Fort Worth-based Contango Oil & Gas said Nov. 30 it has reached agreement to acquire assets in Permian Basin, Big Horn and Powder River via a bank-owned liquidation of assets of Mid-Con Energy for $58 million. Contango will acquire 7,500 boed of production (55 percent liquids) and 182,000 net acres. The Permian asset is located […]

U.S. Energy Information Administration said Nov. 24 it has released new structure and thickness maps for the Wolfcamp play in Midland Basin in west Texas and eastern New Mexico. The Wolfcamp formation has attracted numerous oil companies because of the potential of its multiple hydrocarbon-producing zones. The stacked Wolfcamp formation has four intervals. EIA said […]

Irving-based Pioneer Natural Resources chairman and CEO Scott D. Sheffield said Tuesday Pioneer is putting drilling rigs back to work in Permian Basin with plans for production growth of 0 to 5 percent in 2021 as demand recovers. He told Reuters’ Future of Oil & Gas 2020 virtual conference he expects global oil demand to […]

Houston-based Apache Corp. said Nov. 4 in its quarterly financial report that it recently commissioned two fracture stimulation crews to begin completing drilled but uncompleted wells in Permian Basin. Apache, which has operations in U.S., Egypt and U.K., said most of its 2020Q3 upstream capital investment of $141 million was devoted to international operations (full […]

Leading Midland Basin producer Pioneer Natural Resources said Nov. 4 in its quarterly financial report that currently it is operating 8 horizontal drilling rigs and 4 hydraulic fracturing fleets. Irving-based Pioneer is maintaining its 2020 drilling, completions and facilities capital budget of $1.3 billion to $1.5 billion and increasing guidance for 2020 oil production to […]

Analyst Bernadette Johnson of Enverus told members of the New Mexico’s legislative finance committee last week that she expects natural gas prices to increase in 2021, but she said demand and prices for crude oil will take longer to recover. She said Nov. 19 that the industry in New Mexico has lost 7,400 jobs since […]

New Mexico’s state land office said last week it is expanding environmental enforcement efforts to help ensure that oilfield sites are cleaned and restored as leases expire. The agency said Nov. 19 its efforts have already resulted in completed environmental reclamation at sites totaling about 11 square miles and the plugging of 9 oil wells […]

U.S. ended its streak of 9 straight weeks of increasing counts of oil and gas drilling rigs as of Nov. 20, but Permian Basin extended its streak to 5 straight weeks (and 8 of last 9). Baker Hughes said Permian has 156 rigs (154 last week), Texas has 144 (145 last week), New Mexico has […]

Enverus from RS Energy Group said last week flaring intensity in Permian Basin as measured by satellites is estimated at just under 300 MMcfd for November. Since July flaring volumes in Permian have been similar to late 2018 as operators resume production. “We expect flared volumes to remain steady as activity continues to return to […]

U.S. crude oil production from seven major regions is expected to decline in December for third straight month and by the most since May, according to U.S. Energy Information Administration. The decline is expected to be 140,000 barrels per day from November to 7.513 million b/d (lowest since June). Largest declines are 37,000 b/d in […]