Houston-based Baker Hughes said the count of U.S. drilling rigs dropped by 8 units last week – its biggest one-week drop since September 2023.  The count has declined by 14 the past two weeks to 605 – lowest total since January 2022.  Also as of May 3, there were 316 rigs in Permian Basin (317 […]

Denver-based Civitas Resources said last week it divested two non-core asset packages covering 82,400 acres in DJ Basin for $215 million and acquired Vencer Energy in Midland Basin for $2 billion.  Oil & Gas Journal said the acquisition “completed a trio of deals that has taken Civitas into the Permian Basin at scale.”  Earlier Civitas […]

San Ramon, Calif.-based Chevron Corp. said recently its U.S. net oil-equivalent production in first quarter was 35 percent higher than the first quarter last year “primarily due to the acquisition of PDC Energy and sustained strong execution in the Permian and Denver-Julesburg basins.”  Mike Wirth, chairman and CEO, said April 26, “We had another quarter […]

Enverus Intelligence Research said Tuesday it expects power demand in far west Texas to more than double by 2040 because of electrification trends, including potential electrification in the oil and gas industry, and cryptocurrency mining growth.  “We believe the far west zone in ERCOT will see enough load growth to support significantly more renewable development […]

Federal Trade Commission on Thursday approved ExxonMobil’s $64.5 billion purchase of Pioneer Natural Resources, but FTC issued a consent agreement that prevents Pioneer founder and former CEO Scott Sheffield from serving on the Exxon board of directors or serving as an advisor based on allegations he attempted to collude with OPEC to raise oil prices.  […]

Texas Workforce Commission recently said employment in the upstream sector of the Texas oil and gas industry grew by 4,500 jobs in March.  It’s the largest single month of growth in upstream jobs since June 2011.  Since a low point in September 2020 during a global pandemic, the months of increase in upstream oil and […]

Midland-based ProPetro Holding Corp. said Monday it reached agreement with ExxonMobil to provide electric hydraulic fracturing services in the Permian Basin.  The three-year agreement includes deployment of two electric hydraulic fracturing fleets and wireline and pumpdown services in first half of 2024.  There is an option for a third fleet early next year. Sam Sledge, […]

Five leading oil and gas operators in Permian Basin have donated a total of $200,000 to the Panhandle Disaster Relief Fund of Amarillo Area Foundation to support residents impacted by the recent wildfires in the panhandle.  They are Chevron, ConocoPhillips, Diamondback Energy, Permian Resources and Pioneer Natural Resources.  Nick Olds of ConocoPhillips told the Midland […]

A series of at least 11 earthquakes occurred in far west Texas in the past week in Loving and Winkler counties of the Permian Basin.  Since April 24 there have been 11 quakes of at least 2.5 magnitude, including four of at least 3.0 magnitude. Justin Rubinstein of the U.S. Geological Society told the Midland […]

The count of active oil and gas drilling rigs declined last week in U.S., but Texas registered a small gain.  Houston-based Baker Hughes said as of April 26 there were 613 rigs in U.S. (down 6 in past week, down 142 in past year), 297 in Texas (up 1 in past week, down 80 in […]