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 […]
President Trump extends LNG export authorizations while visiting Permian
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 falls 24 percent in year, industry contraction takes toll
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. rig count unchanged to end 20 weeks of declines, Permian idles 2 rigs
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 […]
Rystad: Delayed projects could produce increased flaring in Permian Basin
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 […]
Marathon ends crude oil processing at refinery in Gallup, N.M.
Findlay, Ohio-based Marathon Petroleum said this week it is permanently ending crude oil processing at two of its U.S. refineries, including one in Gallup, N.M., with capacity of 27,000 barrels per day, as a result of “decreased product demand caused by the ongoing coronavirus health crisis.” Marathon also will idle its refinery in Martinez, Calif. […]
Solaris expands produced water management agreement with Concho
Houston-based Solaris Water Midstream said July 29 it reached agreement with Concho Resources to expand their joint venture for long-term produced water management. Their agreement previously covered Concho’s acreage in Eddy County, N.M., and it was expanded to include Lea County, N.M. Solaris now manages Concho’s produced water gathering, transporation, disposal and recycling for 2.3 […]
QEP Resources leads state in permits with 14 in Andrews County
Denver-based QEP Resources filed permits last week with Railroad Commission of Texas for 14 new horizontal wells on state-owned lands in Andrews County to lead the state in filing for the week. Houston Chronicle said it marked QEP’s first permits filed since January – 29 permits to date this year – after filing for 70 […]
Industry leaders set goal to lower emissions to address climate change
The CEOs of 12 leading energy companies have agreed to lower emissions of the companies’ crude oil and natural gas production to address climate change. The international consortium, Oil and Gas Climate Initiative, includes CEOs of BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total. OGCI, established in 2014, said […]
Baker Hughes: Permian Basin adds rigs for first time since March
Permian Basin added rigs last week for the first time since March to break a streak of 18 consecutive weeks with declining rig counts. Permian added 2 rigs for a new total of 126 (443 year ago). According to Baker Hughes, as of July 24, Texas idled 1 rig for a new total of 103 […]
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