Tulsa-based Vital Energy said recently the execution of its business plan and successful integration of acquired properties led to record production and higher-than-expected cash flow in first quarter.  Total and oil production in 1Q exceeded the high-end of guidance with 124,700 boed and 58,500 b/d of oil.  A 20-well package of long laterals in Glasscock […]

Dallas-based Element Fuels Holdings said last week it has launched its plan to build the first all-new oil refinery in the U.S. in nearly 50 years.  Element Fuels is raising funds for Phase I in south Texas that will allow the refinery to process 50,000 to 55,000 barrels per day of naphtha feedstock into gasoline.  […]

Based on the strength of its first quarter results, Oklahoma City-based Devon Energy said last month it is increasing its fullyear 2024 production forecast by 2 percent to a range of 655,000 to 675,000 boed.  Production averaged 664,000 boed in Q1 to exceed the company’s guidance by 4 percent.  Devon said that “results were driven […]

Houston-based Verde Clean Fuels said last week it awarded a FEED contract (front end engineering and design) to Chemex Global for the operator’s proposed development, construction and operation of a first-of-its-kind gas-to-gasoline plant in Martin County in Midland Basin.  It’s another step in Verde’s plan with Cottonmouth Ventures, subsidiary of Midland-based Diamondback Energy, for joint […]

A subsidiary of Dallas-based Matador Resources said this week it has agreed to acquire a subsidiary of Ameredev II Parent and its oil and gas producing properties and undeveloped acreage in Loving and Winkler counties in Texas and Lea County, N.M.  The deal includes 19 percent interest in Pinon Midstream and its assets in southern […]

Enverus Intelligence Research last week released its latest forecasts of natural gas pipeline capacity and restraints for the Permian Basin.  Jason Feit, author of the report, said June 4, “EIR’s new report shines a light on gas takeaway and shows how growing gas output in the Permian, a key producing area for the U.S., may […]

Rig counts in Permian Basin, Texas and New Mexico remained unchanged in the past week while the U.S. count declined by 6.  Baker Hughes said as of June 7 there were 310 rigs in Permian Basin (346 a year ago), 287 in Texas (347 a year ago) and 107 in New Mexico (108 a year […]

Midland-based joint venture Deep Blue-Midland said last week it has acquired Lagoon Operating-Midland to solidify its position “as a key player in sustainable water management in the core of the Midland Basin.”  Lagoon’s assets are located primarily in Martin County, including 105 miles of large diameter pipeline, 240,000 b/d of disposal capacity, and 544,000 b/d […]

U.S. Energy Information Administration forecast in its latest drilling productivity report that crude oil production will increase by 18,000 barrels per day this month in Permian Basin.  Permian production is expected to grow from 6.169 million b/d in May to 6.187 million b/d in June.  In the seven major regions, production is forecast to grow […]

Occidental Petroleum and Pioneer Natural Resources lead the Permian Basin in active drilling rigs as of May 31, according to Enverus.  Both reported 22 working rigs followed by Mewbourne Oil with 19, EOG Resources with 17, ConocoPhillips and Devon Energy each with 16, and ExxonMobil with 15. Permian Basin remains the leader in frac crews […]