About 40 oil and gas companies and seven organizations, including Permian Basin Petroleum Association, said March 31 they formed a coalition to address flaring and methane emissions. The companies in Texas Methane and Flaring Coalition are responsible for about 80 percent of the state’s oil production. The coalition will work to improve data quality, explain […]

Oil and gas drillers across the U.S. have idled 108 rigs in the last two weeks, including 54 in Permian Basin and 59 in Texas, according to the weekly report of April 3 by Houston-based oilfield services firm Baker Hughes. Permian Basin lost 31 rigs in the latest week for a new total of 351 […]

Leaders of at least five Texas-based oil and gas companies reportedly were in Washington, D.C., April 3 to attend a meeting at the White House with President Trump and Dan Brouillette, secretary of the Department of Energy, about the government’s response to declining prices and market demand. Texas-based companies represented included Hilcorp Energy, Occidental Petroleum […]

Railroad Commission of Texas is expected to meet Tuesday, April 14, to hear testimony and consider using its authority to implement crude oil production cuts during a time when prices are at 20-year lows. The agency, which regulates the state’s oil and gas industry, said April 2 commissioners will conduct a virtual meeting at 9:30 […]

Tulsa-based WPX Energy said March 6 it completed its previously announced acquisiton of Felix Energy, which has operations in eastern portion of Delaware Basin. Felix was producing 60,000 boed at closing with 58,500 net acres. WPX also said March 17 it is cutting $400 million from its 2020 capital expense budget. The revised capital plan […]

More than half of the 44 rigs lost in U.S. last week were from Permian Basin, according to March 27 report by Baker Hughes. Permian Basin’s rig count dropped by 23 to 382 from 405 (454 previous year, 405 to start 2020), and U.S. dropped by 44 to 728 from 772 (1,006 previous year, 805 […]

Tyler-based KP Engineering said March 17 it was awarded a contract by Artesia Renewable Diesel, a subsidiary of HollyFrontier, for engineering, procurement and construction for the on-site portion of a previously announced renewable diesel production facility at HollyFrontier’s Navajo refinery in Artesia, N.M. The new unit will produce 9,000 barrels per day (125 million gallons […]

Two of Permian Basin’s most active oil companies, Parsley Energy of Austin and Pioneer Natural Resources of Irving, in a letter to the Railroad Commission of Texas Monday asked the commission to conduct an emergency meeting on market demand and to order production cuts as record low crude prices threaten thousands of jobs. The request […]

Texas Petro Index by petroleum economist Karr Ingham declined for the 11th straight month in January 2020 to 191.9 after 193.6 the previous month in December 2019 and 212.5 a year ago in January 2019 (base 100 in January 1995, peak 313.9 in November 2014). In the past year, as of January, oil price (monthly […]