Houston-based ConocoPhillips said recently its second quarter production in Permian Basin was 748,000 boed – an increase of 1.6 percent from 736,000 in first quarter. And it’s up 6 percent from 2023Q2. ConocoPhillips has about 800,000 net acres in Permian Basin, including 87,000 net acres in Delaware Basin and 58,000 unconventional net acres in Midland […]

Spring-based ExxonMobil reported record production in second quarter after its acquisition of Pioneer Natural Resources closed in May. Exxon said Aug. 2 it achieved production of 680,000 boed from its heritage footprint in Permian Basin in 2Q. The $63 billion Pioneer deal gave Exxon greater scale and drilling runway in Permian Basin. Darren Woods, chairman […]

Petroleum economist Karr Ingham of Amarillo has been named president of Texas Alliance of Energy Producers. Ingham had been interim president since 2023 after earlier serving for five years as executive vice president. The alliance said he will continue to serve as the organization’s economist and issue the Texas Petro Index and Texas Permian Basin […]

U.S. Energy Information Administration forecasts total crude oil production in Permian Basin will grow to 6.66 million barrels per day this month after 6.61 million b/d in June and 6.64 million b/d in July.  U.S. total crude oil production is forecast at 13.73 million b/d in August after 13.68 million b/d in June and 13.72 […]

Produced Water Society is conducting its ninth annual Permian Basin Summit this week in Midland.  The three-day event that began Monday addresses produced water issues faced by operators, water midstream companies and water services providers.  About 400 people are expected to attend to hear speakers that include state Sen. Kevin Sparks (R-Midland), member of Senate […]

Houston-based APA Corp. said recently it expects to increase U.S. oil production by 8 percent in third quarter as it grows production in Permian Basin.  John J. Christmann IV, CEO, said Aug. 1, “In the Permian Basin, we had outstanding second quarter oil production performance and are raising our outlook for the back half of […]

Permian Basin has broken its streak of 15 straight weeks without adding oil and gas drilling rigs.  Baker Hughes said as of Aug. 9 there were 304 rigs in Permian Basin (303 previous week, 327 year ago), 276 in Texas (274 previous week, 312 year ago), 107 in New Mexico (108 previous week, 113 year […]

Midland-based Diamondback Energy last week increased fullyear guidance for 2024 production and decreased its forecast for capital expenditures.  Diamondback reported production of 276,100 barrels of oil per day (474,700 boed) during second quarter with 80 gross operated wells drilled (71 in Midland, 9 in Delaware) and 86 wells completed (79 in Midland, 7 in Delaware).  […]

Calgary-based Enverus Intelligence Research said recently that upstream M&A activity (mergers and acquisitions) marked its third straight quarter of heightened value with more than $30 billion transacted.  That brings year-to-date activity as of July 30 to nearly $90 billion and nearly $250 billion transacted in the last 12 months. Andrew Dittmar, principal analyst, said, “M&A […]

Employment numbers in the Texas industry declined in five of the first six months of 2024 even though U.S. oil production is breaking records.  According to Texas Workforce Commission and Texas Oil & Gas Association, upstream oil and gas employment fell again in June by 2,000 jobs compared to May.  Todd Staples, president of TXOGA, […]