San Ramon, Calif.-based Chevron said last week it plans to spend about $5 billion in Permian Basin this year with production growth of nearly 4 percent.  Production in second half of 2024 is expected to compensate for small declines in 1Q and 2Q.  Mike Wirth, chairman and CEO, said Chevron expects to exit 2024 with […]

Permian Basin added a drilling rig last week, but U.S., Texas and New Mexico reported declining counts of active rigs.  Permian Basin added 1 rig to reach 311 (354 year ago). Baker Hughes said as of Feb. 2 there were 303 rigs in Texas (down 1 in past week, down 74 in past year), 98 […]

Texas’ record crude oil production last year resulted in a record amount of state and local taxes paid by the industry.  The latest annual report from Texas Oil and Gas Association said oil and gas companies in Texas paid $26.3 million in taxes in 2023 – $1.5 billion more than the previous year.  The report […]

Brentwood, Tenn.-based Delek Holdings said last week the U.S. Department of Energy selected Delek’s refinery in Big Spring for a carbon capture pilot project.  DOE will provide up to $95 million of federal funds to support development of the project, which aims to capture 145,000 metric tons of carbon dioxide per year and reduce other […]

Railroad Commission of Texas said it completed plugging a well Monday in Crane County that had uncontrolled water flow.  Inspectors from the commission were dispatched within hours of a report of the water flow that began Dec. 7.  RRC said water flow stopped Jan. 21, the well is now cased and cemented, and freshwater zones […]

Oil & Gas Journal said a dozen LNG proposed projects – enough to liquefy more than 13 Bcfd of natural gas – are “potentially at risk following the Biden administration’s decision last week to halt new export authorizations to non-Free Trade Agreement countries.”  Journal analyzed data from Center for LNG and U.S. Department of Energy. […]

Permian Basin is the only one of seven major producing regions expected to grow its crude oil production this month, according to U.S. Energy Information Administration.  Permian is forecast to increase by 5,000 barrels per day in February to 5.974 million b/d from 5.969 million b/d in January.  Total production for February from the seven […]

Australia-based 88 Energy said this week it acquired additional non-operated working interest in December in leases and wells for its Bighorn Energy phase 3.  The acquisition included 64 percent net working interest in 1,262 acres near its existing Longhorn assets in Andrews and Ector counties.  Nine low-producing existing wells (26 boed gross) and 10 development […]

S&P Global Commodity Insights recently said U.S. entered 2024 producing more oil than any country in history.  U.S. leads strong non-OPEC+ supply growth that exceeds the rising global demand, S&P Global said in its latest oil markets outlook.  U.S. total liquids production in 4Q stood at 21.4 million barrels per day, including 13.3 million b/d […]

Permian Basin led major producing regions in U.S. by adding 3 rigs in the past week for a new total of 310 (357 year ago).  According to Baker Hughes, as of Jan. 26, there were 304 rigs in Texas (305 previous week, 380 year ago), 99 in New Mexico (98 week ago, 105 year ago) […]