U.S. Energy Information Administration this week repeated its forecast of declining crude oil prices in 2026 and 2027.  After an estimated average of $69 per barrel in 2025, EIA said Feb. 10 in its short-term energy outlook that the price is expected to average $58 per barrel this year and $53/b in 2027.  EIA said […]

A second oil and gas company in the past week has announced relocation of its headquarters from Oklahoma City to Houston.  Expand Energy said this week chairman Mike Wichterich has been named interim CEO after the departure of CEO Nick Dell’Osso, who also resigned his seat on the company’s board.  Expand said it will relocate […]

Houston-based Chevron said last week its worldwide and U.S. net oil-equivalent production set annual records in 2025.  The Hess acquisition added 261,000 boed while Chevron legacy operations added another 124,000 driven by growth in the Permian Basin and project ramp-ups at TCO in Kazakhstan and in the Gulf of America.  Chevron said the Permian Basin […]

U.S. added drilling rigs for the third straight week and fourth time in six weeks in 2026, according to Baker Hughes’ weekly report of Feb. 6.  U.S. added 5 rigs in the past week for a new total of 551.  The count is up 6 for the year, but down 35 or 5.97 percent from […]

Houston-based Verde Clean Fuels said last week it suspended development of a gas-to-gasoline plant in Martin County in Midland Basin.  The suspension was “primarily as a result of changing market conditions driven by increasing demand for natural gas in the Permian Basin.”  The facility is a joint development of Verde and Cottonmouth Ventures, subsidiary of […]

RigER, provider of oilfield service and equipment rental management software, recently relocated its headquarters to Austin suburb Bee Cave.  RigER said the move is “designed to bring the company closer to the energy and technology ecosystems shaping the future of oilfield services.”  Michael Maltsev, CEO, added, “Austin’s unique blend of energy sector leadership and tech […]

Midland’s ProPetro Holding said recently its PROPWR division agreed to provide power for development and installation of distributed microgrids in the New Mexico portion of the Permian Basin with a subsidiary of Coterra Energy.  Operations for the project are scheduled to begin in first quarter. Travis Simmering, president of PROPWR, said, “By integrating PROPWR’s technical […]

Dallas-based Matador Resources last week reported improved well performance and cost efficiencies through large-scale batch developments in second half of 2025.  Matador turned to sales a 17-well batch development on its John Callahan unit in the Antelope Ridge asset area in Lea County, N.M.  It’s one of the largest developments in Matador’s history and targets […]

Irving-based ExxonMobil said last week its record 5.0 million oil-equivalent barrels per day of production in 2025 fourth quarter included 1.8 million boed from the Permian Basin.  The surge “is largely attributed to the successful integration of Pioneer Natural Resources, a $60 billion mega-merger finalized in 2024 that more than doubled Exxon’s footprint in the […]

Dallas-based private equity firm Tailwater Capital and its upstream investment platform Tailwater E&P said recently they have acquired a diversified, non-operated leasehold position in northern Delaware Basin in Eddy and Lea counties in New Mexico.  The acquired asset covers about 35,000 gross acres and includes exposure to more than 900 gross wells.  The acreage is […]