U.S. drilling rig count resumed its decline last week, falling by 4 rigs to 247 from 251 previous week and 934 previous year, according to Aug. 7 report from Baker Hughes. There were 122 rigs in Permian Basin (124 previous week, 444 previous year), 104 rigs in Texas (unchanged in previous week, 454 previous year) […]

Houston-based Occidental Petroleum said Monday in its quarterly financial report it plans to operate only 1 drilling rig in Permian Basin for the remainder of 2020 with plans to drill 12 to 20 wells compared to 118 wells during the first six months of 2020. Bloomberg said Oxy’s announcement illustrates “the scale of the shale […]

Houston-based EOG Resources led the state’s operators with 9 drilling permits filed last week with Railroad Commission of Texas, according to Houston Chronicle, followed by 8 permits by Hilcorp Energy and 6 each by Marathon Oil, ExxonMobil, ConocoPhillips and Lario Oil & Gas. For the week of July 29 to Aug. 4 ExxonMobil filed permits […]

Midland’s Diamondback Energy said last week in its quarterly financial report that its crude production in 2020Q2 fell to 176,323 barrels per day from 191,229 b/d in 2020Q1 with plans to operate 5 or 6 drilling rigs and 3 or 4 completion crews for the remainder of 2020. Diamondback drilled 37 gross horizontal wells in […]

Last week while on his first visit to Midland-Odessa as president, Donald Trump signed four energy infrastructure permits and officially extended export authorizations for LNG through 2050. Terms for LNG exports previously lasted 20 years. “The United States is now the No. 1 producer of oil and natural gas on the face of the earth,” […]

Texas Petro Index from Texas Alliance of Energy Producers fell to 157.5 for June for a decline of 24 percent since TPI was 207.1 a year ago. It was the 16th straight month for TPI from petroleum economist Karr Ingham to decline. Ingham said, “Crude oil prices declined sharply beginning in March along with the […]

U.S. ended a streak of 20 straight weeks of declining oil and gas drilling rig counts as of July 31, according to Baker Hughes, by remaining unchanged with 251 active rigs (942 year ago). Permian Basin resumed its decline with a loss of 2 rigs in the past week to fall to 124 (442 year […]

Oslo-based research firm Rystad Energy said July 28 natural gas output from Permian Basin is expected to rebound in the second half of 2020, but the low-investment environment created by covid19 “will likely postpone approvals for important key pipelines which may necessitate increased flaring from 2023 onwards.” In the second half of the year and […]