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 […]

Permian Basin is forecast to be the only one of seven major producing regions in U.S. to grow its crude oil production in April, according to the drilling productivity report of March 16 from U.S. Department of Energy. Permian is expected to add 38,000 barrels per day in April compared to March to reach 4.792 […]

Although it’s too soon to know how current global and national events will affect the state budget, the budget-writing process will begin soon as lawmakers prepare to convene in Austin in January 2021 for the next session of the legislature. Texas’ last budget adopted in spring 2019 was balanced with $2.9 billion to spare, comptroller […]

Fort Worth-based Basic Energy Services said March 9 it acquired production assets of NexTier for $94 million. NexTier’s production operation, known as C&J Well Services, was established in San Angelo in 1948 by Frank Pool and is reportedly the third largest rig servicing provider in the U.S. Keith L. Schilling, president and CEO, said, “This […]

Railroad Commission of Texas canceled its meeting scheduled Tuesday, March 31, because of the coronavirus outbreak as the commission receives calls to limit crude production. The commission has the authority to determine how much oil a lease can produce, according to Houston Chronicle, but it hasn’t used that power since 1973. The Chronicle said, “With […]

The gains in rig count in 11 weeks of 2020 in Permian Basin were erased in one week in Baker Hughes’ report of March 13. The Houston-based oilfield services firm said 13 rigs were idled in the past week to bring the total oil and gas drilling rigs from 418 down to 405 – the […]