For the first time in two years before the global pandemic, current rig counts in Permian Basin and Texas are greater than year-ago totals when drilling began to decline because of falling demand for crude products. Baker Hughes reported as of April 30 there were 224 rigs in Permian (226 a week ago, 219 a […]

ExxonMobil raised its 2021 production estimate in Permian Basin because of operating efficiencies that are reducing costs for well drilling and completions and improving recovery rates. ExxonMobil raised 2021 Permian output to 410,000 to 430,000 boed from 400,000 boed. Darren Woods, CEO, said April 30 that 2020 capital spending was down 35 percent despite technology […]

Dallas-based Matador Resources said April 28 in the first 4 months of 2021 it brought 19 operated horizontal wells online with drilling and completion costs averaging $657 per completed lateral foot. Production in 2021Q1 of 74,000 boed (56 percent oil) was down 11 percent from 2020Q1. Matador brought online its first four high-impact wells in […]

Denver-based Ovintiv said April 28 its focus on operational efficiency and supply chain management led to 2021Q1 well costs at or below 2021 guidance. Ovintiv drilled 22 net wells and turned 24 net to sales in Permian Basin in 2021Q1. Drilling and completion costs averaged $480 per foot in 2021Q1 – down 11 percent from […]

Houston-based Vencer Energy, U.S. upstream unit of oil trader Vitol, said April 30 it agreed to purchase Midland Basin assets of Hunt Oil Co. Vencer is acquiring 44,000 acres in five counties with current production of 40,000 boed. Purchase price was not announced. The acquisition is the first for Vencer, which began last year. Ben […]

S&P Global Platts said Monday that U.S. natural gas exports to Mexico could hit record highs over the next two weeks – fueled by rising temperatures in Mexico and increased capacity of cross-border and downstream pipelines. In April exports to Mexico hit record levels of nearly 7 Bcfd accompanied by above-normal temperatures and a spike […]

New Mexico was the only major producing state to add at least one active drilling rig in the past week, according to the April 23 report from Baker Hughes. New Mexico has 71 rigs (70 last week, 70 a year ago). Also, Permian Basin has 226 rigs (227 a week ago, 246 a year ago), […]

Associated Press reported that officials of U.S. Department of Energy said April 21 oil and gas lease sales from public lands will be canceled through June amid the ongoing review of how the program contributes to climate change. The action does not affect existing leases, and the agency continues to issue new drilling permits during […]

Fort Worth-based private equity firm Vortus Investment Advisors said April 19 it will partner with newly formed Stateline Operating to develop assets in Eddy County, N.M. Fort Worth-based Stateline, a joint venture of Vortus and Flat Creek Resources, will be managed by Flat Creek with initial focus on existing oil-rich assets in Delaware Basin. Mike […]

Houston-based Nacero said last week it will build in two phases a $6.5-to-$7.0 billion lower-carbon gasoline manufacturing facility near Penwell in Ector County. Odessa American said the 2,600-acre site about 15 miles west of Odessa was one of three finalists for the plant’s location. It will be the first in the U.S. to produce gasoline […]