

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 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 […]

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, 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 […]

Baker Hughes said June 25 counts of active oil and gas drilling rigs in Texas, New Mexico and U.S. remain unchanged in the past week. Texas has 221 rigs (112 year ago), New Mexico has 75 rigs (50 year ago), and U.S. has 470 rigs (265 year ago). There also are 236 rigs in Permian […]

Magellan Midstream Partners, Enterprise Products Partners and Intercontinental Exchange (ICE) said June 21 they are establishing a new futures contract for delivery of crude oil to Houston. The Midland WTI American Gulf Coast contract will be launched in early 2022, subject to regulatory approval, “in response to market interest for a Houston-based index with greater […]