Spring, Texas-based ExxonMobil said Friday its third quarter net production of 4.769 million boed included record output from Permian Basin and Guyana.  In the Permian, ExxonMobil set a production record of nearly 1.7 million boed while continuing to expand the use of proprietary technologies such as its lightweight proppant that improves well recovery by up […]

SM Energy and Civitas Resources have agreed to merge and create a top 10 independent oil and gas company that will produce more than 500,000 boed from Permian Basin in Texas and New Mexico, DJ Basin in Colorado and two other basins.  The combined company’s enterprise value of about $12.8 billion includes each company’s net […]

Natural gas assets emerged as a bright spot for upstream mergers and acquisitions in the oil and gas industry in third quarter.  Enverus Intelligence Research said last week buyers remain constructive on the commodity as LNG exports and growing datacenter power demand fuel expectations for higher prices.  A diverse group of buyers – including TotalEnergies, […]

After a strong start to the year, upstream mergers and acquisitions in the oil and gas industry fell into a slump in the third quarter and registered the third straight quarterly decline.  Deal value in 3Q dropped to $9.7 billion – led by Crescent Energy’s acquisition of Vital Energy in Permian Basin for $3.049 billion […]

U.S. Energy Information Agency reported last week that wind and solar generation – especially utility scale solar – have been the fastest growing sources of electricity since 2023 for ERCOT (Electric Reliability Council of Texas).  Electricity demand on ERCOT has steadily increased since 2021, and ERCOT had the fastest electricity demand growth among U.S. electricity […]

ExxonMobil and Occidental Petroleum remain the leading operators in Permian Basin, according to the latest report by Enverus.  In its summary of North American rig activity as of Oct. 17, Enverus said the latest weekly average for Exxon in Permian was 34.9 rigs followed by Occidental’s 20.3.  Other leaders include Mewbourne Oil with 13.9 rigs, […]

Count of active drilling rigs in U.S. increased in the past week while counts declined in Permian Basin and Texas.  In its weekly report of Oct. 24, Baker Hughes said there were 550 rigs in U.S. (up 2 in the past week from 548 and down 35 or 6 percent from 585 from a year […]

In its third quarter operations report, Dallas-based Matador Resources said it increased production and spending in 3Q, decreased 2025 completion cost per lateral foot, and raised 2025 production guidance.  Matador reported record production of 209,184 boed for the quarter (119,556 b/d oil), which exceeded midpoint of guidance of 199,750 boed by 5 percent.  And it […]

Citing data from the Texas comptroller’s office, Texas Independent Producers and Royalty Owners Association said tax contributions by the state’s oil and gas industry remained high in September despite “shifting industry and market conditions.”  Texas energy producers paid $444 million in oil production taxes and $224 million in natural gas production taxes for the month.  […]

Texas Independent Producers and Royalty Owners Association said last week the trajectory of estimated employment in the state’s upstream oil and gas sector through September shows “a precarious balance between operational resilience and mounting headwinds.”  Texas crude oil and natural gas extraction jobs were projected to dip modestly to 69,650 in September – down 0.5 […]