According to a report in The Texas Tribune, President Trump’s pledge to bring the price of a barrel of crude oil down to $50 could signal trouble for Texas.  Trump suggested the U.S. should control Venezuela’s oil after the recent arrest of its President Nicolas Maduro.  The Tribune said this week, “Trump … could certainly […]

In its latest short-term energy outlook, U.S. Energy Information Administration said U.S. natural gas prices will remain relatively flat in 2026 before rising in 2027 as market conditions tighten.  EIA said Jan. 13 that factors such as expansion of U.S. LNG export capacity and increased natural gas consumption in the electric power sector are expected […]

The count of active drilling rigs in Texas declined in Baker Hughes’ weekly report of Jan. 16 for the fourth straight week.  There were 228 rigs in Texas (down 2 in the past week and down 53 or 18.86 percent in the past year).  Also, there were 244 rigs in Permian Basin (unchanged in the […]

U.S. Energy Information Administration said in its latest short-term energy outlook it expects U.S. crude oil production to be relatively flat in 2026 and decline in 2027 while global oil inventories continue to increase.  EIA expects global inventories to increase in 2026 and 2027, although at a slower pace in 2027. Brent crude oil prices […]

Houston-based Milestone Environmental said last week it has acquired the Striker slurry injection facility in Lea County in southeastern New Mexico in the Permian Basin.  Milestone said the deal expands its network of advanced waste management infrastructure, including oil reclamation and treatment.  The acquisition of Striker enhances Milestone’s position across the Permian Basin and brings […]

Chicago-based financial services firm Morningstar said in an analysis released this week that strong demand for natural gas is driving a surge in pipeline construction across Texas, Oklahoma and Louisiana.  Morningstar said Monday 12 new and expanded natural gas pipelines are scheduled to be completed this year.  They are expected to add 18 Bcfd of […]

Travis D. Stice, executive chairman of Midland’s Diamondback Energy, will receive the 2025 Top Hand award from the Permian Basin Petroleum Association at a dinner Thursday, Jan. 29, at the Petroleum Club of Midland.  Stice founded Diamondback and is credited with taking it from a small, private-equity-backed firm producing 3,700 barrels of oil equivalent per […]

U.S. Geological Survey said this week the Woodford and Barnett shales in the Permian Basin contain recoverable resources of 1.6 billion barrels of crude oil and 28.3 tcf of natural gas.  The shales of the Woodford and Barnett occur up to 20,000 feet below the surface at greater depths than other Permian resources.  USGS director […]

The $27 billion paid in FY2025 in state and local taxes and royalties by the state’s crude oil and natural gas industry included $2.6 billion in property taxes from mineral properties to school districts and $1 billion to counties. Twenty counties received at least $15 million each, including $109.4 million by Reeves County, $69.0 million […]

Oil and gas operators across the Permian Basin, Texas, New Mexico and U.S. report fewer active oil and gas drilling rigs this week as the new year begins.  As of Jan. 9, Permian’s count was 244 rigs (down 3 in the past week, down 60 or 19.74 percent from 304 a year ago).  Also, there […]